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DML(ASCP)EXAM 2024 QUESTIONS AND CORRECT DETAILED ANSWERS|GRADED A+ Project Volumes (forecasting stage) - ANSWER-based on expert opinion, stats, historical data, shifts in patient mix, changes in medical staff composition, changes in inflation/reimbur$10.99
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DML(ASCP)EXAM 2024 QUESTIONS AND
CORRECT DETAILED ANSWERS|GRADED A+
Project Volumes (forecasting stage) - ANSWER-based on
expert opinion, stats, historical data, shifts in patient mix,
changes in medical staff composition, changes in
inflation/reimbursement ratws, expansion/cutbacks,
population fluctuations based on economy
Steps to creating a budget - ANSWER-1. project volumes
2. convert volumes to revenue
3. convert volumes into expense requirements
4. Adjust revenue/ expenses as necessary to meet budget
margin
gross revenue - ANSWER-Rates x Production Unit (Billable
test volume)
Financial Statements - ANSWER-convey the financial status of
an organization
,4 main types - income statement, balance sheet statement of
changes in equity and statement of cash flows.
income statement - ANSWER-summarizes the operations of
an organization with a focus on its revenues, expenses, and
profitability. contains operational results over a period of
time.
depreciation - ANSWER-noncash charge against earnings on
income statement that reflect the "wear and tear" on a
business' fixed assets (property and equipment). loss of value
salvage value - ANSWER-amount received when final
disposition occurs at end of the asset's useful life.
annual depreciation - ANSWER-(initial cost - salvage value)/
useful life
Profit - ANSWER-net income -expense
cashflow - ANSWER-net income + depreciation
,Total Profit Margin - ANSWER-Net income divided by total
revenues. It measures the amount of total profit per dollar of
total revenues.
fixed costs - ANSWER-cost not related to the volume of
services delivered (ex. facilities cost, lab admin, instrument
leases, maintenance contracts)
variable cost - ANSWER-directly related to the volume of
services delivered (ex. supplies, labor costs)
Profit Analysis - ANSWER-technique use to analyze the effects
of volume changes on profit. can also be used to analyze
effects of volume changes on costs.
Total Costs - ANSWER-fixed costs + variable costs
Variable costs = variable cost rate x volume
contribution margin - ANSWER-difference between per unit
revenue and per unit variable cost. gives the amount left to
cover the fixed costs. after fixed costs are covered what's left
contributes to the profit.
accounting breakeven - ANSWER-Volume needed to produce
zero profit. Revenues cover all accounting costs.
, Total Revenue (cost x volume) - Total Variable (variable cost
rate x volume) - fixed costs = $0
economic breakeven - ANSWER-occurs when all accounting
costs plus a profit target are covered
total revenue - total variable cost- fixed cost = profit
Surcharge/Cost Plus - ANSWER-used for reference/send out
testing. Determine cost of doing a procedure then add
markup factor to get appropriate price.
weight value basis - ANSWER-each test performed is assigned
a weight based on cost of performing the test in relation to
the procedure.
patient day factor - ANSWER-the number of patients in a
hospital on a given day.
(average patient day/ daily census for the year) x 365
tests per patient days - ANSWER-test volume/ patient days
revenue per test - ANSWER-gross revenue/test volume
direct costs - ANSWER-test-specific costs (Variable)
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