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DLM (ASCP) EXAM
Qs and Ans - Expert- Explanation - ing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Net Revenue
Answer:
gross revenue - deductions and allowances - budgeted direct and indirect expenses
Question 2: average hourly rate
Answer:
salary expense/ paid hours
Question 3: weight value basis
Answer:
each test performed is assigned a weight based on cost of performing the test in relation to the procedure.
Question 4: unit costs
Answer:
total direct + indirect expenses
Question 5: economic breakeven
Answer:
occurs when all accounting costs plus a profit target are covered total revenue - total variable cost- fixed cost = profit
Question 6: gross revenue
Answer:
Rates x Production Unit (Billable test volume)
Question 7: tests per patient days
Answer:
test volume/ patient days
Question 8: macro cost analysis
Answer:
evaluated the overall efficiency and productivity of the lab and/or specific cost centers
- determine number of patient reportable tests for specific time period.
- perform cost study --> breaks costs down into fixed and variable
- total, fixed, and variable costs are divided by patient reportable tests
Question 9: formaldehyde
Answer:
used to preserve tissue removed during surgery and autopsies. it's a disinfectant that kills fungi, bacteria, and other microorganisms. it's a human carcinogen.
Question 10: micro cost analysis
Answer:
performed to assess the cost of doing a specific test procedure (helps determine if test should be done in-house, added, eliminated, sent out)
Question 11: Hazard Communication Standard (HCS)
Answer:
an OSHA regulation aimed at promoting awareness of hazardous substances and understanding of safe handling practices must have documented chemical hygiene plan
Question 12: nonproductive hours
Answer:
compensated but not worked. sick leave, vacation, bereavement, etc.
Question 13: cost of ordering
Answer:
expenses of purchasing section/ number of POs issued
Question 14: Initial Rate of Return (IRR)
Answer:
the discount rate that makes the NPV of an investment zero.
Question 15: cashflow statement
Answer:
a monthly or yearly document that breaks down cash from operations, investments and financing.
Question 16: SWOT analysis
Answer:
strengths, weaknesses, opportunities, threats
Question 17: Minimum/Maximum
Answer:
establish a minimum (safety reserve) at which inventory is to be recorded and reordered to maximum level which is to be maintained.
Question 18: Financial Statements
Answer:
convey the financial status of an organization
- main types - income statement, balance sheet statement of changes in equity and statement of cash
flows.
Question 19: Employment cycle
Answer:
covers all stages in the process of employing staff:
- recruitment and acquisition costs (pre-employment screen)
- training/developmental costs (ongoing)
- productive/operational periods
- termination/separation of employee from institution costs
Question 20: top-down budget
Answer:
A process by which executive managers (hospital administration/pathologists) create the budget, and that budget is then pushed down through the rest of the organization.
Question 21: Budget Analysis
Answer:
The process of studying financial data to provide information that helps to make budget decisions; assessment of financial performance.tools needed - variance analysis, volume and productivity data
Question 22: annual holding cost
Answer:
accounts for expenses of maintaining a stock room for storing material not needed immediately
Question 23: total hours
Answer:
productive hours + nonproductive hours
Question 24: indirect cost
Answer:
remain constant examples - lab admin, medical records, house keeping, utilities, etc. (fixed/semi-variable)
Question 25: compliance
Answer:
responsible for designing and implementing a basic lab safety program including OSHA, MSDS, radiation safety, lab safety, biohazards, universal precautions, and electrical safety. CLIA Certification, CAP, COLA, and JCAHO accreditation
Question 26: supplies
Answer:
meet specific time and price criteria. have shelf life of less than a year.
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