HFMA CHFP Module 1 Final Exam Review Q & A 2026 (Complete And Verified Study material) (24pages) LEARNEXAMS

1. Which of the following components of the revenue cycle involves communicating with patients regarding their financial responsibilities and payment options? A. Billing B. Collections C. Patient engagement D. Insurance verification Answer: C. Patient engagement Rationale: Patient engagement includes activities such as educating patients about their financial responsibilities and discussing payment options to promote timely payment. 2. In the revenue cycle, which stage involves sending invoices to patients for services rendered? A. Patient engagement B. Billing C. Collections D. Insurance verification Answer: B. Billing Rationale: Billing involves generating and sending invoices to patients for services rendered and managing any billing inquiries or disputes. 3. Which of the following is a key component of patient engagement in the revenue cycle? A. Sending past due notices to patients B. Offering payment plans to patients C. Processing insurance claims D. Verifying patients' insurance coverage Answer: B. Offering payment plans to patients Rationale: Offering payment plans to patients is an important aspect of patient engagement as it allows patients to make affordable payment arrangements. 4. What is the primary goal of the collections phase of the revenue cycle? A. Maximizing revenue B. Processing insurance claims C. Verifying patients' insurance coverage D. Educating patients about their financial responsibilities