Quiz: COF Value-based Selling
What do you know about COF value-based selling? Constructing a compelling business case is accomplished by engaging decision-makers and connecting the Clinical Utility, Operational Efficiency, and Financial Performance of your solutions to the mission, operations, and metrics of the institution. The goal for this quiz is to assess your understanding of keywords and concepts related to COF, and the healthcare environment.
Questions and Answers
- 1.
Quality measures, sometimes called "core measures" are publicly reported, and the customer's performance on these measures is based on clinical processes at the facility. Therefore, performance in these measures assesses a customer's ability to deliver_______.
Explanation
Evidence-based medicine (EBM) is treating people based on the “standard of care.” EBM guidelines are generated by policy making institutions like the CDC, NIH, Institute of Medicine, and top tier medical journals who publish outcomes studies. EBM practice implements what has been shown in the medical community as the most effective process/intervention. EBM delivers the right treatment, to the right person, at the right time.Rate this question:
- 2.
Operational Efficiency is the customer's people, processes, and technology and how well aligned these are with the ___________ of the customer.
- A.
Revenue/Unit
- B.
Cost Reduction Goals
- C.
Clinical Utility/Mission
- D.
Resource Optimization
Correct Answer
C. Clinical Utility/MissionExplanation
Operational efficiency refers to the effectiveness and productivity of a customer's people, processes, and technology. It involves ensuring that these elements are well-aligned with the customer's clinical utility and mission. This means that the customer's operations should be focused on delivering value and achieving their mission in the most efficient and effective way possible. By prioritizing the clinical utility and mission, the customer can optimize their resources and achieve their goals while also providing high-quality services and products to their customers.Rate this question:
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- 3.
The Operational Efficiency is the result of ____________
- A.
Revenue cycle improvement
- B.
Variance in patient care
- C.
Patient care improvement
- D.
Organizational effectiveness.
- E.
Alignment with the clinical mission
Correct Answer
E. Alignment with the clinical missionExplanation
Operational efficiency refers to the ability of an organization to maximize productivity and minimize waste in its operations. Alignment with the clinical mission means that the organization's goals and objectives are in line with its mission to provide high-quality patient care. When an organization is aligned with its clinical mission, it can effectively streamline its processes, improve resource utilization, and enhance overall efficiency. This alignment ensures that all activities and decisions are focused on delivering the best possible patient care, leading to improved operational efficiency.Rate this question:
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- 4.
Which of the following is the best example of improved Clinical Utility?
- A.
Clear project rationalization with clear ROI & ROA
- B.
More effective and efficient diagnosis and treatment of a patient population
- C.
More Rapid diagnosis and treatment
- D.
Shorter length of stay/Faster admission and discharge
Correct Answer
B. More effective and efficient diagnosis and treatment of a patient populationExplanation
More effective and efficient diagnosis and treatment of a patient population is the best example of improved Clinical Utility because it focuses on improving the quality and effectiveness of healthcare interventions for a larger group of patients. This means that the diagnosis and treatment methods are optimized to provide better outcomes and reduce unnecessary procedures or interventions. By improving the efficiency and effectiveness of diagnosis and treatment, healthcare providers can ensure that patients receive the most appropriate care in a timely manner, leading to improved overall patient outcomes.Rate this question:
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- 5.
Typically the facility's core Patient Population is based on...
- A.
Geographic Location
- B.
Gender of the Patient
- C.
Level of the Disease Treated
- D.
Complications that Arise During Treatment
Correct Answer
A. Geographic LocationExplanation
Core Patient Populations are groups of patients that the hospital must treat to remain viable. Typically Core populations are based on the geographic location of the facility and the types of people they most often treat. For example the elderly in Phoenix.Rate this question:
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- 6.
Six Sigma is an example of a process that improves...
- A.
Clinical Utility
- B.
Operational Efficiency
- C.
Financial Performance
- D.
None of the above
Correct Answer
B. Operational EfficiencyExplanation
Six Sigma is a methodology that focuses on improving the efficiency and effectiveness of a process by reducing defects and variations. It aims to streamline operations, eliminate waste, and improve productivity. Therefore, the correct answer is Operational Efficiency.Rate this question:
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- 7.
Hospitals must manage financial risks, and the board of directors act as co-fiduciary with the CFO. Boards typically must be consulted and approve purchases above $__________?
Correct Answer
$10,000
10,000
10000Explanation
The board of directors in hospitals are responsible for managing financial risks and act as co-fiduciaries with the CFO. They must be consulted and approve purchases above $10,000, 10,000, or 10000 dollars.Rate this question:
- 8.
Select 3 of the following that describe Financial Performance:
- A.
Success measures
- B.
The way an organization judges mission achievement
- C.
Resource utilization
- D.
Costing
Correct Answer(s)
A. Success measures
B. The way an organization judges mission achievement
C. Resource utilizationExplanation
Financial performance can be described by success measures, which are indicators that determine how well an organization is performing financially. These measures could include profitability, revenue growth, or return on investment. Additionally, the way an organization judges mission achievement is also a part of financial performance, as it reflects the extent to which financial goals align with the overall mission and objectives of the organization. Lastly, resource utilization is another aspect of financial performance, as it involves effectively and efficiently using financial resources to achieve desired outcomes.Rate this question:
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- 9.
WHO cares most about Clinical Utility outcomes that drive revenue, quality and competitive advantage?
- A.
CIO
- B.
CEO
- C.
CNO
- D.
CMO
Correct Answer
B. CEOExplanation
The CEO cares most about Clinical Utility outcomes that drive revenue, quality, and competitive advantage. As the chief executive officer of an organization, their primary responsibility is to ensure the overall success and profitability of the company. Clinical Utility outcomes directly impact revenue generation, as they determine the effectiveness and value of the organization's clinical services. Additionally, these outcomes contribute to the quality of care provided, which is crucial for maintaining a competitive advantage in the healthcare industry. Therefore, the CEO has a vested interest in prioritizing Clinical Utility outcomes.Rate this question:
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- 10.
ROA is a ratio measure of the company/project's profitability. ROA is measured by
- A.
Cash-flow/Invested Capital
- B.
Labor cost that add to the base FTE cost required to execute the organization's mission
- C.
Net Income/Total Assets
- D.
Earnings before interest, Taxes Depreciation and Amortization
Correct Answer
C. Net Income/Total AssetsExplanation
ROA = Net income/Total Assets. A ratio measure of a company/project’s profitability, expressed in %. Organization wide ROA is a key metric in executive compensation.Rate this question:
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- 11.
Care Pathways are the consequence of errors, poor medical practices or both.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
False - Hospital Acquired Conditions (HACs) conditions are the consequence of errors, poor medical practice, or both. HACs extend the patient stay, cause death or other poor outcomes and are very costly. Many HACs are no-longer reimbursed and hospitals are actively trying to avoid HACs.Rate this question:
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- 12.
Complicated processes increase the risk of non-compliance with regulatory requirements.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The Compliance Officer is concerned about complicated processes because of the increase on the risk of non-compliance with regulatory requirements for Operational Efficiency.Rate this question:
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- 13.
Quality measures, sometimes called "core measures" are publicly reported, and the customer's performance on these measures is based on clinical processes at the facility. Therefore, performance in these measures assesses a customer's ability to deliver_______.
Correct Answer
Evidence-Based Medicine
Evidence Based Medicine
EBMExplanation
Evidence-based medicine (EBM) is treating people based on the “standard of care.” EBM guidelines are generated by policy making institutions like the CDC, NIH, Institute of Medicine, and top tier medical journals who publish outcomes studies. EBM practice implements what has been shown in the medical community as the most effective process/intervention. EBM delivers the right treatment, to the right person, at the right time.Rate this question:
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