Quiz: COF Value-based Selling

13 Questions | By Gunterwessels | Last updated: Mar 20, 2022 | Total Attempts: 85

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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.

Six Sigma is an example of a process that improves...
- A.
  
  Clinical Utility
- B.
  
  Operational Efficiency
- C.
  
  Financial Performance
- D.
  
  None of the above
2.

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
3.

Care Pathways are the consequence of errors, poor medical practices or both.
- A.
  
  True
- B.
  
  False
4.

Complicated processes increase the risk of non-compliance with regulatory requirements.
- A.
  
  True
- B.
  
  False
5.

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_______.
6.

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_______.
7.

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
8.

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
9.

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
10.

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
11.

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 $__________?
12.

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
13.

WHO cares most about Clinical Utility outcomes that drive revenue, quality and competitive advantage?
- A.
  
  CIO
- B.
  
  CEO
- C.
  
  CNO
- D.
  
  CMO