Revenu Study guides, Class notes & Summaries

HOSPITALITY REVENUE MANAGEMENT FINAL EXAM Most of the entities below are classified as "Chains". Which one is a "Parent Company" consisting of multiple chains? - Answer- Accor Hotels Which is a true statement about Parent Companies? - Answer- Parent Companies and the related chains have changed over time What are the three different operation types? - Answer- Chain Management, Franchise, Independent Which is a true statement about Management Companies? - Answer- Management companie...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer- Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer- Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer- Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - Answer- Profit What element is not present in a barter eco...

This are all colleges notes on Revenue Management from Stenden year 2023/2024. Written in English and easy to understand with visuals.

Revenue Cycle consists of Correct Answer-several departments with numerous responsibilities. Department responsibilities and names vary by organization. The key to a strong revenue cycle is a Correct Answer-clean claim. Patient Access is responsible for over Correct Answer-60% of the claims fields on a UB04. In 1975, the American Hospital Association brought together all the national payer and provider organizations and developed the Correct Answer-National Uniform billing committee (NU...

Certified Revenue Cycle Representative Exam Prep Questions and Answers

Calculate the following amounts for a participating provider who bills Medicare: Submitted charge (based on provider's regular fee for office visit) $ 75 Medicare physician fee schedule (PFS) $ 60 Coinsurance amount (paid by patient or supplemental insurance) $ 12 Medicare payment (80 percent of the allowed amount) $ ????? Medicare write-off (not to be paid by Medicare or the beneficiary) $ ????? correct answer: Medicare payment (80 percent of the allowed amount) $48 Medicare write-...

Revenue Management correct answer-Also Known as Yield Management An essential instrument for matching supply and demand by dividing customers into different segments based on their purchase intentions and allocating capacity to different segments in a way that maximizes a particular's facility's revenues. The constellation of tools and actions dedicated toward the achievement of an optimal level of the hotels net revenues and gross operating profit 7 key point of Revenue Management co...

What is the industry term used to describe the sum of prices paid by a business's customers? - total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - profit=sales-costs What is the name for the net value achieved by both parties in a business transaction? - profit What element is not present in a barter economy? - money What is the formula used to...

Certified Revenue Cycle Representative CRCR Practice Questions The 501(r) regulations require not-for-profit providers 501(c) (3) to do which of the following activities? A. Complete a community needs assessment and develop a discount program for patient balances after insurance payment. B. Pursue extraordinary collection activities with all patients eligible for financial assistance. C. Implement a financial assistance program for uninsured and underinsured patients. D. Discount all c...

CRCR EXAM MULTIPLE CHOICE, CRCR Exam Prep, Certified Revenue Cycle Representative - CRCR (2023/2024) What are collection agency fees based on? - ANSWER A percentage of dollars collected Self-funded benefit plans may choose to coordinate benefits using the gender rule or what other rule? - ANSWER Birthday In what type of payment methodology is a lump sum or bu...