8 - COST FINDING

Question 1

• A means by which a laboratory documents its costs for performing a particular procedure and then establishes its charges based on the involved direct and indirect costs
• Performed by laboratory personnel in consultation with the fiscal staff of the hospital

Answer 1

Cost Finding

Question 2

Analyzes steps involved in performing procedures

Answer 2

Laboratory Staff

Question 3

Provides the indirect or overhead expense and to assist in preparing the data for submission to the hospital administration, board of trustees and third party payers for approval

Answer 3

Fiscal Personnel

Question 4

Classification of Costs

Answer 4

1. Direct Costs
2. Indirect Costs

Question 5

• Costs that are clearly associated with the item/service
• Test-specific
• Occur in direct proportion to the number of procedures performed or are directly attributed to the completion of the test

Answer 5

Direct Costs

Question 6

• Costs that are not directly associated with the item/service
• Refer to expenditures that remain after direct costs have been identified and assigned

Answer 6

Indirect Costs

Question 7

expenses that directly go into producing goods or providing services

Answer 7

Direct Costs

Question 8

examples of direct costs

Answer 8

• Direct labor
• Direct materials
• Manufacturing supplies

Question 9

general business expenses that keep you operating

Answer 9

Indirect Costs

Question 10

examples of indirect costs

Answer 10

• Rent
• Utilities
• General office expenses