Certified Revenue Cycle Representative (CRCR) Practice Exam

Which elements are typically found in a board-approved financial policy?

1. Employee benefits and compensation

2. Charity care, payment methods, and installment payment guidelines

3. CEO salary caps and revenue projections

4. Consent forms and liability waivers

The correct answer is: Charity care, payment methods, and installment payment guidelines

The reason why charity care, payment methods, and installment payment guidelines are typically included in a board-approved financial policy is that these elements directly impact the financial health and operational procedures of an organization. Charity care policies outline how an organization will manage the provision of free or reduced-cost healthcare services to eligible patients, ensuring that the organization remains compliant with regulations while also meeting its community obligations. Payment methods indicate how the organization will collect payments, whether through insurance, direct billing, or other avenues, which is crucial for revenue cycle management. Guidelines for installment payments establish how patients can manage their bills, helping to ensure financial access to care and maintain the organization's cash flow. Together, these components reflect a comprehensive approach to financial governance that aligns with both fiscal responsibility and patient care mission. In contrast, while employee benefits and compensation, CEO salary caps, and revenue projections are important, they are more focused on internal financial management and compensation practices rather than the broader policies governing patient billing and care accessibility. Consent forms and liability waivers pertain to legal and patient consent issues rather than financial governance.