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Marrying a Private Practice

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1.  If an individual opens a business without filing paperwork with the state, and without any partners, it is automatically a: Sole Proprietorship Limited Liability Corporation Incorporation General Partnership

2.  Which of the following is NOT a business entity? LCD LLC Incorporation S-Corp

3.  What is NOT one of the initial steps to open a private practice? Choosing a name Identifying the business entity type Seeking financing options Contracting with a third party payer

4.  How can an owner protect the name of a business? Create a business Facebook page Register the business with the state Trademark the business name with your state Trademark the business name federally

5.  Which of the following documents must be obtained from all business entities that may need to access your patient’s HIPAA information? Business Associates Agreement Acknowledgement of HIPAA Privacy Act Notice of Non-Coverage Sales Agreement Form

6.  To help keep the initial cost of financing low, an owner might: Lease a small office space Purchase all new equipment Hire a marketing coordinator Pay him/herself a salary of $100,000

7.  A separate business credit card is most helpful for what reasons? Obtaining frequent flyer miles To keep all associated costs separate from personal expenses Buying things for the owner’s house Making minimum payments until a loan is secured

8.  Financial projections needed to complete the business plan include: Start-up expenses, Cash flow projections and Break-even analysis. Carpet color selection What kind of seating you will have in the lobby How many windows there will be in your office

9.  Service selection should NOT be determined by: Unmet need of one patient The financing you are able to secure The needs of your market Your financial goals

10.  Audiologists are mandatory __________ providers: Medicare Medicaid Blue Cross/Blue Shield Kaiser Permanente

11.  A National Provider Identifier is needed for: The group/practice Each insurance Each provider The group practice and each provider

12.  Location of a practice can be a marketing technique with: Signage on the road Additional square footage Professional interior decorations Multiple providers

13.  SWOT analysis stands for: Strength, Weakness, Occasion, Threat Strength, Weakness, Opportunity, Timing Strength, Weakness, Opportunity, Threat Solidity, Weakness, Occasion, Threat

14.  In a SWOT analysis, the S and W are: Internal to the practice External to the practice Provider-related Uncontrollable

15.  In a SWOT analysis, the O and T are: Internal to the practice External to the practice Provider-related Uncontrollable