Deck 26: Starting a Practice and Practice Management

Question 1

The advanced practice nurse (APN) is considering opening an independent practice. Which of the following does the APN consider an advantage?

A) Need for direct reimbursement from third parties
B) Cost-effective health care for the community
C) Limited hospital privileges
D) Ability to provide care within the advanced practice nurse's (APN's) scope of practice

Answer 1

Cost-effective health care for the community

Question 2

The advanced practice nurse (APN) is listening to a lecture on how to start an independent practice. Which statement by the APN indicates that learning has occurred?

A) "Financing is often a one-time occurrence."
B) "Start-up costs are often waived for APNs."
C) "Malpractice insurance is not necessary for the APN."
D) "Compliance with federal regulations can be an obstacle."

Answer 2

"Compliance with federal regulations can be an obstacle."

Question 3

The advanced practice nurse (APN) is considering opening an independent practice. Which should the APN first consider?

A) Scope of practice within the APN's state
B) Cost of start-up
C) Hiring competent, enthusiastic workers
D) Cost of malpractice insurance

Answer 3

Scope of practice within the APN's state

Question 4

The advanced practice nurse (APN) is interested in the pay-for-performance service model for a small clinic. Which feature should the APN understand about this model?

A) Focuses on payment for services and procedures
B) Focuses on collaborating with and receiving reimbursements from hospitals
C) Reimburses based on clinical and cost-saving outcomes
D) Reimburses based on client satisfaction

Question 5

The advanced practice nurse (APN) is listening to a lecture on developing strategy for opening a new business. Which statement indicates that learning has occurred?

A) "I should see all clients, regardless of ailments."
B) "I can help my practice bloom if I offer to see clients for a discounted rate."
C) "I should consider offering same-day appointments."
D) "I should develop a niche and grow my practice from there."

Question 6

Which statement indicates that the advanced practice nurse (APN) understands new business start-up?

A) "I should designate a colleague as the project leader."
B) "I should allow a minimum of 6 months for start-up."
C) "I should anticipate that start-up costs will likely be waived."
D) "I should create a timeline to keep myself on track."

Question 7

The advanced practice nurse (APN) is opening a new clinic and is interested in providing care to Medicare clients. Which action should the APN take?

A) Apply through the national plan and provider enumeration system.
B) Determine who the carrier is for the state of practice.
C) Apply for admission to the panel of providers.
D) Begin accepting Medicaid clients and bill using the provided billing steps.

Question 8

Which of the following statements about insurance options is accurate?

A) Occurrence will cover the advanced practice nurse (APN) only when active.
B) Claims made will cover the APN for any incident.
C) Tail coverage protects the APN from events that happen before joining a group practice.
D) Consider taking on the minimal coverage allowed by the state.

Question 9

Which benefit should the nurse consider as a sole proprietorship?

A) Personal liability for debt
B) Flexibility
C) Losses deducted from business income
D) Business manager is responsible for employees

Question 10

The advanced practice nurse (APN) is considering a partnership in the start-up of a new clinic. What benefit should the APN consider?

A) Unlimited personal liability of each partner
B) Payment of taxes by each business partner
C) Flexible decision making
D) Shared authority over the practice