Question 1

The advanced practice nurse (APN) is considering opening an independent practice. Which of the following does the APN consider an advantage?&#10;A) Need for direct reimbursement from third parties&#10;B) Cost-effective health care for the community&#10;C) Limited hospital privileges&#10;D) Ability to provide care within the advanced practice nurse's (APN's) scope of practice

Accepted Answer

Opening an independent practice can provide cost-effective health care for the community, as APNs often offer services at a lower cost compared to traditional physician practices.

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?&#10;A) &#34;Financing is often a one-time occurrence.&#34;&#10;B) &#34;Start-up costs are often waived for APNs.&#34;&#10;C) &#34;Malpractice insurance is not necessary for the APN.&#34;&#10;D) &#34;Compliance with federal regulations can be an obstacle.&#34;

Accepted Answer

Compliance with federal regulations is indeed a significant aspect of starting and maintaining an independent practice, including for advanced practice nurses (APNs). This statement indicates an understanding of the complexities and challenges involved in establishing an independent practice, including the need to adhere to various legal and regulatory requirements. Financing is not a one-time occurrence but an ongoing concern, start-up costs are rarely if ever waived for APNs, and malpractice insurance is crucial for any healthcare provider, including APNs, to protect against legal claims.

Question 3

The advanced practice nurse (APN) is considering opening an independent practice. Which should the APN first consider?&#10;A) Scope of practice within the APN's state&#10;B) Cost of start-up&#10;C) Hiring competent, enthusiastic workers&#10;D) Cost of malpractice insurance

Accepted Answer

The first consideration for an APN considering opening an independent practice should be the scope of practice within the APN's state, as this determines the legal framework and boundaries of what services and care the APN can provide independently.

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?&#10;A) Focuses on payment for services and procedures&#10;B) Focuses on collaborating with and receiving reimbursements from hospitals&#10;C) Reimburses based on clinical and cost-saving outcomes&#10;D) Reimburses based on client satisfaction

Accepted Answer

Pay-for-performance models reimburse healthcare providers based on the quality, efficiency, and outcomes of the care they provide, rather than the quantity of services or procedures performed.

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?&#10;A) &#34;I should see all clients, regardless of ailments.&#34;&#10;B) &#34;I can help my practice bloom if I offer to see clients for a discounted rate.&#34;&#10;C) &#34;I should consider offering same-day appointments.&#34;&#10;D) &#34;I should develop a niche and grow my practice from there.&#34;

Accepted Answer

Developing a niche allows the APN to specialize and differentiate their practice, attracting a specific client base and growing their business effectively.

Question 6

Which statement indicates that the advanced practice nurse (APN) understands new business start-up?&#10;A) &#34;I should designate a colleague as the project leader.&#34;&#10;B) &#34;I should allow a minimum of 6 months for start-up.&#34;&#10;C) &#34;I should anticipate that start-up costs will likely be waived.&#34;&#10;D) &#34;I should create a timeline to keep myself on track.&#34;

Accepted Answer

Creating a timeline is a crucial step in managing a new business start-up effectively, as it helps in planning, organizing, and tracking progress.

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?&#10;A) Apply through the national plan and provider enumeration system.&#10;B) Determine who the carrier is for the state of practice.&#10;C) Apply for admission to the panel of providers.&#10;D) Begin accepting Medicaid clients and bill using the provided billing steps.

Accepted Answer

The answer of The advanced practice nurse (APN) is opening...

Question 8

Which of the following statements about insurance options is accurate?&#10;A) Occurrence will cover the advanced practice nurse (APN) only when active.&#10;B) Claims made will cover the APN for any incident.&#10;C) Tail coverage protects the APN from events that happen before joining a group practice.&#10;D) Consider taking on the minimal coverage allowed by the state.

Accepted Answer

Tail coverage is designed to protect healthcare providers, including advanced practice nurses (APNs), from claims made for incidents that occurred before the current insurance policy was in effect, often covering the gap between leaving one practice and joining another or when changing insurers.

Question 9

Which benefit should the nurse consider as a sole proprietorship?&#10;A) Personal liability for debt&#10;B) Flexibility&#10;C) Losses deducted from business income&#10;D) Business manager is responsible for employees

Accepted Answer

Sole proprietorships offer flexibility in management, allowing the owner to make all decisions regarding the business without the need for consultation or agreement from partners or shareholders.

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?&#10;A) Unlimited personal liability of each partner&#10;B) Payment of taxes by each business partner&#10;C) Flexible decision making&#10;D) Shared authority over the practice

Accepted Answer

Flexible decision making is a benefit of a partnership, as it allows partners to make decisions collaboratively and adapt quickly to changes.

Deck 26: Starting a Practice and Practice Management