InstructionsQuestion 1Name the Classification system responsible for capturing the non-acute and sub-acute areas of care (e.g. Palliative, Rehabilitation, Psychogeriatric, Maintenance care types). Why would a different system be needed for non-acute and sub-acute care types as opposed to using the acute classification (AR-DRGs)?Question 2 What are the benefits of Activity Based Funding? Question 3 1.      Define the term 'product costing'? Question 4 Provide a brief overview of the following funding models:  Cost Based Funding Needs Based Funding Population Based Funding    Paraphrase 1. WHAT IS PRODUCT COSTING?The term “Product Costing” refers to the process of identifying the cost of health care services provided to patients. From a costing perspective, these services are referred to as “Products”. Such products may include Diagnosis Related Groups (DRGs), Commonwealth Medical Benefits Schedule (CMBS) items, Phases of Palliative Care and several others depending on your casemix and the purpose of the costing study.Unlike most productions systems hospitals have a much more complicated range of products and it is important that we understand what products to cost. Most other industries have a small product range. They produce high volumes of a few items. Hospitals produce low volumes of millions of product types. Every patient presentation is unique in some way. This is the Casemix Management challenge. The important thing to note is that we use the technical term “Product Costing” yet this does not imply a change in attitudes or values of healthcare providers. Patients are not viewed as the equivalent of the products of other industries. [Show Less]