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PTRS 877 > business > Flashcards

business Flashcards

1
Q

the science that deals with the production, distribution and consumption of goods and services or human welfare

A

economics

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2
Q

the up and down movement of an economy’s ability to generate prosperity. at the peak is a healthy economy, and at the trough is an unhealthy economy

A

the business cycle

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3
Q

consumer/producer transactions

A

market

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4
Q

retail

A

consumer goods

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5
Q

wholesale

A

production goods

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6
Q

human resources

A

labor market

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7
Q

financial mechanisms

A

money market

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8
Q

consumers have limted resources so they want to get a band for their buck. They choose the greatest value of what is available to them by comparing relative values of the other alternatives

A

opportunity cost

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9
Q

means the demand has minimal impact on the price. this happens most frequently in a monopoly

A

inelastic price

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10
Q

where net income equals zero

A

the breakeven point

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11
Q

break even formula

A

total revenue = total cost

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12
Q

is met when it is impossible to change the allocation to make one person better without making someone else works

A

parento efficiency

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13
Q

is met when health care is productive at the lowest possible cost

A

productive efficiency

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14
Q

produces the expected result

A

effictiveness

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15
Q

meets society’s requirements for justice

A

equity

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16
Q

is equal treatment for equal need

A

horizontal equity

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17
Q

serve private interests and pay taxes
goal is to maximize profits for the owner
must also serve the community

A

for-profit, investor owned

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18
Q

serve public interests and are tax-exampt
goal is to provide community benefit and optimal patient care
two types: business oriented (private) and government owned
must also turn a profit for sustainabiltiy

A

not-for profit

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19
Q

those without insurance are billed for

A

full charges

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20
Q

no payment received for billed services; written off by the organization

A

bad debt

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21
Q

organization provides care, knowing the patient will be unable to pay

A

charity care

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22
Q

“total current assets” or short-term assest that can be converted to cash in one year

A

working capital

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23
Q

current assets, created in the course of doing business, consisting of revenues recognized, but not yet collected as cash
generally provide no interest, and collection becomes less likely as time passes
having large dollar amounts in this means lost opportunities for other investments

A

accounts receivable

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24
Q

AR (accounts receivable) comprise what percent of healthcare providers current assets

A

75%

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25
Q

methods used to finance AR

A

factoring receivables

pledging receivable as collateral to negotiate a line of credit to cover temporary cash shortfalls

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26
Q

selling at a discount

A

factoring receivables

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27
Q

products are literally delivered to the provider just in time for use, decreases holding costs and obsolescence

A

just in time

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28
Q

each supply item is assigned to one of three groups and is thus monitored according to cost

A

ABC inventory method

29
Q

revenue is recorded within the period it is earned

expenses are recorded in the period when the resources are consumed

A

accrual method of accounting

30
Q

revenue is recorded when cash is received

expenses are recorded when bills are paid

A

cash method of accounting

31
Q

debts that you/your business owes

A

accounts payable

32
Q

amounts you are owed

A

accounts receivable

33
Q

actual income and expenses moving in and out of the entity

A

cash flow

34
Q

addresses the difference of what is charged and what is paid by the third party payers

A

contractual deductions allowances

35
Q

for one or more sections of the (large) organization separate from the whole entity

A

fund accounting

36
Q

for funds set apart from general operating funds for future purchase of equipment or building

A

fund depreciation

37
Q

three primary types of financial statements are the

A

balance sheet
income statement
cash flow statement

38
Q

total assets =

A

total liability + owners equity

39
Q

the resources owned by the company that will benefit future operation and are considered indicative of financial health.

A

assets

40
Q

land, buildings and equipment

A

capital assets

41
Q

can be quickly converted to cash

A

liquid assets

42
Q

require a long conversion period to cash

A

fixed assets

43
Q

the debts of the entity: what is owed to creditors

A

liabilities

44
Q

loans that consist of the loan and interest due

A

notes payable

45
Q

net worth =

A

total assets-total liabilities

46
Q

when revenues exceed expenses

A

net income

47
Q

when expenses exceed revenue

A

net loss

48
Q

steps of financial management

A

establish a financial management play
set annual performance targets
track and report performance
perform variance analysis and take action if needed

49
Q

full charges

A

fee for service

50
Q

full charges minus a percentage discount

A

discounted fee for service

51
Q

the providers actual cost

A

cost reimbursement

52
Q

a set fee schedule per procedure, course of care or inpatient stay

A

fixed per diem

53
Q

on fixed amount shared by all provided

A

bundled payments

54
Q

a set rate to cover all care or aspects of care delivered to the insured group

A

capitation

55
Q

service volume can be increased by

A

increasing number of customers
increasing the amount of service to each customer
providing new service

56
Q

the percentage of each source of payment that can be altered affecting payment per service unit

A

payer mix

57
Q

the percentage of each diagnostic group of patient that are estimated to be seen.

A

case mix

58
Q

represents the amount of money that is written off due to contractual discounts, pro bono work or uncollectivle bad debt or charity care

A

adjustment

59
Q

the cost of resources used in the production of goods and services such as human resources over a defined period of time

A

operating costs

60
Q

the purchase of high priced items such as equipment and facilities that contribute to the production of goods/services for the long term

A

capital costs

61
Q

signifies the equivalent of one full time employee who works 40 hours per week

A

Full time equivalent (FTE)

62
Q

hours that are spend directly on the provision of services such as direct care hours or billable service hours

A

productive work hours

63
Q

meeting or documentation time, and benefit time such as vacation, holiday, continuing education, sick or travel time

A

non productive work hours

64
Q

are the ongoing expenses of a business which cannot be attributed to any specific business activity, but are still necessary for the business to function

A

indirect expenses

65
Q

lease/rent, utilities, general liability, auto or property insurance, communication, environmental services. they also include non productive labor expenses like support services and administrative services although these are usually maintained in the human resource section of a budget

A

overhead expenses

66
Q

are indirect expenses that are shared between different departments or operating units

A

allocated costs

67
Q

length of time it will take to recover the entire cost of a capital purchase

A

payback period

68
Q

determines the rate of return

A

expected return on investiment

69
Q

are projections of the amount of work that can be performed by one worker in a given time period.

A

productivity standards

PTRS 877 (8 decks)

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