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Business Lectures Flashcards

1
Q

Virginia Mason Model

A

first visit patients were examined by a physician and a physical therapist

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2
Q

Virginia mason of starbucks slashed medical cost by ____%

A

40% for employees with LBP

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3
Q

The insurer agreed to ____ virginia mason’s physical therapy reimbursements by about 16%

A

increase

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4
Q

Macroeconomics

A

examines national output and the way a country allocates its resources of land, labor and capital to maximize production levels and promote trade and growth

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5
Q

Microeconomics

A

examines output at the individual level within the economy
shows how individuals and firms respond to changes in price and why they do at a particular price level

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6
Q

Demand

A

the quantity of a product/service desired by consumers at a given price

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7
Q

Supply

A

the quantity of the product/service the market will offer at a certain

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8
Q

The price of a product/service is reflected based on

A

supply and demand

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9
Q

Market based pricing

A

prices are set by what others are charging

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10
Q

Cost plus pricing

A

cost + profit=price

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11
Q

The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are in part at least, of financial character and interpreting the results of

A

Accounting

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12
Q

Revenue

A

fees earned in a given time

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13
Q

Expenses

A

Cost produced during operation

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14
Q

Receivables

A

asset that hasn’t been received kinda like an iou

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15
Q

Payables

A

bills that neeed to be paid like a credit card

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16
Q

gross

A

all the revenue earned w/o taking out expenses

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17
Q

NET

A

revenue-expenses

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18
Q

Assets

A

economic resources of the company
Ex: cash, land, equiptment

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19
Q

Liabilities

A

amounts owed to others
loans payables

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20
Q

equity

A

the owners interest in the business
corporation stock holders

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21
Q

Balance sheet

A

a snapshot of a companies assets liabilities and owners equity at one point in time

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22
Q

Income statement

A

shows how profitable a company was during a stated time interval

ends on specific time

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23
Q

Cash Flow statement

A

the amount of cash coming into a business via revenue versus the amount that is leaving in the form of payments during a specific period of time

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24
Q

Cash Flow statement optimal
difficulties
good business practices

A

optimal: customers pay in full when services are rendered
difficulties: rapidly growing, successful business expanding quickly or purchasing inventory
Good business practice: sends bulls out at least monthly on outstanding balances
remind patients of balance
`

25
Opportunity Cost
the value of what is foregone in order to have something else -investing in marketing rather then new equipment -where you decide to spend your money
26
Budget process
typically completed on an annual cycle involves looking at revenue vs expenses and projecting for next year often use historical data for projections
27
Revenue and cost per visit
can provided a good metric for budgeting revenue per visit revenue=copay/coinsurance + insurance reimbursement
28
start up costs
cost associated with starting a business
29
capital expenditures
large equiptment expenditures
30
Fixed cost
expenses that dont vary with patient volumes ex rent phone bill
31
Variable cost
fluctuate directly with business volumes ex therabands massage cream
32
Break even analysis
Used to determine when your business/program will be able to cover all its expenses and begin to make a profit -must first identify start up costs and determine revenue needed to pay ongoing business expenses in addition
33
Return on investment
profit generated by the money a business owner puts into the project/business typically expressed as a percentage return income/profit divided by original or current investment
34
Net operating income
at a basic level this is making money after all the bills are paid (does not include start up cost) as the business is operating assessed monthly timeframe must be considered for this to have power
35
Human capital- productivity
balancing the task and people staffing too high= increased cost and decreased productivity staffing too low=increased stress on staff can strain referral reference
36
Loss leader
does not generate a profit but leads to more business
37
Marketing
promoting interest in and generating demand for products/services and positioning them within the market
38
Sales
finding likely buyers and obtaining their agreement to buy a business product or service
39
Public relation
the professional maintenance of a favorable public image by a company or other organization the state of the relationship between the public and a company or other organization
40
Value
what customers value increased with quality and services decreased with price
41
Customer value triad
quality service price
42
Research has show that the patient satisfaction is based on the ________
patient- PT interaction
43
Need satisfaction selling
1. determine what your customer needs/wants 2. match how your product/service meets those needs
44
market positioning
Market Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors.
45
Market differentiation
crafting unique products and services to attract and retain customers.
46
Success story about thrive kaiser
helped people stay healthy not just get well when ill redefine the system of HC champion the cause of total health members improved attitudes and non members
47
Anti-kickbakc satute
its a criminal offense to knowingly and willfully solicit, receive, offer, or pay any renumeration to induce referrals of items or services covered by medicare or medicaid or other federally funded program
48
manager role in quality care
underuse- not using EBP overuse- over-utilization of diagnostic tests missues- failing to execute clinical care process
49
how do for profit business work
profits raised by the organization can be distributed to the owners do not qualify for tax exemptions assets belong to the owners and if the company is dissolved they are distributed to ownership interest
50
non profit business
profits raised by the organization must be recircled back into the organization so it is able to fulfill its mission may qualify for state and federal tax exemptions assets belong to the organization and if the organization is dissolved they are donated to another NP organization
51
Feasibility studies
an analysis and evaluation of a proposed project to determine if it is 1. technically feasible 2. feasible with estimated cost 3. profitable
52
SWOT
Strength weakness opportunity threat
53
strength
what advantage does the company hold what unique resources does the business possess what does the business do better than anyone else what do customers see as company strength
54
weakness
where does the company need to improve what do customers identify as weaknesses where should the company consider cutting its losses
55
opportunity
are there niches in the market that are not bing met what are others doing that you could replicate or improve on
56
Threats
what obstacles does the company face does the company have current financial problems
57
Gantt Charts
bar chart that provides a graph that shows a schedule that helps to plan coordinate and track specific tasks in a project
58
PERT
scheduling tool commonly used in project management to illustrate the dependencies and flow of projects events and milestones used to plan and track projects

Health Care Delivery (19 decks)

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