Finance

Question 1

Amount an organization owes to suppliers and other tree creditors for merchandise and services purchased from them but for which the organization has not yet paid

Answer 1

Accounts payable

Question 2

The amount of cash required to support operations for the period of delay in collecting revenue

Answer 2

Working capital

Question 3

Programs that reward healthcare providers with incentive payments for the quality of care they deliver to Medicare beneficiaries

Answer 3

Value based programs

Question 4

Net assets that have not been externally restricted by donors or grantors such as the excess of revenues to expenses from operations

Answer 4

Unrestricted net assets

Question 5

The price charged for inner organizational trade Aida sale or transfer of goods and services within an organization

Answer 5

Transfer pricing

Question 6

The concept that money available at the present time is worth more than the same amount in the future because the value of money diminishes overtime as a result of inflation risk and uncertainty of returns from investments

Answer 6

Time value of money

Question 7

An agent of the patient the first party that contracts with a provider the second party to pay all or a portion of the bill to the patient

Answer 7

Third-party payer

Question 8

Donor restricted net assets that an organization can use for the donor specific purpose after the organization has met the donors restriction such as the passage of time or an action by the organization

Answer 8

Temporary restricted net assets

Question 9

A method of paying for healthcare in which the hospital is paid a flat fee for each given diagnosis regardless of the actual service provided

Answer 9

Per diagnosis rate

Question 10

Print Bill submit Bill follow up on Bill collect Bill or Bill resolution

Answer 10

Payment cycle

Question 11

Account of the charges rendered to an individual patient

Answer 11

Patient ledger

Question 12

Net patient services revenues minus provisions for bad debt plus premium revenue and other operating revenue

Answer 12

Operating revenue

Question 13

Money earned from providing patient care services in includes the total revenue games and other support minus the total operating expenses

Answer 13

Operating income

Question 14

Resources used on operations to generate revenue in support of an organization’s mission statement

Answer 14

Operating expenses

Question 15

Income generated from non-patient care activities including investments insecurities and earnings from unrelated businesses

Answer 15

Nonoperating revenue

Question 16

Economic resources that have a life of one year or more the organization expect to consume them over a span of longer than one year

Answer 16

Noncurrent assets

Question 17

Income actually received as opposed to that initially posted equal to gross revenue minus adjustments for bad debts charity and discounts to third parties

Answer 17

Net revenue

Question 18

The present value of the future cash flows of an investment; net present value takes into account the fact that future cash flows are discounted to determine the present value

Answer 18

Net present value

Question 19

Money generated by providing patient care minus the amount and organization will not collect as a result of discounting charges per contractual agreement and providing charity care

Answer 19

Net patient services revenue

Question 20

The difference between assets and liabilities in a not for profit organization represents the owners and other financial interest in the organization

Answer 20

Net assets

Question 21

A federally funded program that provides health insurance for Americans at age 65

Answer 21

Medicare

Question 22

A program created by the federal government funded by the federal and state governments in administered by the state government to provide free or low cost healthcare to low income recipients

Answer 22

Medicaid

Question 23

A process of restructuring transaction data to support monitoring cleaning and setting expectations and improving performance of accountability centers

Answer 23

Managerial accounting

Question 24

An organization that controls the access to and cost and quality of healthcare

Answer 24

Managed care organization

Question 25

Ratios that measure and organizations ability to meet short term obligations

Answer 25

Liquidity ratios

Question 26

Budgeting that segregates the budgets

Answer 26

Limited in scope budgeting

Question 27

The amounts earned by an organization or sometimes donated to it

Answer 27

Revenues

Question 28

A Medicare reimbursement system that provides a flat per visit fee to physicians rather than reimbursing them according to their customary charges

Answer 28

Resource based relative value scale

Question 29

Ratios that measure an organizations ability to exist and grow

Answer 29

Profitability ratios

Question 30

A variety of ratios that measure employee productivity during the shift day week or month and buy employee or employees

Answer 30

Productivity measures

Question 31

Patient’s care of team demographic data obtain insurance data verify insurance coverage obtain authorizations obtain deductibles obtain co-pays care is provided record charges maintain medical record review utilization here is completed transfer medical record analyze medical record abstract medical record code medical record transcribe dictation

Answer 31

Production cycle

Question 32

A forecast of financial statements establishing the future financial position of an organization for a given set of operating conditions or decisions

Answer 32

Pro forma

Question 33

The link between a strategic plan which looks 3 to 10 years out in the operating plan which looks when you’re out in essence the quantification of a series of strategic planning policy decisions that will answer whether an organization can make progress towards accomplishing it’s strategic plan over the next 10 years

Answer 33

Strategic financial plan

Question 34

Analysis that changes key assumptions upward and downward to ascertain the effects on break even

Answer 34

Sensitivity analysis

Question 35

Federal corporate accountability legislation passed in 2002 in the aftermath of the Enron bankruptcy and intended to improve governance and corporate practices

Answer 35

Sarbanes Oxley act

Question 36

The practice of an employer making a contractual agreement directly with an integrated delivery system to deliver health services to employees

Answer 36

Direct contracting

Question 37

A method of assembling cost and sometimes revenues to alternative decisions also known as incremental cost or relevant costing

Answer 37

Differential costing

Question 38

A grouping of similar healthcare cases that should require similar resource consumption Medicare uses diagnosis-related groups to calculate prospective payment

Answer 38

Diagnosis-related groups

Question 39

Money received by the hospital but not yet heard such as registration fees for an educational program not yet provided

Answer 39

Deferred revenue

Question 40

A set of medical codes used to report medical surgical and diagnostic procedures and services

Answer 40

Current procedural terminology

Question 41

Economic obligations or debts that are due within one year

Answer 41

Current liabilities

Question 42

Resources that an organization expect to consume within one year

Answer 42

Current assets

Question 43

Budgets that are updated continuously so that year end never occurs

Answer 43

Continuous budgets

Question 44

Integration of all budgets into one document

Answer 44

Comprehensive budgeting

Question 45

The amount patients are expected to pay for services also called prices or rates

Answer 45

Charges

Question 46

Ratios that measure and organizations long-term liquidity by measuring a variety of relationships to capital

Answer 46

Capital structure ratios

Question 47

The process of converting the operating plan into budgets for capital expenditures

Answer 47

Capital budgeting

Question 48

The process of converting the operating plan into monetary terms

Answer 48

Budgeting

Question 49

An analysis to determine the volume point at which a project to cover its costs can be helpful to organizations considering new projects developing a business plan or formulating a pricing strategy

Answer 49

Break even analysis

Question 50

A statement that shows an organizations financial position at a specific point in time

Answer 50

Balance sheet

Question 51

Ratios that measure efficiency by comparing revenue to assets

Answer 51

Asset efficiency ratios

Question 52

Patient protection laws that allow patients to receive care from providers outside a network

Answer 52

Any willing provider statues

Question 53

Liabilities for expenses that I’ve been incurred by the hospital but for which the hospital has not yet paid so just compensation to employees

Answer 53

Accrued expenses payable

Question 54

The minimum return one needs to break even on an investment; it is the necessary net present value of an investment that when added to the final market value of the investment equals the current cost of the investment

Answer 54

Internal rate of return

Question 55

Budgeting only for changes such as new equipment the assumption in incremental budgeting that the current budget is already optimal

Answer 55

Incremental budgeting

Question 56

A health insurance plan with higher deductible and lower premiums in traditional health plans

Answer 56

High deductible health plan

Question 57

An entry to the patient ledger of the charge for a specified healthcare service no longer meaningful measure

Answer 57

Gross revenue

Question 58

Technically the record of all of a firms transactions often refers to the fixed and collective assets such as depreciation that must be allocated to operational units

Answer 58

General ledger

Question 59

Fraud is an in intentional misrepresentation of fact designed to induce reliance by another abuse is an unintentional misrepresentation of fact

Answer 59

Fraud and abuse

Question 60

Funded depreciation philanthropy operating surpluses and debt

Answer 60

Four ways to finance capital expenditures

Question 61

Budgets that take into account fluctuations in volumes at least within range is expressed as probabilities and adjust variable expenses accordingly

Answer 61

Flexible budget

Question 62

Budgets that assume volumes related revenues and variable expenses remain constant during the year

Answer 62

Fixed budget

Question 63

Operating income plus not operating income minus total expenses

Answer 63

Excess of revenues over expenses

Question 64

Budgets that apply to a fixed period of time usually a year

Answer 64

Discrete budgets

Question 65

A fixed monthly payment to providers from a third-party payer for each person enrolled in the pears plan regardless of whether any given individual receives care also known as cavitation this payment model incentivizes a healthcare organization to keep its population from using more healthcare services the necessary because it profits only if the total cost of treating the population is less than the total capitated price

Answer 65

Capitated price

Question 66

Amounts due to an organization from patients and insurance for services an organization has already provided the concept of accounts receivable is often called the revenue cycle a multidisciplinary approach to reducing the amount of an accounts receivable by effectively managing the production in Payment cycles

Answer 66

Accounts receivable