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Sam’s BOG MUST PASS Flashcards > Finance > Flashcards

Finance Flashcards

1
Q

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

A

Accounts payable

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2
Q

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

A

Working capital

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3
Q

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

A

Value based programs

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4
Q

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

A

Unrestricted net assets

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5
Q

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

A

Transfer pricing

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6
Q

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

A

Time value of money

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7
Q

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

A

Third-party payer

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8
Q

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

A

Temporary restricted net assets

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9
Q

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

A

Per diagnosis rate

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10
Q

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

A

Payment cycle

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11
Q

Account of the charges rendered to an individual patient

A

Patient ledger

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12
Q

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

A

Operating revenue

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13
Q

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

A

Operating income

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14
Q

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

A

Operating expenses

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15
Q

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

A

Nonoperating revenue

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16
Q

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

A

Noncurrent assets

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17
Q

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

A

Net revenue

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18
Q

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

A

Net present value

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19
Q

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

A

Net patient services revenue

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20
Q

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

A

Net assets

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21
Q

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

A

Medicare

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22
Q

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

A

Medicaid

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23
Q

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

A

Managerial accounting

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24
Q

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

A

Managed care organization

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25
Q

Ratios that measure and organizations ability to meet short term obligations

A

Liquidity ratios

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26
Q

Budgeting that segregates the budgets

A

Limited in scope budgeting

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27
Q

The amounts earned by an organization or sometimes donated to it

A

Revenues

28
Q

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

A

Resource based relative value scale

29
Q

Ratios that measure an organizations ability to exist and grow

A

Profitability ratios

30
Q

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

A

Productivity measures

31
Q

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

A

Production cycle

32
Q

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

A

Pro forma

33
Q

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

A

Strategic financial plan

34
Q

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

A

Sensitivity analysis

35
Q

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

A

Sarbanes Oxley act

36
Q

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

A

Direct contracting

37
Q

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

A

Differential costing

38
Q

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

A

Diagnosis-related groups

39
Q

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

A

Deferred revenue

40
Q

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

A

Current procedural terminology

41
Q

Economic obligations or debts that are due within one year

A

Current liabilities

42
Q

Resources that an organization expect to consume within one year

A

Current assets

43
Q

Budgets that are updated continuously so that year end never occurs

A

Continuous budgets

44
Q

Integration of all budgets into one document

A

Comprehensive budgeting

45
Q

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

A

Charges

46
Q

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

A

Capital structure ratios

47
Q

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

A

Capital budgeting

48
Q

The process of converting the operating plan into monetary terms

A

Budgeting

49
Q

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

A

Break even analysis

50
Q

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

A

Balance sheet

51
Q

Ratios that measure efficiency by comparing revenue to assets

A

Asset efficiency ratios

52
Q

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

A

Any willing provider statues

53
Q

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

A

Accrued expenses payable

54
Q

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

A

Internal rate of return

55
Q

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

A

Incremental budgeting

56
Q

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

A

High deductible health plan

57
Q

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

A

Gross revenue

58
Q

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

A

General ledger

59
Q

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

A

Fraud and abuse

60
Q

Funded depreciation philanthropy operating surpluses and debt

A

Four ways to finance capital expenditures

61
Q

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

A

Flexible budget

62
Q

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

A

Fixed budget

63
Q

Operating income plus not operating income minus total expenses

A

Excess of revenues over expenses

64
Q

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

A

Discrete budgets

65
Q

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

A

Capitated price

66
Q

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

A

Accounts receivable

Sam’s BOG MUST PASS Flashcards (11 decks)

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