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Lab Management > Financial Management > Flashcards

Financial Management Flashcards

1
Q

Refers to Supply, labor, and overhead money spent on a product

A

Cost

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2
Q

Importance of identifying cost

A
  1. To accurately price tests
  2. Determine when and how to offer new test
  3. Determine whether to acquire new outreach client business
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3
Q

Expenses that can easily be traced to an end Product— billable test

A

Direct cost

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4
Q

Not directly responsible to billiable test but necessary for its production

A

Indirect cost (aka: overhead cost)

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5
Q

Cost thst varies depending on the test volume

A

Variable costs

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6
Q

Do not changed with the volume of tests performed

A

Fixed cost

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7
Q

50-70% of thr lab budget

A

Salary cost

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8
Q

Expenses incurred to produce a product or service

A

Operating and capital cost

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9
Q

3 criteria before it recognizdd as a capital item

A

Time
Price
Purpose

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10
Q

Annual loss of a capital item’s value is called

A

Depreciation

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11
Q

Determined the total direct labor and supply cost of producing a tesst

A

Micro- testing

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12
Q

A batch of test sample that are tested on a 24-hr period or a shift

A

Test run

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13
Q

Test run is composed of:

A

Test sample
Calibration
QC

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14
Q

Distributes the total direct cost of a run over the patient results

A

Cost per reportable results

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15
Q

Cost of producing one additional test

A

Incremental cost

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16
Q

Cost of a total direct and indirect cost

A

Fully loaded cost

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17
Q

Balance remaining after the fully loaded cost are deducted

A

Contirbuted margins

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18
Q

Total price of services rendered

A

Revenue

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19
Q

Total charges at a facility’s fully established rate

A

Gross patient revenue

20
Q

Gross inpatient and outpatient revenue minus all related deduction

A

Net patient revenue

21
Q

Difference between billing at full- established rates and amounts received from third-party payers

A

Contractual adjustments

22
Q

Process of buying, learning of the need, and selecting supplies

A

Purchasing

23
Q

Priority of need is categorised as follows:

A

Essential
Necessary
Desirable
Other

24
Q

Refers to scheduled preventive maintenance

A

Maintenance

25
Q

Unscheduled maintenance

A

Repair

26
Q

First level of maintenance– by lab technologist

A
  1. Cleaning
  2. Adjusting
  3. Caring on a daily basis
27
Q

Second level of maintenance– by field serviceman

A
  1. Inspection
  2. Cleaning
  3. Lubrication
  4. Repair
  5. Adjustment
  6. Calibration
  7. Test
28
Q

Third level maintenance—- by manufacturer

A

Overhaul or refurbishment

29
Q

1st step in implementing a preventive maintenance

A

Established an inventory of lab instruments

30
Q

2nd step in implementing a preventive maintenance

A

Established a control-card system with a separate card for each piece of instrument

31
Q

3rd step in implementing a preventive maintenance

A

Established a file for each instrument to hold permanent record of repairs

32
Q

Annual contract in which the vendor agrees to deliver goods at predetermined price as notified by the lab

A

Released orders

33
Q

Annual contract in which the vendor agrees to deliver goods at predetermined price and on established schedule

A

Standing order

34
Q

3 docs in purchasing process

A
  1. Requisition
  2. Packing slip
  3. Payment
35
Q

Budgeting is the process of:

A
  1. Planning
  2. Forecasting
  3. Controlling
  4. Monitoring
36
Q

Pre determined form of budgeting

A

Pro forma budget

37
Q

Pro forma budget uses the data for

A

1 yr routine

38
Q

Operational budget must be linked to

A

Capital budget

39
Q

Compares the labs productivity with other labs

A

External benchmarking

40
Q

Measures labs productivity over time

A

Internal benchmarking

41
Q

It measures of an org’s products or services against specific standard

A

Benchmarking

42
Q

Statement of an org’s financial position at a specific point in time

A

Balance sheet

43
Q

Aka statement of profit and loss

A

Income statement

44
Q

Diff between the projected budget and actual revenue and expense
(Budget- actual =___)

A

Variance

45
Q

Less than expected revenue or expenses

A

Positive variance

46
Q

More than expected revenue or expenses

A

Negative variance

Lab Management (5 decks)

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