Managing by the numbers Flashcards
1
Q
Accounting
A
Accounting or accountancy is the measurement, processing and communication of financial information about economic entities
2
Q
Income Statement (P&L)
A
- accurate way to represent a company’s financial performance
- created and review monthly, quarterly, and yearly
3
Q
operating revenues
A
money coming in
4
Q
cost revenue
A
money going out
5
Q
gross operating profit
A
Operating revenue minus cost revenue
6
Q
capital structure expenses
A
not part of ebitda
- financial assets or the financial value of assets
- factories
- machines
- equipment owned by a business and used in production
7
Q
accrual accounting
A
- uses accounting calculations and prediction to evaluate monthly and quarterly predicted “LIVE” performance
- used for an understanding of the current health of clinic revenue during a set time period and then that
- predicted net revenue is subtracted from the expenses of teh clinic to understand the actual profit, earnings
8
Q
cash accounting
A
- commonly used in smaller businesses
- income is not counted until cash (or a check) is actually received
- expenses are not counted until they are actually paid
9
Q
commercial payers
A
- not administered or provided by a government program
10
Q
federal payers
A
- medicaid: eligible low-income adults; children, pregnant women, elderly adults and people with disabilities
- medicare: people who are 65 or older; certain younger people with disabilities
11
Q
copay
A
- a fixed fee you pay when you receive covered care like an office visit or pick up drugs
12
Q
deductible
A
the amount of money you must pay out of pocket toward covered benefits before your health insurance company starts paying
