resource mgmt module Flashcards
Patient Protection and Affordable Care Act (PPACA)
- greater access to coverage for those with preexisting conditions
- mandated health-care insurance provision by employers
- significant reductions in number of uninsured
fiscal planning
- an acquired skill that improves with use
- requires vision, creativity, and a thorough knowledge of the political, social, and economic forces that shape health care
cost containment
effective and efficient delivery of services while generating needed revenues for continued organizational productivity
who is responsible for cost containment?
every health care provider
cost effective
- producing good results for the amount of money spent
- product is worth the price
cost effectiveness must take into account factors such as
- anticipated length of service
- need for such a service
- availability of other alteratives
forecasting
making an educated budget estimate by using historical data
responsibility accounting
an organization’s revenues, expenses, assets, and liabilities is someone’s obligation
a corollary
there person with the most direct control over financial elements
budget
- financial plan that includes estimated expenses
- income for a period of time
in a budget, expenses are classified as
- fixed or variable
- controllable or uncontrollable
fixed expenses
do not vary with volume
two examples of variable expense in a hospital budget
- payroll of hourly wage employees
- cost of supplies
controllable vs uncontrollable expenses
- controllable: controlled or varied by the mgr
- uncontrollable: cannot
five steps of the budgetary process
- assess
- diagnosis
- planning
- implementation
- evaluation
