HCM Exit Exam Comprehensive | based off of the HCM Exit Exam Study Guide faculty recommended concepts LATEST EDITION

HCM Exit Exam Comprehensive | based off of the HCM Exit Exam Study Guide faculty recommended concepts LATEST EDITION list the major sources of law in the US - constitutional statutory case law list and describe elements of a negligent tort - duty of care breach of duty causation damages consequentalism (teleological) - the morality of an action is to be judged solely by its consequences non-consequentialism (deontological) - denies that the rightness or wrongness of our conduct is determined solely by the goodness or badness of the consequences of our acts or of the rules to which those acts conform virtue ethics - character-based approach to morality that assumes we acquire virtue through practice; it enables us to be and act in ways that develop the ideals we have adopted beneficence - to act for the benefit of the patient autonomy - individuals have a right to self-determination, to make decisions about their lives without interference from others non-maleficence - there is an obligation not to inflict harm on others justice - the application of fairness to individuals in population groups or communities veracity - being honest, telling the truth; related to autonomy as patients need to hear the truth to make decisions in their own best interest confidentiality - the practice of keeping secret all information deemed desirable to keep secret role fidelity - the faithful practice of the duties contained in the particular practice; forms the basis for virtue ethics basic elements of valid contracts (express and implied) - express contract- terms and conditions are spelled out in the contract verbally or in writing implied contract- terms and conditions are inferred by the actions of the parties involved offer, acceptance, consideration, competency, and legal intent agency relationships - relationship between stockholders and management liability associated with defects in implied and informed consent - major safeguards and provisions of HIPAA that protect PHI - The Privacy Rule- protects all individually identifiable health information held or transmitted by a covered entity or its business associate, in any form direct cost - a price that can be directly tied to the production of specific goods or services, a variable cost that fluctuates with production levels indirect cost - costs that are not directly accountable to a cost object, can be either fixed or variable fixed costs - business costs that are constant regardless of the quantity of goods or services produced, such as rent variable cost - a cost that varies with the level of output sunk costs - a cost that has already occurred and has no potential for recovery in the future cost pool - a cost pool is a grouping of individual costs, typically by department or service center; cost allocations are then made from the cost pool ex. cost of maintenance for a whole building which is then allocated to the specific departments using its services cost driver - causes the cost of an activity to increase or decrease ex. the number of gallons of water used will determine the total water bill allocation rate - a percentage of the money left which can be invested after the charges have been taken off goal of cost allocation - cost allocation is the process of identifying, aggregating, and assigning costs to cost objects 1. determine program services and supporting activities 2. determine direct and indirect expenses 3. determine proper allocation methods for indirect expenses 4. apply allocation methods to indirect expenses capitation - a fixed amount of money per member per month (or per patient per unit of time) prospective payment system - method of reimbursement in which payments are made based on a predetermined, fixed amount DRG's - diagnostic related group patient classification system that standardizes prospective payment to hospitals and encourages cost containment initiatives difference between cash and accrual accounting - cash accounting- an accounting method where payment receipts are recorded during the period in which they are received, and expenses are recorded in the period in which they are actually paid accrual accounting- an accounting method where revenue or expenses are recorded when a transaction occurs rather than when payment is received or made partnership - a formal arrangement by two or more parties to manage and operate a business and share its profits all partners share liabilities and profits equally, each partner benefits from any profits and sustains part of any losses proprietorship - a sole proprietorship is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business corporations - a company or group of people authorized to act as a single entity and recognized in law equity financing - the process of raising capital through the sale of shares debt financing - the process of raising capital through borrowing money or "selling debt instruments" financial statements - financial reports that summarize the financial condition and operations of a business opportunity cost - the loss of potential gain from other alternatives when one alternative is chosen law of demand - the quantity purchased varies inversely with price ex. the higher the price the lower the quantity demanded law of supply - as the price of a good or service increases, then the quantity of goods or services offered will increase market equilibrium - state of the market in which supply and demand balances each other, resulting in the price becoming stable increase in income - income and demand are directly related, an increase in income will cause demand to rise how does it affect supply? increase in quantity - advertising - change in the price of substitute goods or se