C428 flashcards easy passupdate 2024

What is healthcare finance? - ️️It encompasses the accounting and financial management functions of healthcare organizations. The two functions blend together, with accounting generating the data needed to make sound decisions and financial management providing the framework for those decisions. What is financial management? - ️️The use of theory, principles, and concepts developed to help managers make better financial decisions. What is another name for financial management? - ️️Corporate finance What are the four C's? - ️️Cost (measurement and minimization) Cash (management) Capital (acquisition) Control (of resources) What do some finance professors consider as the 5th "C"? - ️️Collections What is the role of the Comptroller? - ️️This is the finance department manager who handles accounting, budgeting and reporting activities. What is the role of the treasurer? - ️️This is the finance department manager who handles capital acquisition, investment management, and risk management activities. What is the chain of command in an organization? - ️️CEO CFO Senior Managers (Comptroller and Treasurer) What is a Business (practice) manager? - ️️The manager responsible for the finance function in a small healthcare organization, such as a medical practice with one or a few clinicians. What is the horizontal system? - ️️A single business entity that owns a group of similar providers, such as hospitals.