C428 End Term Exam A+
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.
What is the vertical system? - ✔A single business entity that owns a group of related, but not
identical, providers, such as hospitals, medical practices, and nursing homes.
What is a general acute care hospital? - ✔A hospital that treats all conditions that require a
relatively short hospitalization (less than 30 days).
What is ambulatory care? - ✔Also known as outpatient care, it encompasses services provided
to patients who are not admitted to a hospital or nursing home.
Traditional outpatient settings include:
Clinics, medical practices, hospital outpatient departments, and emergency departments.
Non-traditional settings:
Home health, ambulatory surgery centers, urgent care, diagnostic imaging centers, rehab/sports
medicine, clinical labs.
What are the offered 3 levels of nursing home care? - ✔Skilled Nursing Facility (SNF)
Nursing (NF)
Residential Care
What is NF's? - ✔Nursing facilities which are intended for individuals who do not require hospital
or SNF care but whose mental or physical conditions require daily continuity of one or more
medical services.
What is residential care? - ✔They are sheltered environments that do not provide professional
healthcare services. Thus, most health insurance programs do not provide coverage for
residential care.
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.
What is the vertical system? - ✔A single business entity that owns a group of related, but not
identical, providers, such as hospitals, medical practices, and nursing homes.
What is a general acute care hospital? - ✔A hospital that treats all conditions that require a
relatively short hospitalization (less than 30 days).
What is ambulatory care? - ✔Also known as outpatient care, it encompasses services provided
to patients who are not admitted to a hospital or nursing home.
Traditional outpatient settings include:
Clinics, medical practices, hospital outpatient departments, and emergency departments.
Non-traditional settings:
Home health, ambulatory surgery centers, urgent care, diagnostic imaging centers, rehab/sports
medicine, clinical labs.
What are the offered 3 levels of nursing home care? - ✔Skilled Nursing Facility (SNF)
Nursing (NF)
Residential Care
What is NF's? - ✔Nursing facilities which are intended for individuals who do not require hospital
or SNF care but whose mental or physical conditions require daily continuity of one or more
medical services.
What is residential care? - ✔They are sheltered environments that do not provide professional
healthcare services. Thus, most health insurance programs do not provide coverage for
residential care.
