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Accounting - the measurement and recording of events that reflect the operations, assets, expenses, and other financing of an organization. Breakeven analysis determines the point when the investment in the project will generate a positive return. Business manager or SBU manager the manager responsible for the finance function in a small healthcare organization, such as a medical practice with one or a few clinicians. Call provision gives the issuer the right to redeem t...

Activity-based costing allocates costs on the basis of the basic activities that create costs in the first place. ABC can estimate costs for individual patients, diagnoses, services, and so on, while traditional costing cannot. Accounting breakeven analysis occurs when revenues equal accounting costs. Allocation rate the numerical value used to allocate a cost pool to patient services departments (e.g., $40 per square foot of occupied space). Average cost total cost divi...

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...

An established diagnostic center needs a new mammogram machine. The center has incurred higher debt and is very highly leveraged but decides to apply for another secured loan at its local bank. What will the bank decide about the secured loan? The interest rate will be higher. A private hospital with a successful history of traditional patient care is seeking to open a holistic treatment center off-site. It has secured an initial loan of five million dollars. How would the nature o...

Costs Cash Capital Control Finance within a healthcare organization can be condensed into the "four Cs": Treasurer The finance department manager who handles capital acquisition, investment management, and risk management activities Comptroller The finance department manager who handles accounting, budgeting, and reporting activities. CFO (Chief Financial Officer) The head of the finance department holds the title of chief financial officer. (The title of vice presi...

A medical center is expanding its hospital staff to accommodate the increasing number of flu cases seen over the past weeks. Which type of finance activity is described in this scenario? Cost Cash Capital Control Cost A healthcare organization's senior finance leader is responsible for all financial plans and activities related to reimbursement, accounting, budgeting, and management for a healthcare system's financial well-being. Which role matches this description? Cont...

A-76 Directive issued by OMB that establishes federal policy for the competition of commercial activities Abuse behavior that is deficient or improper when compared with behavior that a prudent person would consider reasonable and necessary business practice given the facts and circumstances Account cleanup process of researching, analyzing and evaluating old accounts in an accounting system to determine if they should be terminated or continued, and terminating those that meet ...

Prompt Payment Act A federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work. Cash Management Improvement Act passed to improve the transfer of federal funds between the federal government and the states, territories, and the District of Columbia 31 CFR Part 2018 Management of Federal Agency Disbursements requires federal agencies to disburse payments via electronic funds transfer, with few excepti...

Difference between a budget in public vs. private sector? Public sector = Law/Private sector = benchmark for performance and goals for growth Primary control device in Govt? budget Financial Reports primary mechanism by which public officials are able to demonstrate accountability. They show how much was raised, how it was spent, and whether spending was in compliance with the budget. State Authority All the powers not set forth in the constitution are left to the states...

Federal refers to national government Federalism means that power is distributed among different levels of government Sovereignty government cannot be sued by states or by citizens without its permission Popular Sovereignty citizens hold the ultimate authority through the ballot and even a sovereign government is accountable to citizens Three levels of government Federal, State, Local - each may not enact laws that violate the constitutions of those levels of gov...

Financial management systems information systems that support financial managers in accomplishing their tasks and achieving their objectives data visualization the creation and study of the visual representation of data, meaning information that has been abstracted in some schematic form, including attributes or variables for the units of information. data visualization can serve what purposes •Strategic - They focus on high-level measures of performance and forecasts, thereby...

Three Broad Government Spending Purposes 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integrity Act o...

doctrine of separation of powers provides a foundation for government financial management govt entity can be classed as general or special purpose US constitution written 1787 Most school district in US Independent District Role of federal CFO codified in the Chief Financial Officer act of 1990 telework working from home or other remote location Anti-fraud policies a formal code of conduct frames the behavioral expectations for individuals ...

Federalism Power is distributed among different levels of government, no one level has complete authority Sovereignty National government cant be sued by states or citizens without its permission Popular Sovereignty Citizens hold ultimate authority through the ballot; even a sovereign government is accountable to citizens Primary Purpose of Government Provide services to its citizens 10th Amendment Aka - reserved Clause National government cant dictate the man...

Governments exist to provide services no profit motive, no single measure of success Primary funding source = taxes (involuntary payments, because there is no ability to match services to those who provide the resource) Budget process = primary control device in government US Constitution provides two levels of government Federal and State State consitituions similar in that each defines the excutive and legislative braches, establishes political offices, and defines ...

Government Sovereignty Nat'l government can't be sued by states or by citizens w/out its permission. Government Authority Derived from constitutions or charters (local versions of a constitution), statutes, executive orders & regulations. 3 Levels 1) National 2) State 3) Local The primary purpose of each is to provide services to citizens. Separate and distinct, yet they may coordinate their efforts. 3 Branches 1) Legislative 2) Executive 3) Judicial Separa...

Pertinent Positives Specific symptoms that raise the physician's suspicion for a particular diagnoses Pertinent Negatives Specific symptoms that are not present which cause the physician to doubt certain diagnoses Coronary Artery Disease (CAD) Etiology: Narrowing of the coronary arteries limits blood supply to the heart muscle causing angina (chest pain specifically due to heart muscle ischemia) Diagnosed by: Cardiac catheterization Meds: Aspirin (ASA) and Nitroglycerin (NTG)...

What does DOE stand for? Dyspnea on Exertion A 43-year-old male presents to the ED with vomiting that began 5 hours ago. He has a history of Type II DM and is s/p right BKA. On objective evaluation it is found that he is hyperglycemic and has elevated ketones and so he will be admitted for DKA. Match the details to the correct section of the chart PSHx: Right BKA ED Course: Hyperglycemia and elevated ketones Diagnosis : DKA CC: Vomiting Onset: 5 hours ago Disposition: Ad...

What medical term describes the surgical removal of the gallbladder? cholecystectomy What does "PHI" stand for? Expand the abbreviation. Protected Health Information T/F. Sharing information about a case with family is allowed, as long as you are scribing with the physician assigned to the case. False ** A patient underwent brain surgery to treat bleeding in the brain from a stroke. What PSHx would you record into the chart? craniotomy A patient's PCP is on vac...

Inpatient Admitted to the hospital overnight ED Flow Check in and CC --> Physician Assessment --> Objective Orders and Results --> MDM --> Disposition ED Flow Before Orders Walk-in --> Triage (& vitals) --> Bed placement --> Nurse Assessment --> Hisotry and Physical --> Orders ED Flow After Orders Differential Dx --> Orders --> Lab, Procedures, Meds, Imaging --> Results --> Final Dx --> Disposition Template Layout HPI --&...