Chapter 18 - Assignment 1-2
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| REVENUE CYCLE AND FINANCIAL MANAGEMENT | show 🗑
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| show | Some forms are: private insurance, Medicare and Medicaid.
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| show | A program formed to balance the payment made for the same services rendered by different providers on the same diagnosis at a fixed rate.
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| show | When the insurance company pays for services provided (doctor, hosptial, etc.) to the insured.
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| show | A regulatory process that requires certain health care providers to obtain state approval before offering certain new or expanded services.
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| MANAGING THE REVENUE CYCLE | show 🗑
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| Front-end Activities | show 🗑
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| Contracting | show 🗑
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| Common methods of reimbursement | show 🗑
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| show | A provider that has come to terms with a payer and is under approved contratual agreement.
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| Charge-master fee-schedule | show 🗑
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| show | Patient registration, a collection of complete and accurate demographic, financial and insurance information.
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| show | Whether admission to the hospital, skilled nursing, lab test, x-ray, a surgical procedure or other patient treatment that is the actual service that generates revenue for the health care facility.
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| show | Because codes are required for proper billing, completely accurate codes are required for opimum reimbursement.
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| Back-end Activities | show 🗑
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| FINACIAL ASPECTS OF FRAUD AND ABUSE COMPLIANCE | show 🗑
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| show | Managerial accounting provides economic information and internal framework to enable health care leaders to make effective decision. Mission -statement of organization purpose. Goal-statement of what organization want to do. Objective -expected outcome.
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| show | Budgets are detailed numerical documents that translate the goals, objectives, and action steps into forecasts of volume and monetry resources needed.
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| Statistics Budget | show 🗑
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| Operating Budget | show 🗑
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| Master Budget | show 🗑
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| Rolling Budget Method | show 🗑
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| Flexible Budget | show 🗑
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| Zero-Based Budget | show 🗑
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| show | Refers to the activities that management typically pursues when what was planned does not occur financially.
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| Variance Reports | show 🗑
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| show | The organization planning process links departmental objectives and budgets to over-arching goals.
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| Business Plan | show 🗑
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| Program and Automation Assessment | show 🗑
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| The Four M"S | show 🗑
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| show | Cost analysis and being able to measuer the impact of various subunits within an organization
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| Step-down Method | show 🗑
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| Double-Distribution Method | show 🗑
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| show | Permits multiple allocations to occur through sophisticated mathematical software.
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| FINANCIAL ACCOUNTING | show 🗑
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| show | Entity - Going concern - Stable Monetary Unit - Matching Concept - Objectivity - Disclosure.
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| show | The professional that cover different aspects of financial management are: Financial Account - Managerial Account - Managerial Finance Officer.
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| show | Financial transactions can be handled in one of two manners: Cash basis Accounting or Accural Basis Accounting. The preferred method today is Accrual - Profit represents amount of money received less actual cost
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| USING FINANCIAL REPORTS TO PROVIDE MANAGEMENT INFORMATION | show 🗑
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| show | Financial analysis or ratio analysis is the management process that help form the relaionship between the numbers represented on the balance sheet and statement of revenues and expense.
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| Liquidity Ratio | show 🗑
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| Turnover Ratio or Activity Ratio | show 🗑
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| show | Evaluates the use of resources to acheive a goal. An operating margin ratio displays the relationship between net revenues and expenses required to supply the revenues.
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| Capitalization Ratio | show 🗑
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| show | The overall capital planning function is part of the managerial finance role, but can vary in different organizations.
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| Capital Expenditures | show 🗑
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| show | Capital expenditure is uaually expenditures in excess of $500 for equipemnt or furniture, usually a high initial cost adn a "life" of more than 1 year.
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| Time Value of Money | show 🗑
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| Compounding | show 🗑
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| Discounting | show 🗑
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| Net Present Value | show 🗑
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| show | An evualation of averages. The annaul net inflow or outflows are averaged ovef the projects life for each project.
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| show | The payback period method determines the number of years it will take for the cash inflow to pay back the initial investment.
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Created by:
Carol K. Rose
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