C-What you know
The 4 C's of financial activities
What are
Costs, Cash, Capital, and Control
The process of granting permission for healthcare and professionals to practice.
What is licensure
A financial activity within healthcare that must be measured and minimized. When compared to revenues, if these are out of control, it can spell doom for the organization
What are costs (cost)
A regulation enacted by Congress in 1974 to control the growing costs of healthcare. It requires providers to obtain state approval on the basis of community need for construction and renovation projects in healthcare
What is a certificate-of-need (CON)
This is the lubricant that makes the wheels of a business run smoothly; without it, the business grinds to a halt. In healthcare, this is raised through the billing of services to patients and insurance companies.
What is cash
refers to the accounting and financial management principles and practices used in healthcare organizations to ensure the financial well-being of the enterprise.
What is healthcare finance
Funds used to acquire land, buildings, and equipment. Without this healthcare businesses would not have the physical resources needed to provide patient services.
What is capital
The responsibility of organizations and individuals who provide professional services, such as hospitals and physicians, for losses that result from malpractice.
What is professional liability
Responsible for accounting and reporting activities, such as routine budgeting, preparation of financial statements, and patient accounts management
Who is a controller (comptroller)
this type of health care organization has the capability of providing all healthcare services needed by a defined population.
What is an integrated healthcare system