C-What you know
The 4 C's of financial activities
What are
Costs, Cash, Capital, and Control
Responsible for accounting and reporting activities, such as routine budgeting, preparation of financial statements, and patient accounts management
Who is the comptroller (controller)
The process of granting permission for healthcare and professionals to practice.
What is licensure
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
A single business entity that owns a group of similar providers, such as hospitals
What is a horizontal system
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)
responsible for the acquisition and management of capital funds
who is the treasurer
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)
to plan for, acquire, and use resources to maximize the efficiency and value of the enterprise.
What is the primary role of healthcare finance
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 vertical system
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
in a small group practice, the finance function is managed by this person
Who is the business (practice) manager
State programs that require providers to submit budgets each year for approval
What are cost containment programs
healthcare services provided for an extended period, including inpatient, outpatient, and home health care, often with a focus on mental health, rehabilitation, or nursing home care.
What is long term care
A hospital that treats patients with a common characteristic or condition, such as a children's or a cancer hospital
What is a speciality hospital
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 accreditation body for hospitals and other health services organizations. The process of accreditation is voluntary and intended to promote high standards of care
Who is the Joint Commission
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
brings many of the same services provided in ambulatory care settings into the patient's home
What is home health care (home health)
The senior manager in a large organization's finance department. Also called vice president of finance.
Who is the Chief Financial Officer (CFO)
To ensure resources, both physical and financial, are being used wisely, an organization must use this feature
What is control
a hospital that treats all conditions that require a relatively short stay - typically fewer than 30 days
What is a General Acute Care Hospital
must submit to periodic inspections and review activities. Such reviews focus more on physical features and safety than on patient care and outcomes
What are licensed facilities
this type of health care organization has the capability of providing all healthcare services needed by a defined population.
what is an integrated delivery system
The use of theory, principles, and concepts developed to help managers make better financial decisions.
What is financial managment