Health Care Finance Terms
Revenue
Documentation/Technology
Financial Statements
Assets
100
The system for providing financial information.
What is accounting?
100
The proportion of patient revenue from Medicare, Medicaid, managed care, or other sources of payment.
What is payer mix?
100
Gathers the evidence that some event has occurred in the healthcare financial system.
What is an information system?
100
The 3 most common financial statements.
What are the balance sheet, Income (operating) Statement, and cash flow statement?
100
The method used to determine how much it would cost to replace that asset.
What is a replacement cost?
200
The aspect of accounting that is a formalized system designed to record the financial history of the health care organization.
What is financial accounting?
200
The complex system of patients and insurers that pay for the care provided by the various health care providers.
What is the Health Care Reimbursement System?
200
A notation or other document that evidences an event.
What is an original record?
200
The financial statement that compares the organization's revenues to its expenses.
What is the income (operating) statement?
200
The amount an entity paid to acquire an asset. This amount is the value used as a basis for tax returns and financial statements.
What is historical or acquisition cost?
300
Any and all actions taken to ensure that results equal intent and that what happens in the organization advances its goals.
What is controlling?
300
A statement of how much was collected and how much was spent to provide patient care; the difference is profit or loss.
What is the statement of revenue and expense?
300
Hardware, software, integrated technologies or related licenses, intellectual property, upgrades, or packaged solutions sold as services that are designed for, or support the use by, health care entities or patients for the electronic creation, maintenance, access, or exchange of health information.
What is Health Information Technology?
300
The financial statement that shows the sources and uses of the organization's cash.
What is the statement of cash flows?
300
Anything with economic value that can somehow help the organization to provide health care to its patients, either directly or indirectly.
What is an asset?
400
An expense created by care to specific patients.
What are direct costs?
400
The portion of the bill that a patient pays at the time of service.
What is a co-pay?
400
A computer-kept account of a patient’s demographic and treatment information.
What is an Electronic Health Record?
400
Current assets, assets with limited uses, long-term investments, property and equipment, liabilities and net assets, current liabilities, net assets, commitments and contingent liabilities and other assets.
What are the major balance sheet classifications?
400
Cash, accounts receivable and inventory.
What are current assets?
500
A plan to acquire the assets needed for the future, such as replacement equipment, new land, and buildings and other organizations.
What is a capital expenditure budget?
500
All activities necessary to price patient services, gather charges for those services, code charges for billing, bill, edit, and re-bill in anticipation of payment.
What is the revenue cycle?
500
Creating a computer-based order for a medication or treatment without writing a prescription.
What is electronic prescribing?
500
The financial statement that tells the financial position of the organization at a point in time.
What is the balance sheet?
500
Facilities and equipment.
What are long-term assets?
M
e
n
u