All about budgets
Planned from the organization level to the unit level
What is a centralized budget?
Gathering information and planning
What is the 1st step in the budgeting process?
Increasing costs of supplies rising rapidly over time
What is Price inflation
Cost markup for profit. Prospective payment system (PPS)- 3rd party decides BCBS
What is Cost-based reimbursement
Staff knowing how to respect supply usage and time management
What is Employee fiscal responsibility
Knowledge of patient goals, expected outcomes, and anticipated discharge date
What is Patient care plans
Planned from the unit level up to the organization level
What is a decentralized budget?
Unexpected costs that were not part of the planned budget
What are budget variances?
Allowing wasting of time, staffing, production, or supplies
What is Inefficiency
Classification of patients into categories and bundles of the cost (days + services + equipment)
What is Diagnosis-related groups (DRGs)
Encouraging customers to pay at time of service
What is Fee-for-service environment
Comprehensive assessment of the patient and family
What are Family support systems
Personnel, units of measure and supplies that account for the day to the day-to-day activities of the organization
What is an operating budget?
The price + use of services
What is cost?
Inappropriate or duplicated tests, treatments, and medicines ordered for the patient, and the diagnosis
What is Unnecessary care
Performance, and outcomes determine the reimbursement.
What is Value-based purchasing
Account for all supplies and services used and bill appropriately
What is Capture all charges
Interdisciplinary reevaluations and timely interventions when the patient is not progressing as expected
What are Care conferences
Operation plan for monthly expenditure costs, such as supply deliveries and gas and electric
What is a cash budget?
The money paid into the hospital for services
What is revenue?
When customers use credit or payment plans to pay bills over time
What is Healthcare financing
How the hospital performs on each measure and gets rewards and incentives to be high-performing.
What is Hospital value-based purchasing program (HVBPP)
Encourage correct staffing ratios, and correct support personnel for shifts
What is Manage time efficiently
Proper management of pain, activity, skin integrity, bowel and bladder integrity, and cognition
What is Utilizing interdisciplinary resources
Expenses relating to large purchases such as equipment, building maintenance, and depreciation of equipment
What is a capital budget?
To cover the capital budget, operating budget, and cash budget, as well as inflation, losses, and depreciation
Why must hospitals make a profit?
When consumers are not happy with services, they share reviews that hurt the hospital’s reputation and decrease customer pools
What are Consumer attitudes
Independent cash payment on behalf of an individual
What is Charity /individual payer
EBP is validated in fiscal responsibility and improved patient outcomes
What is Use of evidence-based practice
Identifying barriers to discharge
What is Social Determinant of Health identification