Healthcare Finance Terms
Gathers the evidence that some event has occurred in the healthcare financial system.
What is an information system?
The 3 most common financial statements.
What are the balance sheet, Income (operating) Statement, and cash flow statement?
The aspect of accounting that is a formalized system designed to record the financial history of the health care organization.
What is financial accounting?
The complex system of patients and insurers that pays for the care provided by hospitals, doctors, and other healthcare providers and diagnostic facilities.
What is the Healthcare Reimbursement System?
A notation or other document that evidences an event.
What is an original record?
The financial statement that compares the organization's revenues to its expenses.
What is the income (operating) statement?
Any and all actions taken to ensure that results equal intent and that what happens in the organization advances its goals.
What is controlling?
A statement regarding 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?
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?
The financial statement that shows the sources and uses of the organization's cash.
What is the statement of cash flows?
An expense generated from care to specific patients.
What are direct costs?
The portion of the bill that a patient pays at the time of service.
What is a co-pay?
A paperless-kept account of a patient’s demographic and treatment information.
What is an Electronic Health Record?
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?
A financial plan to acquire the assets necessary for the future, such as replacement equipment, new technology, and buildings and other organizations.
What is a capital expenditure budget?
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?
Creating a computer-based order for a medication or treatment without writing a prescription.
What is electronic prescribing?