Health Information
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| Accounting Rate of Return | An evaluation method that uses averages
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| Accounts Receivable | The revenue (dollar amount) owed to an organization
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| Accounts Receivable Turnover Ratio | The period for which a health care organization extends credit to its debtors
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| Accural Basis Accounting | Uses the matching concept, enabling revenues to be matched with actual expenses incurred to produce the revenue
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| Action Steps | Define dates, how much labor or funding, how resources will be used and expected outcomes
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| Activity Ratio | Use data from balance sheet and statement of revenues and expenses to generate net operating revenue in relation to assets
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| Assets | Cash or other resources that can be converted to cash
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| Balance Sheet | Financial reports that display assets, liabilities, and fund balance or equity at a fixed point in time
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| Budgets | Detailed numerical documents that translate the goals, objectives, and action steps into forecasts of volume and monetar resources needed
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| Business Plan | Formal written document containing input from other, listing objectives that support the orgainizational goals
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| Capital Expenditure | Items that usually has a high initial cost and life of more than one year
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| Capital Expenditure Committee | Evaluates all capital requests so that cash resources are used to purchase the high-cost items that will yield the most benefit
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| Capitalization Ratios | Focus on the balance sheet numbers to measure ability of health care organization to meet its short-/long-term financial obligations
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| Capitation | Reimbursement in which a prepaid, fixed amount is paid to provider for each person regardless of how often or much patient receives care
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| Cash Basis Accounting | Financial accounting processing method whereby each transaction is recorded when cash is exchanged
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| Certificate of Need | Regulatory process that requires certain health care providers to obtain state approval before offering new/expanded services
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| Charge Description Master | Reflects the charge for each item that may be used in treatment and the charge for most services
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| Charge Master | Fee schedule that is automated and linked with the billing system
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| Chart of Accounts | Used to assign transactions to designated accounts in the financial accounting process
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| Compounding Effect | Applying an interest rate to the number of compounding periods in a year and the length of the term
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| Controlling | Activities that management typically pursues when what was planned does not occur financially
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| Current Ratio | Compares current assets with current liabilities to determine if there are sufficient cash and assets to over immediate liabilities
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| Days of Revenue in Patient Accounts Receivable Ratio | Period of time health care organization extends credit to its debtors
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| Depreciation | Systematic allocation of the cost of a capital asset over a predetermined time frame in a rational manner
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| Disclosure | Additional information through the use of footnotes on an organization's financial statements
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| Discounting | Opposite of compounding - determines how much one must invest today at a compound interest rate of x to receive a given amount at the end of N years
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| Double-Distribution Method | Assumes that the allocation of costs cannot be linear and that some indirect departments need to be allocate to less commonly dispersed departments before the ecosts of these departments are fully allocated
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| Entity | Business unit or activity for which accounting records are maintained
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| Equity | Profits and losses that result from the differences between revenues and expenses
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| Fee Schedule | Reflects the charge for each item that maybe used in treatment of a patient
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| Financial Accountant | Responsible for recording past and current financial transactions
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| Financial Accounting | Recording and reportsing the financial transactions of the organization for both internal management and users outside the organization
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| Financial Analysis | Fomulating judgments and decisions from the relationship between numbers represented on balance sheet and statement of revenues and expenses
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| Flexible Budget | A budget that is predicated on volume
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| Fund Balance | Profits and losses that result from differences between revenues and expenses
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| Goals | Statements of what the organization wants to do
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| Liabilities | Debts or obligations that an organization owes
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| Liquidity Ratios | Focus on the balance sheet numbers to measure the ability of the health care organization to meets its short-/long-term financial obligations
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| Long-Term Debt/Total Assets Ratio | Capitalization ratio that compares amount of long-term debt the organization has with the amount of assets it has to pay those debts
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| Managerial Accountant | Helps record what is happening currently or previous against what was anticipated and what is still anticipated to happen
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| Managerial Finance Officer | Plans for the future by working with financial organizations to obtain funding/financing
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| Master Budget | Consolidation of all departmnet operating budgets with each of the operating account's combined balances
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| Master Charge List | Reflects the charge for each item that may be used in treatment of a patient and the charge for most services
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| Matching Concept | Recorded in the same accounting period and matched with the revenue for that accounting period
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| Medicare | Government-subsidized health care perogram that provides health insurance for elderly people and certain other groups
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| Mission | Statement of the organization's purpose that defines the geographical environment and population that the organization serves
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| Net | Income from revenue reduced by all relevant deductions
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| Net Operating Revenue | Amount of revenue expected to be received or total charges less the deductions expected by third-party payers
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| Net Present Value | Discounted or present value of all cash inflows and outflows of a project as a given discount rate
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| Objectives | Specific statements that define the expectations or outcomes given the goal direction
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| Objectivity | States that historical cost is a more objective measure that current value
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| Operating Budget | Predicts the labor, supply, and other expenses rquired to support the work volume predicted
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| Operatiing Margin Ratio | Performance ratio that displays the relationship between the net revenues received and the expenses required to supply the revenues
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| Opportunity Costs | Benefits that would be received from the next best alternative use of the investment funds
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| Participating Provider | Agrees to provide services to covered plan members or Medicare beneficiaries and must abide by established payment rates
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| Payback Method | The number of years it will take for the cash inflows from each project to pay back the initial investment
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| Per Case | Fixed payment system
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| Per Diem | Established payment for a day's worth of services
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| Performance Ratio | Evaluates the use of resources to achieve a goal based on data from the statement of revenues and expenses
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| Productive Time | Time during which a worker is present and working
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| Profit | Amount of money actually received from the payer less the actual cost to do the service
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| Prospective Payment System | Reimbursement program where the amount of payment is determined in advance of services rendered
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| Ratio Analysis | Formulates judgments and decisions from the relationship between the numbers represented on the balance sheet and statement of revenues and expenses
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| Revenue | Money earned from the services provided
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| Rolling Budget Method | Requires management to prepare a budget for a period of time and add to the end of that period another month when a month is consumed
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| Simultaneous-Equations Method | Permits multiple allocations to occur through sophisticated mathematical software and the use of simultaneous mathematical equations
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| Stable Monetary Unit | US dollar
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| Statement of Cash Flow | Documents the change in cash balance and evalates organization's ability to pay its bills
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| Statement of Revenues and Expenses | Expected or earned income and the associated expenses for an accounting period
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| Statistics Budget | Budget based on historical data regarding the volume and type of health care services provided, community, and future projection for health care services
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| Step-Down Method | Indirect department that receives least amount of service from other indirect department and provides the most service to other departments has its costs allocated first
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| Third-Party Payer | Private insurance companies, managed care organizations, and fiscal intermediaries that process claims for Medicare and Medicaid
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| Time Value of Money | Concept that says it is more beneficial to receive a dollar today than to receive it 1 year from now.
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| Turnover Ratio | Data from balance sheet and statement of revenues and expenses to measure an organization's ability to generate net operating revenue in relation to its various assets
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| Variance Report | Reflects the budget that was prepared and approved and shows the actual results on at least a monthly basis
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| Whole Service | When facilities or individuals are paid for all services rendered at the rate the facility or individual charges with no discount applied
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| Zero-Based Budget | Requires management to complete a program assessment and define consequences if specific programs are terminated or reduced
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