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Stack #223441

Health Information

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