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CHAPTE 8

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QuestionAnswer
Business The activity of providing goods and/or services to customers for profits. (PG 135 TBL 8.1)
For-Profit Making a profit is #1 reason Biz exits
Not-for-Profit Primary reason Biz exists is not $ but alt. Reason
Profit (net proceeds after costs)--amount left after a biz subtracts it's expenses from it's revenues (neg=loss; pos=profit)
Main types of businesses (3) Sole Proprietorship; Partnership; Corporation
Sole Proprietorship Single owner, simple formation, taxed on biz profits on individual form, entity pass- thru, PERSONALLY LIABLE
Partnership 2+ Partners, slightly complex formation, taxed on biz profits on individual form, entity pass- thru, PERSONALLY LIABLE
Corporation infinite # partners, complex formation, taxes filed corporately-pay tx on dividends (% of ownership/shares), loss lmtd. to initial investment—NO Personal Liability (safest-can do s- corp for small biz)
Business Functions: Mgmt; Marketing; Accounting; Production; IT(info tech)(PG 136 TBL 8.2)
Mgmt—broadest function;crosses all levels broadest function;crosses all levels (PG 136 TBL 8.2) A. Planning—strategies/achieve objectives B. Organizing—efficiency/responsibility-delegation C. Directing—human resources/motivation D. Controlling—Feedback-monitor/adjust
Marketing focuses on the actual process between the biz & it's customers
Accounting tracks the money flow in & out of the biz
Production designs & manages the processes that manufacture the biz's products
IT(info tech) manages all technology used to run biz & collects info for decision making
-HEALTH INS. PORT. & ACCT. ACT '96—fed law Mandates Ins. Portability & sets up procedures for data exchange (protects data-release forms)
NAICS-N.AMER. INDUSTRY CLASSIF. SYST. CODE 62 Tracks the activities of the economic sector of Health & Social Asst. Measured by: # of Empl Payroll size Revenues-->broken down by TYPES of products sold
Market Economy Free enterprise (competitive market)
Oligopoly only a few sellers of same product (2 hosp in region, etc.)
Monopoly only ONE seller of said goods—can set whatever price chooses (RX-patent, etc.)
Demand amount of goods buyer's willing to purch. @ given price (PG 138 TBL 8.3)
Supply amt. of goods manufacturer is willing to produce @ given price
Economic Indicators Key measurements provide info @ health of economy (help plan for future)
Interest amount paid to borrow $ (%)
Inflation Increase in price level
Unemployment lack of jobs in an economy for willing/able bodies
Biz Cycle Regular cycles of growth & decline in economy over time period
Prosperity GDP++, Interest--, Inflation--, & Unempl.-- (PG 139 TBL 8.4)
Recession Inflation & Interest rising, spending slows, jobs decline
Depression Economic Activity=near standstill
Recovery sometimes needs jumpstarted by Govt.=cutting taxes & lowering int. rates to stim. Spending
JC (JCAHO) Joint Comm Acred of HC Org's Eval's & Accredits H/C org's (Hosp's, etc)-appx 17k org's Industries OWN reg. Group (not FED's)
Govt's. Role in H/C Provider of H/C; Payer of H/C; Regulator of H/C
Fair Competition Anti-Trust (mergers/monopolies) 4 Laws (PG 141 TBL 8.2)
Anti-Trust Area of Fed Law prohibits monopoly & activities that lessen competition in marketplace (price fixing, etc.) (lessens competitors) www.usdoj.gov/atr/
Public Protection FDA, Disabilites, Medicare/caid, etc 11 Laws (PG 141/2 TBL 8.3/4)
What does HIPAA cover? Insurance Portability; 2. a. Fraud/Abuse=liability reform; 2. b. Privacy/Security=Elec. Data Interchange; Taxes; Revenue offsets Group Health Plan Req's;
SWOT ANALYSIS Strengths, Weaknesses, Opportunities, Threats (PG 143 TBL 8.5)
Created by: RadGirl13