Hcs 405 Wk 5 Financial Terms

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A term that means the assigning of staff to fill scheduled positions.

Correct answer:

Staffing

A budget that generally deals with actual short term revenues and expenses necessary

to operate the facility.

Correct answer:

Operating budget

The proportion of revenues realized from different types of payers. A measure often

included in the profile of a healthcare organization.

Correct answer:

Payer mix

Making choices among available alternatives.

Correct answer:

Decision making

Provide evidence that some event has occurred in the healthcare financial system.

Correct answer:

Original records

One of the four basic financial statements. Generally speaking, the balance sheet

records what an organization owns, what it owes, and what it is worth at a particular

point in time.

Correct answer:

Balance sheet

Makes a manager responsible for both the revenue/volume side and expense side of a

department, division, unit or program

Correct answer

Responsibility center

Information used for purposes of planning for the future. Forecast can be short,

intermediate, or long range.

Correct answer:

Forecast

Making sure that each area of the organization is following the plans that have been

established.

Correct answer:

Controlling

Identifying objectives of the organization and identifying the steps required to

accomplish the objectives.

Correct answer:

Planning

1. Deciding how to use the resources of the organization to most effectively carry out

the plans that have been established.

Correct answer:

Organizing

2. One of the four basic financial statements, this statement reports the inflow of

revenue and the outflow of expense over a stated period of time. The net result is also

reported, either as excess of revenue over expense or in the case of a loss for the

period, excess of expense over revenue.

Correct answer:

Statement of Revenue and Expense

3. All administrative and clinical functions that contribute to the capture, management,

and resolution of patient service (includes setting prices, charge capture, coding,

billing, handling denials, and collection).

Correct answer:

Revenue cycle

4. Actual or expected cash inflows due to the organization's major business.

Revenues are amounts earned in the course of doing business. In the case of health

care, revenues are mostly earned by rendering services to patients.

Correct answer:

Revenue

5. A budget usually intended to plan, monitor, and control long-term assets, including

property acquisition, construction and equipment.

Correct answer:

Capital expenditures budget

6. These costs are incurred for the sole benefit of a particular operating unit. They

can therefore be specifically associated with a particular unit or department or patient.

Laboratory tests are an example of a direct cost.

Correct answer:

Direct cost

7. A budget based on a range of activity or volume. The flexible budget is adjusted, or

flexed to the actual level of output achieved or expected to be achieved during the

budget period.

Correct answer:

Flexible budget

8. A measure to express the equivalent of an employee or a position for the full time

required, based on a 40 hour work week.

You selected:

Full-Time Equivalents (FTEs)

Correct answer:

Full-Time Equivalents (FTEs)

9. Outside the manager's power to make decision.

Correct answer:

Non Controllable expenses

10. Paid-for time when the employee is not on duty that is not producing. Paid-for

vacation days and holidays are examples of nonproductive time.

Correct answer:

Non-productive time

11. A health related electronic record of an individual that includes patient

demographic and clinical information and has the capacity...
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