What is healthcare finance? - It encompasses the accounting and financial management
functions of healthcare organizations. The two functions blend together, with accounting
generating the data needed to make sound decisions and financial management providing the
framework for those decisions.
...
WGU C428 Exam Study Guide What is healthcare finance? - ✔✔It encompasses the accounting and financia l management functions of healthcare organizations. The two functions blend together, with accounting generating the data needed to make sound decisions and financial management providing the framework for those decisions. What is financial management? - ✔✔The use of theory, principles, and concepts developed to help managers make better financial decisions. What is another name for financial management? - ✔✔Corporate finance What are the four C's? - ✔✔Cost (measurement and minimization) Cash (managemen t) Capital (acquisition) Control (of resources) What do some finance professors consider as the 5th "C"? - ✔✔Collections What is the role of the Comptroller? - ✔✔This is the finance department manager who handles accounting, budgeting and reporting activities. What is the role of the treasurer? - ✔✔This is the finance department manager who handles capital acquisition, inve stment management, and risk management activities. What is the chain of command in an organization? - ✔✔CEO CFO Senior Managers (Comptroller and Treasurer) What is a Business (practice) manager? - ✔✔The manager responsible for the finance function in a small healthcare organization, such as a medical practice with one or a few clinicians. What is the horizontal system? - ✔✔A single business entity that owns a group of similar providers, such as hospitals. What is the vertical system? - ✔✔A single busine ss entity that owns a group of related, but not identical, providers, such as hospitals, medical practices, and nursing homes. What is a general acute care hospital? - ✔✔A hospital that treats all conditions that require a relatively short hospitalization (less than 30 days). What is ambulatory care? - ✔✔Also known as outpatient care, it encompasses services provided to patients who are not admitted to a hospital or nursing home.
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