100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Healthcare Finance Chapters 1 & 2 questions with correct answers $15.99   Add to cart

Exam (elaborations)

Healthcare Finance Chapters 1 & 2 questions with correct answers

 2 views  0 purchase
  • Course
  • Healthcare Finance
  • Institution
  • Healthcare Finance

Healthcare Finance Chapters 1 & 2 questions with correct answers

Preview 2 out of 10  pages

  • September 3, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Healthcare Finance
  • Healthcare Finance
avatar-seller
BravelRadon
Healthcare Finance Chapters 1 & 2

Healthcare Finance - correct answer ✔✔Accounting and financial management principles and practices
used within health services organizations to ensure the financial well-being of the enterprise.



What is the difference between accounting and financial management? - correct answer ✔✔Accounting
concerns the recording, in financial terms, of economic events that reflect the operations, resources, and
financing of an organization.

Financial management (corporate finance) provides the theory, concepts, and tools necessary to help
managers make better financial decisions.



Not-for-profit corporations - correct answer ✔✔a corporation that has a charitable purpose, is tax
exempt, and has no owners.



Investor-owned - correct answer ✔✔A for-profit business whose capital is supplied by owners
(stockholders in the case of corporations).



Third-party payer - correct answer ✔✔An entity other than the patient that pays for healthcare services.
Examples include commercial insurance companies and government programs such as Medicare.



A ___________ maintains its financial viability by selling goods or services, while a __________ relies
solely on contributions. - correct answer ✔✔Key Concepts on page 22:

business, pure charity



What is the primary role of finance in health services organizations? - correct answer ✔✔Plan for,
acquire, and use resources to maximize the efficiency and value of the enterprise.



Finance activities generally include the following: - correct answer ✔✔1) planning and budgeting, 2)
financial reporting, 3)capital investment decisions, 4) financing decisions, 5) working capital
management, 6)contract management and 7) financial risk management.

, What are the four Cs? - correct answer ✔✔Cost, cash, capital and control.



The size and structure of the finance department within a health services organization depends on
_________ and its _______________. - correct answer ✔✔Key Concepts on page 22:

the type of provider, size.



What does CFO stand for? What is the CFO responsible for? Who does the CFO report to? - correct
answer ✔✔Chief Financial Officer, responsible for all finance activities within the organization. Reports
to the CEO (Chief Executive Officer).



Reporting to the CFO are the ____, who is responsible for accounting and reporting services, and the
_____, who is responsible for the acquisition and management of capital (funds). - correct answer
✔✔Key Concepts on page 22:

comptroller, treasurer



In small health services organizations, the finance responsibilities are combined and assigned to one
individual, often called the ________________. - correct answer ✔✔Key Concepts on page 22:

business (practice) manager



All business decisions have _______ ________, so all managers - whether in operations, marketing,
personnel, or facilities - must know enough about finance to incorporate its implications into their own
specialized decision process. - correct answer ✔✔Key Concepts on page 22:

financial implications



Healthcare services are provided in numerous settings, including ____, _______, _________, and even at
_____. - correct answer ✔✔Key Concepts on page 22:

hospitals, ambulatory care facilities, long-term care facilities, and home.



_______ _______, also known as _____________ ___________, encompasses services provided to non-
institutionalized patients. These settings include: medical practices, hospital outpatient departments,
ambulatory surgery centers, urgent care centers, diagnostic imaging centers, rehabilitation/sports
medicine centers, and clinical laboratories. - correct answer ✔✔Key Concepts on page 23:

Ambulatory care or outpatient care

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.99
  • (0)
  Add to cart