Healthcare Finance - ANSWER-is the practice of finance, including both
accounting and financial management, within health services (provider)
organizations
Accounting - ANSWER-concerns the measurement, in financial (dollar) terms,
of events that reflect the resources, operations, and financing of an
organization
Financial managment - ANSWER-provides the theory, concepts, and tools
necessary to help managers make better financial decisions
Business characteristics - ANSWER--obtains financing from the marketplace
-uses the funds to buy assets
-operates the assets to provide goods or services
-sells the goods or services to create revenue
, Disadvantages of corporations - ANSWER-cost of formation and reporting and
double taxation for investor-owned corporations
Limited liability partnership LLP - ANSWER-◦Partners share general business
liability, but partners are liable only for their own malpractice actions
Limited liability company LLC - ANSWER-Members are taxed like partners
and Liability like stockholders
Pure Charity - ANSWER-refers to an undertaking for a charitable purpose
only. The relief of poverty, advancement of education, advancement of
religion, promotion of health, the obtaining of good government, and the
accomplishment of that which is beneficial to the community in any other
respect are pure charities.
Primary role of finance - ANSWER-is to plan for, acquire, and utilize resources
to maximize the efficiency (and hence value) of the enterprise.
The Four C's - ANSWER-cost minimization
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