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MHA 706 Midterm- Lord questions and answers
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MHA 706 Midterm- Lord questions and answers
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MHA 706 Midterm- Lord__________________________ decreases possibility of stealing - questions and
answers-segregation of duties
ACA major provisions - questions and answers-1) access to health insurance
2) Medicaid expansion for low income individuals
3) banning of preexisting condition coverage limitations
4) extended coverage for young adults (up to 25 yrs) under parents insurance
5) mental health, maternity care, & emergency care
6) free preventative care
7) value-based payments, accountable care organizations, & medical homes
ACA value-based reimbursement - questions and answers-shift from volume-based care;
reimbursement ties payments to quality of care provided
ACA/value-based care supposed to promote: - questions and answers-1) population health
2) clinical integration
3) data analytics
4) industry consolidation
Accountable Care Organization (ACO) - questions and answers-network of physicians, other
clinicians, hospitals & clinics share responsibility for providing coordinated care; ties payments
to quality metrics & cost of care
Accounting - questions and answers-The process of planning, recording, analyzing, and
interpreting financial information.
Accounting Equation - questions and answers-Assets = Liabilities + Equity
Accounts Payable - questions and answers-Amounts to be paid in the future for goods or
services already acquired.
stems from buying goods (typically medical supplies) from vendors on credit called trade credit.
Accrual Accounting - questions and answers-Accounting that records the impact of a business
event as it occurs, regardless of whether the transaction affected cash.
*More complicated, provides a better picture of true economic status of a business, is required
by GAAP. Record revenue at the point of time
Accumulated Depreciation - questions and answers-A contra asset account representing the
total depreciation taken to date.
, accured expenses - questions and answers-are payment obligations of the business, primarily:
Salaries to employees, Taxes to government authorities, and Interest payments to debt
suppliers.
ACHE - questions and answers-American College of Healthcare Executives
Agency Problem - questions and answers-the possibility of conflict of interest between the
stockholders and management of a firm.
Example: Hire someone to carry out a job function, but they go out of their interests instead of
best interests of company/organization.
all businesses have _________________ - questions and answers-stakeholders
Are accounting & financial mgmt independent? - questions and answers-No, both capture,
measure, & use data, but with different purpose
Asset Management - questions and answers-Does the business have the right amount of assets
for its patient volume?
Assets - questions and answers-money and other valuables belonging to an individual or
business
Assumptions of GAAP - questions and answers-economic entity, monetary unit, periodicity,
going concern
Average Age of Plant - questions and answers-accumulated depreciation / depreciation
expense
Balance Sheet Components - questions and answers-assets, liabilities, equity
break even volume - questions and answers-fixed cost/(price-variable cost)
Capital Structure - questions and answers-the business's mix of debt and equity financing
Cash Accounting - questions and answers-accounting that recognizes business transactions
only when cash is received or disbursed.
*Simple and easy and mimics tax statements. Record when I get paid for a service.
characteristics of business: - questions and answers-1) obtains financing from marketplace
2) uses funds to buy assets
3) operates the assets to provide goods or services
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