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Nurse Manager Certification Financial Glossary Exam
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Nurse Manager Certification Financial GlossaryExam
Acuity - ANSWER Gravity of illness
Assets - ANSWER What the organization owns or takes in
Average Length of Stay - ANSWER Average duration of patients' stay in hospital.
Average Daily Census (ADC) - ANSWER The average number of patients on an in-patient
unit at certain point in time for a set period of time week, month, year), almost always
collected at midnight.
Bad Debt - ANSWER Losses due to uninsured or not collected
Break-even - ANSWER The point at which cost is covered by revenue. This concept is
often used during decision making processes for equipment purchasing and program
development.
Capital Budget - ANSWER Long range planning tool for organizations; also refers to
items that cost over a certain amount of money.
Capitation - ANSWER Payment arrangement where providers are paid a pre-arranged
amount for each person/ member assigned to them over a certain period of time often
whether they use it or not.
Charitable Care - ANSWER Healthcare provided for free or at reduced prices to low
income patients
, Case Mix Index (CMI) - ANSWER A measure that indicates the average relative weight of
a hospital's inpatient discharges. This is typically determined by summing the MS-DRG
weight for each discharge and dividing the total by the number of discharges. The CMI
reflects the diversity, clinical complexity and resource needs of all the patients in the
hospital. A higher CMI reflects a more complex and resource-intensive care load.
Although the MS-DRG weights, provided by the Centers for Medicare & Medicaid
Services (CMS), were designed for the Medicare population, they are applied here to all
discharges regardless of payer. Note: It is not meaningful to add the CMI values
together.
Contribution Margin - ANSWER The profit that is contributed by a cost center without
the indirect costs.
Cost-Benefit Ratio - ANSWER A method for an organization or department to
balance/compare the cost of an item/project/program against the benefit. May include
intangible value such as charity care and community benefit.
Depreciation - ANSWER Amount written off annually on a piece of equipment and
buildings.
Direct Costs - ANSWER Costs that can be assigned directly to an item or cost in a
department'd or projects budget. Examples include salaries, admission kits, etc.
Diagnosis Related Groups (DRG) - ANSWER Categories of diagnoses defined by
Medicare for payment purposes.
Fiscal year - ANSWER The period of time or cycle that a 12-month budget addresses.
Most common cycles include calendar year (Jan-Dec), or academic year (Sept-Aug).
Fixed Expenses - ANSWER Remain the same regardless of the number of patients such
as mortgage or loan payments.
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