Acuity - The measure of the severity of a patient's illness or condition, often used to determine the level of care required.
Assets - The financial resources, including cash, investments, and property, that an organization possesses or receives.
Average Length of Stay (ALOS) - Th...
Nurse Executive Certification Exam 2024
Acuity ✔- The measure of the severity of a patient's illness or condition, often used to determine the level of care required.
Assets ✔- The financial resources, including cash, investments, and property, that an organization possesses or receives.
Average Length of Stay (ALOS) ✔- The average duration that patients spend in a healthcare facility, such as a hospital, before being discharged.
ADC (Average Daily Census) ✔- The average number of patients on an in-patient unit at a certain point in time for a set period of time (week, month, year) almost always collected at midnight.
Bad Debt ✔- Losses due to uninsured or not collected
Break-even ✔- The point at which cost is covered by revenue. This concept is often used during decision making process for equipment purchasing and program development.
Capital Budget ✔- Long range planning tool for organizations; also refers to items that cost over a certain amount of money $500, $1000, $5000
Capitation ✔- Payment arrangement where providers are paid a pre-arranged amount for each person/member asssigned to them over a certain period of time often whether they use it or not.
Charitable Care ✔- Healthcare provided for free or at reduced prices to low income patients
CMI ✔- Case Mix Index (CMI) is the average relative DRG weight of a hospital's inpatient discharges, calculated by summing the Medicare Severity-Diagnosis Related Group (MS-DRG) weight for each discharge and dividing the total by the number of discharges. What does CMI reflect? ✔- Reflects the diversity, clinical complexity and resource needs of all the patients in the hospital.
What does a higher CMI indicate? ✔- Indicates a more complex and resource-intensive case load.
Contribution Margin ✔- The profit that is contributed by a cost center without the indirect costs.
Cost-Benefit Ratio ✔- A way for an organization or department to weigh/analyze the cost of an item/project/program with the benefit. Analysis may include non-monetary value such as charity care and community benefit.
Depreciation ✔- Amount written off annually on a piece of equipment and buildings.
Direct Costs ✔- Costs that can be attributed to a specific item or cost in a department's or projects budget. Examples include salaries, admission kits etc.
DRG (Diagnosis Related Groups) ✔- Categories of diagnoses defined by Medicare for payment purposes
Fiscal year ✔- The period of time or cycle that a 12-month budget addresses. Most common cycles include calendar year January 1st-Dec 31st or academic year Sept 1-Aug 31st
Fixed Expenses ✔- Remains the same regardless of the number of patients such as mortgage or loan payments
Forecasting ✔- The process by which a department or organization translates future needs of a new program or budget into resource needs and financial terms.
FTE (Full Time Equivalent) ✔- 2080 hours in a year for a 40-hour work week (may be different for other
types of shifts). Gross Revenue ✔- Could be gross patient revenue; total amount of hospital charges
Hours per Patient Day (HPPD) ✔- # of hours worked/# of patient days (See NHPPD below)
Indirect Costs/Expenses ✔- Cost not directly chargeable to one cost center or activity such as housekeeping and office supplies.
Liabilities ✔- Financial obligations of an organization I.e. bills to pay
Margin ✔- Difference between what is actually collected from payers and total expenses. Usually reflected in %
occupancy rate ✔- ADC per budgeted beds (%) measured typically at midnight
operating expenses ✔- non-salary expenses including those incurred in carrying out organizations work including items like medical supplies, office supplies, pharmacy costs, education, travel, food, miscellaneous.
operating margin ✔- the overall difference between what the hospital collects from patient, payers and other sources and what is spent on providing care
patient classification system ✔- method of classifying patients into different groups based on acuity/severity of illness
patient days ✔- total number of patients in beds per day. this measurement typically occurs at midnight. Generally = ADC x # of days (month or year) = pt. days
patient mix ✔- percentage of different types of patients by payment or acuity
patient outcomes ✔- patient quality of care related to set standards and processes received at the hospital or from medical care
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