Term
| Not-for- profit organization |
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Definition
| An organization in which the profits made are held by the organization to further its cause. Such organizations exist to provide a service such as healthcare and are not taxed. |
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| An organization that is privately held. Profits are distributed to the owners, and its primary purpose is to generate adequate revenue to profitable, the profits generated are taxed by the government |
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| Financial accounting system |
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Definition
| tracks data on the revenues, expenses, assets, and liabilities. It provides reports for the manager to both revie and control operations. |
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| analyzes the information to make it useful for budgeting, decision-making, and organizational evaluation. |
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| Assets=Liabilities + Equity |
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| the resources owned by the organization |
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| the obligations that an organization has to its creditors (bills owed). |
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| the "book value" of the organization. It is the excess of assets over liabilities |
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| a document shows the financial position of an organization at a particulat point or at the end of an accounting period |
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| a document that represents the financial outcome of an organization over a period, usually monthly or yearly |
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| inflows of assets into the organization. They are accounted for when earned. |
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| outflows of assets. They are accounted for when incurred |
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Definition
| assets that have been purchased |
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Definition
How managers learn about levels of costs, expenses, and revenues.
Most frequently used are balance sheet and income statement
Income statement reports and evaluated revenues and expenses. |
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Definition
Inflows of assests into the organization
Pays the bills for lab services and testing
Contributes to profitability
Revenue must meet or exceed costs for the organization to be successful |
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Term
| Four types of financial ratios |
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Definition
Liquidity
Debt
Profitability
Market-value |
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Definition
| Determine the organization's ability to meet short-term debt obligations |
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Definition
| Determine the organization's ability to meet long-term debt obligation |
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Definition
| Demonstrate the organization's efficiency of operations (productivity) and profit margins |
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Definition
| Market value of a (for-profit) company's stock to its profitability |
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Definition
| Identifies the length of time it will take to recover the initial expenditure for a project or for providing a service |
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| Payback analysis calculation |
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Definition
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Term
What does P and I mean in payback analysis calculation
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Definition
P is the purchase or investment cost
I is the annual income or revenue generated by the service |
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Definition
| ratio of the annual revenue to the price of the project |
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| Calculation for rate of return |
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Definition
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Term
| What does I and P mean in rate of return |
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Definition
I is the annual income or revenue generated
P is the cost of providing the servie or original investment in the project |
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Definition
| A calculation used to indicate the current value of income generated in the future discounted at an estimated percentage equal to the inflation rate over the years of income generation. |
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Term
| Two types of cost behaviors |
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Definition
Fixed costs
Variable costs |
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Definition
| those expenses that do not change when the volume of testing changes |
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Definition
| those expenses that respond directly to the changes in testing volume |
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Definition
Most managable on a short-term basis
Lab managers and section supervisors are usually held directly accountable for these budget items
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Term
| Cost volume profit Analysis (CVP) equation |
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Definition
Total fixed cost divided by
revenue per test- variable cost per test |
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Definition
fixed + variable cost divided by
number of unit tests |
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Definition
Tax Equity and Fiscal Responsibility Act was passed in 1983
How physicians get reimbursed |
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Definition
| Performed by an entity for its own managerial activities |
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Definition
| Accounting that is made avaliable to regulatory, government, and private accounting firms for both informational purposes and to meet regulatory requirement |
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Definition
| cost of providing a billable procedure |
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Definition
a test that is biiled to a payer
(includes cost of collecting and processing the specimen, performing the test and some measure of profit) |
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Definition
| contributes to the generation of a test result, but is not directly reimburseable |
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Term
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Definition
| All costs directly related to performing a test. It includes reagents, consumables, labor and beenefits |
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Definition
| Includes expenses that are part of doing business, or overhead |
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Definition
Specimen collection consumables
Processing consumables
Reagents
Labor
Equipment costs
Reporting costs |
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Term
Evaluating Revenue includes:
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Definition
Historical data
Patient day forecasts
Regulatory changes
Growth projections based on new markets and changing technologies |
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Evaluating Revenue
For tests to get reimbursed |
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Definition
"Medically necessary"
Physician signature
Valid ICD-9CM code |
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Term
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Definition
| Point at which there is no profit or loss from performing a test, but that the total of all fixed and variable costs equals the amount of revenue generated by the test |
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Term
What does the letters stand for in the equation:
V=(FC + I)/(R-VC) |
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Definition
V=the volume of tests needed to break even
R=the expected revenue generated by the test
VC=the total variable cost per test
FC=the fixed costs per test
I=the net income |
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Term
Break-even analysis formula is based on:
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Definition
When costs increase profits decrease
When costs decrease, profits increase
When volumes increase, costs and profits increase
When volume decrease, costs and profits decrease |
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Definition
When selecting a new piece of equipment, the cost of renting or leasing the equipment should be compared with the cost of interest and depreciation expense of purchase
Current value of money |
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Definition
| Amount of depreciation is determined by the number of years over which the equipment is accounted for on the general ledger |
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Return on investment (ROI)
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Definition
| ROI=profit margin x asset turnover |
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Definition
| Information on cost accounting is avaliable both in hard copy and on line and professional association affiliated with the healthcare field |
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Definition
| The process of planning, forecasting, controlling, and monitoring the financial resources of the organization |
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Term
| Types of operating budgets: |
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Definition
Fixed
Flexible
Program
Appropriation
Rolling
Zero-based |
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Definition
| Used when change is not anticipated |
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Definition
Takes into account that certain costs change with level of activity
Used when change is anticipated |
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Definition
A budget type created based on a specific
program matrix
It includes all proposed services and the resources required
Used for short-term planning |
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Definition
A budget type commonly used in government agencies
Funds come from an outside source |
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Definition
A continuous budget that is updated periodically for the next budget cycle
A 12-month rolling budget is updated every quarter. |
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Definition
| Type of budget where all activities are evaluated annually and either eliminated or funded |
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Definition
| associated with the production of the test |
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Definition
| not involved with production of the test |
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Definition
| Total costs= Fixed + variable |
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Definition
| Avg. CPT= Total Costs/ #tests |
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Definition
| Cost of instrument/ Annual income |
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Definition
Involves predicting future revenues of an organization. It is used to set goals.
Example: projected volume of testing |
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Definition
Identifies planned expenditures based on forecasted units of service.
Example: labor or overhead expenses |
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The process of analyzing and evaluating differences between actual and budgeted performance
Variance= actual-budgeted |
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Definition
| A report that compares the budget to actual events (actual expense) |
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Definition
| A desired result achieved by a learner after completing an instructional experience |
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Definition
| father of adult education |
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Definition
The art and science of teaching children.
Based on observations from teaching very young children.
Derived from the Greek word paid (child) and agogus(leading). |
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| The art and science of helping adults learn |
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Definition
ØCognitive
ØPsychomotor
ØAffective |
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Definition
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A category of learning that is focused on acquiring and applying knowledge.
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Definition
| A category of learning that involves the actual performing of identified tasks, such as performing laboratory tests, or skills |
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A category of learning that is focused on attitudes, feelings, and behaviors.
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Definition
Knowledge
Comprehension
Application |
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Definition
:
The recall of previously learned material |
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Definition
| The ability to grasp the meaning of material (understanding) |
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Definition
| The ability to use the learned material in new and concrete situations |
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The ability to break down learned material into its component parts so that its organizational structure can be understood |
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Definition
The ability to put parts together to form a new whole
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Definition
The ability to judge the value of material for a given purpose |
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Definition
| cannot be observed directly |
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Definition
Publishing
Educational
Research |
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| Contributions to the Profession |
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Definition
Work-related
Community activites
Cultural experiences |
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Definition
| Goals differ from objectives in that they are more general and can use verbs such as understand |
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Term
| Guidelines for writing objectives |
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Definition
1. Specify the “terminal behavior” that is expected of the learner
2. State the conditions or boundaries that will be placed on the learner
3. State the standards of the performance, in other words, indicate how well the learner must perform to be considered acceptable
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Definition
Perform manual red blood cell counts. |
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