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HCD II > week 1 > Flashcards

week 1 Flashcards

1
Q

principles of economics in healthcare

A
  • macroeconomics
  • microeconomics
  • law of supply and demand
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2
Q

macroeconomics

A

examines national output and the way a country allocates its resources of land, labor and capitol to maximize production levels and promote trade and growth

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3
Q

microeconomics

A

examines output at the individual level (persons, companies) within the economy “the parts that make up the whole company”

shows how ind. and firms respond to changes in price and why they demand what they do at particular price levels

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4
Q

supply and demand

A

supply: the quanitity of the product/service the market will offer at a certain price

demand: the quantity of a product/service desired by consumers at a given place

the price of a product/service, therefore, is a reflection of the supply and demand

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5
Q

difference between:

  • market-based pricing
  • cost-plus pricing
A

-** market-based pricing**: prices are set by what others are charging

  • cost-plus pricing: costs + profit = price
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6
Q

accounting

A

“the art of recording, classifying, and summarizing in a signifcant manner and in terms of money, transactions, and events which are in part of least, of financial character, and interpreting the results thereof”

produces info about the operations of a business

reports comprised of financial declaration that demonstrate the financial position of a business

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7
Q

accounting terms:

  • revenue
  • expenses
  • receivables
  • payables
  • gross
  • net
A
  • revenue: fees earned over period of time; accrued + counting right now
  • expenses:
  • receivables: asset not yet received
  • payables: bills not yet paid; still owed
  • gross: all revenues earned but not taking out expenses
  • net : all revenues - expenses
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8
Q

assets =

equation and definitions

A

assets = liabilities + owners equity

assets: economic resources of the company (ex: cash/land)

liabiliites: amounts owed to others; an ‘exsisting” (ex: business loans); obligation to pay or perform some duty

equity: the owners “interest” in the business

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9
Q

types of accounting statements

A
  • balance sheet: a snapshot of a company’s assets, liabilities, and owners equity at one point in time
  • **income statement **: shows how profitable a componay was during a states time interval
  • cash flow statement: the amount of cash coming inot a business via revenue versus the amount that is leaving in the form of payments during a specific period of time
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10
Q

bottom line equation:

A

profit = revenue > expenses

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11
Q

equity vs debt financing

A

equity: think shark tank

debt financing: bank; any type of loan

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12
Q

opportunity costs

A

the value of what is foregone in order to have something else

PT business model

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13
Q

budgeting process

A
  • typically completed on an anuual cycle
  • involves looking at revenue v expenses and projecting for next yr
  • often use historical data for projections
  • why would a busine/department need one?
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14
Q

paying a staff PT to meet with a new physcian in the area for marketing purposes, instead of devoting their time to treating pts is an example of

A

an opportunity cost

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15
Q

importance of revenue and cost per visit

A

can provide a good metric for budgeting

revenue per visit: revenues = copays/coinsurance + insurance reimbursment
(to calculate: revenues / # of visits per yr)

cost per visit: total expenses / # of visits per yr

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16
Q

give examples of each:

  • start up costs
  • capital expenditures
  • fixed costs
  • variable costs
A

-** start up costs: costs associated with starting business (high low tables, computers)
- capital expenditures: large equipment expenditures (replacing old furniture)
- fixed costs**: expenses that dont vary with pt volumes (rent, light bill)
- variable costs: fluctuate directly with business volume (theraband, massage cream)

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17
Q

break even analysis

A

used to determine when your business/program will be able to cover all its expenses and begin to make profit

must first identify startup costs and determine revenue needed to pay onoing business expenses in addition

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18
Q

return on investments, ROI

A

the profit generated by the money a busiess owner puts into the project/business

ROI= income or profit / original or current investment

doesnt account for time

19
Q

net operating income

A

at a basic level, this is making money after all the bills are paid(does not include start-up costs) as the business is operating

assessed monthly, anually as per the statement

timeframe must be considered for this to have power

20
Q

productivity

A

balancing the task and people

staffing too high = increased costs and decreased productivity

staffing too low = increased stress on staff, can strain referral relationships and cause decreased service standards

pt census is at the center of the equation

21
Q

comparing the revenues gained from new pts after a one time marketing even to the expense of hosting the event would be considered which measures of success

A

return on investment

22
Q

marketing

A

promoting interests in and generating demand for products/services and positioning them within the market

23
Q

sales

A

finding likely buyers and obtaining their agreement to buy a business product/service

24
Q

public relations

A

the professional maintainence of a favorable public image by a company or other organization

ex: free health screens; AT on sidelines

25
Q

costumer value triad

A

quaity
service
price

26
Q

what is a: needs satisfaction selling, NSS

A

2 step process:
- determine what your costumer needs/wants
- match how your product/service meets those needs

27
Q

market position:
market differentiation:
branding, brand identity:

A

market position:: image,identity; what you think of the company (walmart=lowest prices)
market differentiation:: company advantage against others (disney being the happiestplace on earth, therefore, they are clean and maintain higher standards)
branding, brand identity: logos

28
Q

marketing plan

A
  • part of business plan
  • defines target market and competition
  • defines goals and objectives
  • provides a measurment tool
  • provides a roadmap to reach goals
29
Q

what are elements of marketing plan

A
  • situational analysis (SWOT)
  • market assesment
  • competition analysis
  • objectice/goals
  • action plain
  • metrics
30
Q

difference between internal and external costumers

A

internal: rehab team; other heathcare providers; organizational depts; department employees

external: pts, families, referral sources; payors; non-referral

31
Q

anti-kickback statute

A

its a criminal offense to knowingly and willfully solicit, receive, offer,or pay ant reumeration to induce referral of items or services covered by medicare or medicaid or other federally funded program

32
Q

considerations of the managers rolle in quality care

A

pt or employee safety, effective care, equitable care (value), efficient and timely care, pt centered care

33
Q

underuse:
overuse:
misuse:

A

underuse: not using EBP
overuse: overutilization of diagnostic tests and interventions when not indicated
misuse:failing to execute clinical care process

34
Q

for profit business

A
  • Profits raised by the organization can be distributed to the owners
  • Do not qualify for tax exemptions
  • Assets belong to the owners, and if the company is dissolved, they are distributed according to ownership interest
  • Raise capital by selling shares of ownership in the company or investors can donate land/property/assets in exchange for ownership
35
Q

non profit business

A
  • Profits raised by the organization must be recirculated back into the organization so it is able to fulfill its mission
    § May qualify for state and federal tax exemptions
    § Assets belong to the organization, and if the organization is dissolved, they are donated to another NP organization
    § Raise capital by soliciting personal and business donations and through grants
36
Q

feasibility studies

A

An analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake. Also called feasibility analysis.

Provides the Who? What? Where? Why? How?
§ Makes every effort to be objective in financial analysis § Justifies the use of resources for program o rbusiness

These are a lot of work!!! Do you need it?
52.4% of small businesses fail in 5 years

37
Q

what does SWOT include

A

strengths
weakness
threats
opportunities

38
Q

SWOT strengths

A
  • advanatges the co holds
  • unique resources does the business possess
  • what does the business do better than anyone else
  • what do costumers see as co sttengths
39
Q

SWOT weakness

A
  • where does it need improvements
  • what do costumers identify as weakness
  • where should the co consider “cutting its losses”
40
Q

SWOT opportunities

A
  • Are there niches in the market that are not being met?
  • What are others doing that you could replicate or improve on?
  • What are the trends in the industry?
41
Q

SWOT threats

A
  • What obstacles does the company face?
  • What is the competition doing?
  • Is reimbursement changing?
  • Does the company have current financial problems?
  • Could weaknesses identified threaten the business/program?
42
Q

grantt charts

A
  • A horizontalbarchartthat provides a graphical illustration of a schedule that helps to plan, coordinate, and track specific tasks in a project.
  • Horizontalbarsofvarying lengths represent the sequences, timing, and time span for each task & may overlap
  • Verticallinesnotereporting dates
  • Whiletheygiveapictureof project status, they don’t indicate task dependencies
43
Q

pert charts

program evaluation and review technique

A
  • A scheduling tool commonly used in project management to illustrate the dependencies and flow of project events and milestones.
  • Used to plan & track projects
  • Also called a Network Diagram

HCD II (16 decks)

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