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MHA 706 Module 1 Exam/Questions and Answers (LSUS MHA 706)
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MHA 706 Module 1 Exam/Questions and Answers (LSUS MHA 706)
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MHA 706 Module 1 Exam/Questionsand Answers (LSUS MHA 706)
Healthcare Finance - -is the practice of finance, including both accounting
and financial management, within health services (provider) organizations
-Accounting - -concerns the measurement, in financial (dollar) terms, of
events that reflect the resources, operations, and financing of an
organization
-Financial managment - -provides the theory, concepts, and tools necessary
to help managers make better financial decisions
-Business characteristics - --obtains financing from the marketplace
-uses the funds to buy assets
-operates the assets to provide goods or services
-sells the goods or services to create revenue
-Pure Charity - -refers to an undertaking for a charitable purpose only. The
relief of poverty, advancement of education, advancement of religion,
promotion of health, the obtaining of good government, and the
accomplishment of that which is beneficial to the community in any other
respect are pure charities.
-Primary role of finance - -is to plan for, acquire, and utilize resources to
maximize the efficiency (and hence value) of the enterprise.
-The Four C's - -cost minimization
cash sufficiency
capital access
control of financial resources
-3 categories of business organizations - -proprietorship, partnership, and
corporation (there are also hybrid forms)
-Advantages of Proprietorships and Partnerships - -ease of formation,
subject to few regulations, and no corporate income taxes.
-Disadvantages to proprietorships and partnerships - -limited life, difficult to
transfer ownership, unlimited liability, difficult to raise capital
-Advantages to corporations - -unlimited life, easy transfer of ownership,
ease of raising capital
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