Question

Define the following from Chapter 6: Remember each element needs to be examined • Financing and Reimbursement • Medicare and Medicaid • Federal fraud and abuse law • Affordable Care Act • Value-based purchasing Define the following from Chapter 17: • Budgeting • Income statement • Financial accounting • Balance Sheet: assets, liabilities, equity, and net assets • Cash flow statement • Management accounting • Types of Costs • Labor Costs • Accounts payable • Receivables and reimbursement Complete the assignment as a Word Document; please save in .docx, .rtf. or plain text. Attach via the assignment link. Be sure to save it with your name, example: HHS310WK7Worksheet_Young.doc

Answer 1

1. Financing and reimbursement

Financing = financing is the process of providing funds to another entiry. Generally the entity being funded is obliged to repay the amount being funded along with interest.

Reimbursement = reimbursement is the amount paid by one party to the other party in order to compensate the out of pocket expenses incurred by other party. The party compensated is not liable to repay the amount being compensated.

2 . Medicare and Medicaid

Medicare = Medicare is a federal program that provides health coverage to a person who is 65 years or more or have a severe disability, irrespective of the income of that person.

Medicaid = Medicaid is a state and federal program that provides health coverage to a person having a very low income .

Federal fraud and abuse law = federal fraud and abuse law is a compilation of several law including federal anti kickback statue, the Stark law and the False claims law.

Affordable Care act = affordable Care act has purposes like making affordable health insurance available to many people, expend the Medicaid program to cover all adults with income below 138% of federal poverty level, and support innovative medical delivery method designed to lower the cost of health care.

Value based purchasing = value based purchasing is one of the payment model that provides financial incentives to health care service providers like hospitals , medical institution etc to attain certain performance measures.

Budgeting = budgeting is the processor estimating on certain reasonable basis various income and expenses in advance for the forthcoming period.

Income statement .= Income statement is a statement which contains all economic inflows in one hand and all economic outflow at the other hand from a business activity and the net result shows profit earned during the period.

Financial accounting = financial accounting is the process of recording all the transactions of financial nature methodologically in books of accounts.

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