mitc
22
glos

accounts payable
Amounts owed to other businesses for services, supplies, or equipment
NOAUDIO
NOGRAPHIC

accounts receivable
Amounts due from customers for services, supplies, or equipment
NOAUDIO
NOGRAPHIC

capitation
Payment of a fixed fee by an insurance company to a health care provider for each patient enrolled in a health care plan, regardless of the services rendered to the patient
NOAUDIO
NOGRAPHIC

copay
The set amount the patient pays when medical services are received
NOAUDIO
NOGRAPHIC

cost of money
The amount that is lost when money is not invested; often used to refer to money that is owed to a business but not collected in a timely manner
NOAUDIO
NOGRAPHIC

diagnostic related group (DRG)
A classification system of patients based on their diagnoses to predetermine Medicare payments
NOAUDIO
NOGRAPHIC

expenditures
The money that must be spent in the process of doing business (e.g., the cost of the resources required to maintain a health care delivery system)
NOAUDIO
NOGRAPHIC

fee-for-service
Method of payment in which the patient pays the health care provider an amount from an established schedule of fees
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NOGRAPHIC

financing
The source of money used to run a business
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NOGRAPHIC

gatekeeper
A health care provider, often a physician, who serves as the patient's first contact when the patient enters the health care system; also known as primary care provider
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NOGRAPHIC

managed care
Promotion of cost-effective health care through the management and control of its delivery
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NOGRAPHIC

Medicaid
Federally funded but state-administered insurance plan for individuals who qualify due to low income
NOAUDIO
NOGRAPHIC

Medicare
Federally funded insurance program for individuals who qualify for Social Security benefits
NOAUDIO
NOGRAPHIC

negotiated fees
Amount negotiated between insurance companies and health care groups for the cost of services; depending on the plan, either the patient pays the difference in actual cost of service, or the health care group accepts the negotiated amount as payment in full
NOAUDIO
NOGRAPHIC

preauthorization
Approval from an insurance company prior to certain health care services for the purposes of determining medical necessity and cost-effectiveness
NOAUDIO
NOGRAPHIC

premium
An agreed-upon amount paid to an insurance company for the benefit of having the company pay for a specified amount of future health care costs
NOAUDIO
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prepaid plan
A contracted type of insurance plan in which health care providers are paid a specific amount to provide certain health benefits
NOAUDIO
NOGRAPHIC

primary care provider (PCP)
A health care provider, often a physician, who serves as the patient's first contact when the patient enters the health care system; also known as a gatekeeper
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profit
Amount of money remaining after all costs of operating a business have been paid
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reimburse
To pay back
NOAUDIO
NOGRAPHIC

