Law and Ethics- Chapter 6

43 terms by Shanicia213 

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Diagnostic related groups (DRGS)

related medical groups contributing their diagnosis of the nature of a patients disease on which standardizing fees are based

Prospective payment system

likely to come about looking toward to the future

Sole Proprietorship

ownership of a business by one person

Corporation

a means by which a group of people can unite to create an entity to do something impossible for the individual members .the organization is established by filing a certification of corporation in the state where its main place of business is located

Conglomerate

a corporation diversifying operations by acquiring varied enterprises

Limited liability corporation

business structure with corporation and partnership qualities which provides protection from personal liabilities like a corporation and the tax advantages of a partnership

Limited liability partnership

a form of general partnership that provides protection from liability for an individual partner for certain partnership obligations

Capital

the assets in money or property accumulated by individual partnership, or corporate , ownership of a business, net worth

Assets

Personal belongings and property owned by a person or if the person he or she has died by his or her estate

Notice

an announcement, written or displayed, giving pertinent information to those interested in a certain person place or event or in any legal agreement such as a partnership

Debts

money, services, or goods owned to some person or persons to whom one is obligated

Creditors

those to whom money or its equivilent is owed

Shares

units of stock giving the possession part ownership in a corporation

Officers

persons holding formal positions of trust in an organization especially those involved in high levels of management

Directors

those elected and terminated by stock holders to management responsibility in a corporation

Stockholders

those who hod an interest (stock) in a corporation

Investment

Expenditure of capital to secure income or profit

Management

Direction or administration of affairs of a person , business, or organization

Bylaws

regulations adopted by a corporation or association

Profits

the gains accrued from business or investments after the payment of expenses

Dividends

distributed profits of a corporation

Subscriber

one who agrees to buy or belong for a period of time

Capitation

payment in a lump sum to physicians , HMO's and health care facilities to deliver health care to a segment of the population

Fee-For-Service

basis of professional billing , either , so much per hour or per identified procedure

Comprehensive

covering completely or broadly; inclusive

Joint venture

a group of persons together performing some business undertaking

Negotiated fee schedules

the process of the submission and consideration of offers until an offer is accepted fee schedule refers to the amount an insurance company or other third party payer will reimburse for a medical procedure

Per capita payment

pay equally according to the number of individuals

Interstate commerce

the movement of goods and services, or services that rely on the movement of goods, which cross state boarders within the united states

Interstate

between two or more states

Disparate treatment

a marked difference between two things

Disparate impact

the force of impression of one thing on another

Inference

a process of reasoning by which a fact is deduced as a logical consequence of other facts

Comparable

the representation of one thing or person similar to another

Retirement benefits

benefits paid to an employee for a prior term of service after he or she discontinues work for that employer

Collective bargaining

procedural attempt to achieve collective agreements between an employer and accredited representative of a group of employees to improve the conditions of employment

Bargaining unit

the labor union or group of employees with similar interests authorized to conduct negotiations on behalf of the employees who are members of the union or group

Good faith

honesty of intention

Risk management

minimizing the danger or hazard

Quality assurance

responsibility to uphold the quality of care of patients in treatment situations

Levy

to raise or execute a tax

tendered

an offer of money from one person to another

Venue

the particular county or geographic area where a court may try a case

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