Question

Re-write the HC Finance Statement with Notes in such a way that anyone (including people who have no HC experience) could understand it.

MU –

Dr. –

EP’s –

Stage 2 MU –

Modified Stage 2 MU -

ACI –

EHR’s –

MU of Certified EHR’s –

QPP –

MIPS -

APM –

CY –

RFI –

PFPM –

Answer 1

HC Finance Statement: Financial statements are the summaries of the activities of a business in a year. Healthcare Financial Statements are same as other companies financial statements. Healthcare Financial Statements consists of:

• Balance sheet
• Income Statement
• Statement of changes in owner's equity
• Statement of Cash Flow.

Terms related with HC Financial Statements:

1. MU: MU stands for Meaningful Use. Meaningful use means use of EHR (Electric Helath Record) in a meaningful manner. EHR is used for exchanging data across various healthcare facilities. MU is used for improvement of quality of care.
2. Dr. : Dr. stands for Doctor.
3. EP: EP stands for Eligible Provider. Eligible Provider must be able to make specific criteria within their EMRs to recive government incentives. Eligible Provider must also record patient problems list. EMR stands for Electronic medical records. EPs can be nurses, physicians and assistants.
4. Stage 2 MU: Meaningful Use stage 2 is the second stage of MU program. MU stage 2 main objective is to increase patient's engagement. MU stage 2 provides patients the ability to view online, download and transmit their health information. MU stage 2 provides a platform for secure Email messages so that patients and provider can exchange informations and data in a secure way.
5. Modified Stage 2 MU: In 2017, Modified stage 2 MU came into existance. in this, there are some changes like; addition of new naming convention for measures, removal of clinical decision support and removal of Computerized Provider Order Entry.
6. ACI: ACI stands for autologous chondrocyte implantation. In this, the patient's crondrocytes are transpalnted from a non affected joint.
7. EHR's: EHR stand for Electronic Health Report. It is a digital version of patient's report. EHR contains the medical histories of patients and this will use for better patient care.
8. QPP: QPP stands for Quality Payment Program. Physicians will be reimbursed based on their participation in QPP. QPP will improve the physicians by helping them focus on qualuty care.
9. MIPS: MIPS stands for Merit based Incentive Payment System. MIPS adjusts payment based on four categories: Quality, Cost, Promoting Interoperability and improvement activities.
10. APM: APM stands for Alternative Payment Model. This is to meet certain operational, risky and patient requirements. A participant in APM will receive 5 percent bonus.
11. CY: A single health insurance provider .
12. RFI: RFI stands for Request for Information. FRI is used in EHR. RFI is used to gauge the vendor'e experience, expertise and product offering. RFI helps the hospitals to lead to the next level of automation, efficiency and patient safety.
13. PFPM: PFPM stands for Physician Focused Payment Model. It says that clinicians that are EPs are participants and play a important role in implementing the APM.