Chapter 9 - Terms AML

Any cost incurred to provide the processed products and services provided by the Central Service Department.

• Expense

• Compensation

• Budget

• Resource

The total wages or salary, including benefits paid to an employee.

• Expense

• Budget

• Revenue

• Compensation

A detailed plan for generating revenue, if applicable, and incurring expenses for the Central Service Department, also called Department Operating Budget.

• Resource

• Budget

• Revenue

• Sub-account

The act of determining the amount of money to be spent on an expense for which the Central Service Department is responsible.

• Budget

• Expense

• Allocate

• Compensate

An itemized forecast or prediction of the healthcare facility's revenue and expenses for a specific time period.

• Budget

• Revenue

• Operating Budget

• Master Budget

Something of value that is in limited supply and used to attain facility or department objectives. Examples: people (labor hours), money, instruments, equipment, energy, and supplies.

• Resource

• Income

• Budget

• Compensation

A detailed plan for generating revenue, if any, and managing expenses to meet Central Service's financial goals.

• Operating Budget (Departmental)

• Operating Budget (Non-Departmental)

• Operating Budget (Non-identified)

• Operating Budget (Main Resource)

Money received by the healthcare facility or central service department for products and services provided.

• Budget

• Revenue

• Resource

• Capital Budget

A detailed list of expenses associated with a major category of expenses. For example, labor expense sub-accounts indicate costs for salaries, wages, overtime, benefits, and other categories of compensation.

• Allocate

• Master Budget

• Sub-account

• Account

Non-wage or salary compensation paid to employees. Examples include sick leave, vacation pay, retirement contributions, medical and dental insurance; also called fringe benefits.

• Wage

• Salary

• Compensation

• Employee Benefits