Within a Healthcare Environment,where the Gap Between Revenues and Costs

question 13

Multiple Choice

Within a healthcare environment,where the gap between revenues and costs can mean the difference between sustainability of an organization and nonsustainability of an organization or services,it is critical for nurse managers to:

• A)Maintain a clear vision of how to trim healthcare costs.
• B)Balance value-added services against costs and revenues.
• C)Consistently delete programs that are of high cost.
• D)Implement programs that bring in additional revenues.

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Definitions:

Opportunity Cost

Signifies the advantages that a person, investor, or company forgoes by selecting one option instead of another.

Tables

Arrangements of data in rows and columns that systematically display information.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good at a lower opportunity cost than its trading partners.

Total Output

Total output refers to the total value of all goods and services produced in an economy over a specific period.