Glossary of Healthcare Terms

   

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Research Facility

Facilities that employ physicians and practitioners in activities (funded or nonfunded) "to develop new medical knowledge, potentially leading to publication."

Residents

"Any physicians in supervised practice of medicine among patients in a hospital or in its outpatient department, with continued instruction in the science and art of medicine by the staff of the facility." Clinical fellows in advanced training in medicine, surgery, and other specialty fields also are classified as residents.

Resistors

Organizations designed to maintain the status quo, repel managed care, or gradually develop the knowledge necessary for successful operation within a managed care environment.

Resource Based Relative Value Scale (RBRVS)

The RBRVS is the scale on which Medicare bases its standardized physician payment schedule. The RBRVS determines payments based on the value of the resources necessary to provide a particular service.

Resource Based Relative Value System

A relative value scale that is based on the necessary resources used to perform a medical service.

Restricted Stock

Publicly traded stocks prohibited from trading for a designated period of time (e.g., six months, one year or two years).

Retail Clinics

Those facilities owned by, and operated within, retail grocery stores or department stores offering walk-in services for basic treatment and care.

Revenue

The product of price and quantity.

Revenue Cycle

The revenue cycle is the process by which a provider practice schedules patients, diagnoses conditions, documents diagnoses, bills payors, and collects billable charges from the payor and the patient to recover revenue for the services provided.

Risk

Uncertainty, or the assignment of outcomes and their associated probabilities of occurring.

Risk Adjusted Rate of Return

Net income expressed as a percentage of total equity adjusted for financial risk.

Risk Management

Adjusting exposures to stabilize variability while trimming dominant exposure to spread out and minimize risk.

S Corporations

Corporations that can issue stock, but are limited to seventy-five stakeholders and can only issue one class of stock: common or preferred.

S-corporation

A flow-through taxable entity where earnings are only taxed once they are paid out to shareholders.

Safe Harbor

Specific regulatory criteria that must be met to shield an arrangement from liability, and are meant to protect practices unlikely to result in fraud or abuse.
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