Glossary of Healthcare Terms

A company's formal description of how, when, and where the strategic initiatives will be met.

Professional liability insurance coverage related to future services rendered after employment has terminated, or covering prior acts, respectively.

Physical assets, including cash, accounts receivable, inventory, property, plant and equipment, etc.

Tangible things capable of ownership not classed as realty, they being furniture, fixtures, equipment, machinery, inventories, vessels, precious metals, vehicles, gems, evidences of debt and money.

Prospects are surveyed on a case-by-case basis and those whose information meets the limiting qualifications set by the consultant have preliminary proposals prepared and can be considered targets.

The specific tasks and duties to be performed by person and the area of the organization or processes for which that person is responsible and accountable to management.

Liability that establishes whether practice finances are filed on personal or corporate tax returns.

An exempt organization is organized or operated for the benefit of private interests. The IRS has stated that “[n]o part of the net earnings of a section 501(c)(3) organization may inure to the benefit of any private shareholder or individual[, whereby] a private shareholder or individual is a person having a personal and private interest in the activities of the organization.”

“A federal taxpayer identification number or employer identification number as defined by the IRS in 26 CFR 301.6109–1.”

Facilities that employ physicians and practitioners with teaching appointments.