Glossary of Healthcare Terms

   

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Arithmetic Mean

The average value of historical data utilized as a measure of central tendency.

Aromotherapy

It involves the use of flower, herb, and tree extracts to enhance and maintain health and wellness.

Assisted Living

A type of living arrangement in which meals, shelter, transportation, and the activities of daily living are provided either in-home or in a centralized location.

Assisted Living Facilities

Long-term care facilities that combine permanent housing with personal support services.

Audiologists

Audiologists provide services in the management of auditory and balance related conditions.

Audit

A formal examination and verification of financial accounts.

Average Sales Price (ASP)

A way of calculating a benchmark, from which Medicare reimbursement for drugs may be determined, based on average manufacturer prices supplied by pharmaceutical companies.

Average Whole Sale Price (AWP)

A way of calculating a benchmark from which pharmacy contracting and Medicare reimbursement for drugs may be determined, based on the average price a drug wholesaler sells a particular drug.

Avoided Costs

A quantifiable amount of a future necessary economic operating expense that a purchaser will not have to pay upon purchasing certain intangible assets, i.e., a trained and assembled workforce.

Ayurveda

An Indian medical system that dates back 5,000 years. Ayurvedic medicine implements diet and herbal therapies, as well as channeling of the mind, body, and spirit, to prevent and treat disease.

Benchmark

Derived from similar processes or services in an industry, competitors, or internal organization in order to set a level of care as a goal to be attained.

Benchmarking

A method of finding and implementing best practices by comparing a business or healthcare entity against the best in order to reach new goals and pursue continuous improvement.

Benchmarking to Industry Norms

A subset of financial benchmarking used to compare internal company-specific data to survey data from other organizations within the same industry.

Beta Estimation

A regression technique that measures the marginal sensitivity of the selected publicly traded entity

Biobank/Biorepository

A "warehouse" that collects, catalogs, and stores samples of bodily substances and reference materials, which may then be utilized to identify unknown samples in furtherance of scientific research and development.
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