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Agent

one who has authority to act on behalf of another.

Bylaws

regulations adopted by a corporation or association to govern its internal affairs.

Certification

a record of being qualified to perform certain acts after passing an examination given by an accredited professional organization.

Capitation

payment in a lump sum to physicians, HMOs, and health care facilities to deliver health care to a segment of the population.

Directors

those elected and terminated by stockholders to manage a corporation.

Conglomerate

a corporation diversifying operations by acquiring varied enterprises.

Fee-for-service

basis of professional billing, either so much per hour or per identified procedure.

Dividends

distributed profits of a corporation.

Joint venture

a group of persons together performing some specific business undertaking that is limited in duration or scope.

Investment

expenditure of resources (money, effort, etc.) to secure income or profit.

Legal entity

an individual or organization that has legal capacity to contract, incur and pay debts, and sue and be sued.

Reasonable person

a prudent person whose behavior would be considered appropriate under the circumstances.

Negligence

failure to act with reasonable and prudent care given the circumstances.

Negotiated fee schedules

the process of the submission and consideration of offers until an offer is accepted. Fee schedule refers to the amount an insurance company or other third-party payer will reimburse for a medical procedure.

Per capita payment

pay equally according to the number of individuals.

Notice

an announcement of pertinent information to those interested.

Officers

persons holding formal positions of trust in an organization, especially those involved in high levels of management.

Registration

fulfilling administrative qualifications for a licensed profession; may require special testing or training or other vetting.

Stockholders

those who hold an interest (stock) in a corporation.

Shares

units of stock giving the possessor part ownership in a corporation.

Respondeat superior

legal theory that requires an employer be responsible (vicariously liable) for the behavior of an employee working within the scope of employment.

Utilization review

a process by which hospitals review patient progress to efficiently allocate scarce medical resources.

Vicariously liable

legally obligated for the acts of others.