Preview

HCS 405 Week 1 Health Care Financial Terms Worksheet Paper

Powerful Essays
Open Document
Open Document
1032 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
HCS 405 Week 1 Health Care Financial Terms Worksheet Paper
HCS 405 week 1 Health Care Financial Terms Worksheet Paper
Introduction
The HCS 405 week 1 financial terms worksheet throws light on some of the most basic concepts of the healthcare business. Understanding health care financial terms is a prerequisite for both academic and professional success. The health care business helps the nation by providing the building blocks that the citizens need to live a successful and healthy life. The worksheet is intended to ensure that the students understand some of the basic terms used in the business world of the health care industry. The purpose of HCS 405 individual and team assignments is to make the students aware about the numerous strategies employed in the financial and other departments of a health care sector.
The students attending to the HCS 405 need to understand the significance of the healthcare industry. The employees of the company strive hard every day to fulfill the mission of the company by providing millions of families, seniors, and children of the country with access to good quality healthcare products and services.
The questions are strategically framed to bring out the major theme of each of the HCS 405 week assignments. For example, decision-making is the process of making sound financial decisions with the aid of your controlling, organizing, and planning results and analysis. It defines the roles for various employees of the company like the financial manager. There is a need for the mangers to prove that a medical procedure is mandatory to be provided at reasonable price for the success of the business. The financial manager is responsible for billing, evaluation of numerous costs, and revenues required for the smooth flow of activities. The questions are much broader in scope to cover all the necessary challenges or perspective required to be given excess consideration when operating in the market.
The method used to prepare the HCS 405 terms worksheet is beneficial for the students to learn

You May Also Find These Documents Helpful

  • Powerful Essays

    The theme of HCS 405 is to enable students to learn about the financial statements and other financial transactions in the hospital industry. There are various topics in HCS 405 like balance sheet, statement of revenues and expense, revenue cycle, payer mix and revenue. There will be five weeks in the course of HCS 405 in which the above topics will be covered. There will also be the study about the financial worksheet and reporting practices. It will be taught to the students that organizations must comply with the requirements of ethics and proper disclosure of the statements.…

    • 1019 Words
    • 4 Pages
    Powerful Essays
  • Better Essays

    My strategy will consist of three phases. These phases include: capital shortage, funding options for equipment acquisition and funding options for capital expansion. During these three phases I will observe the necessary financial statements and documents. From this information I will analyze the information and decide the best strategy for improvements. I will not only focus on the goals for the clinic, but long term budget goals as well.…

    • 1100 Words
    • 5 Pages
    Better Essays
  • Better Essays

    Where many other industries have separate financial departments which performs all financial operations, effective financial management in health care at some point becomes the role of many health care managers who must be able to account for the financial management of their units (Finkler, 2006). The finance position in health care involves providing financial analyses to improve decisions that affect the wealth of the organization (Finkler,…

    • 1230 Words
    • 5 Pages
    Better Essays
  • Good Essays

    3. Calculate the firm’s new receivables balance if Milwaukee Surgical toughened upon its collection policy, with the result that all non-discount customers paid on the 30th day.…

    • 728 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    When an organization is trying out a new device or program it is piloted first. Management analyzes and evaluates all of the data to see and decided if it will work for the organization.…

    • 270 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.…

    • 434 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    This paper discusses the elements of financial management that is important to the healthcare organizations, generally accepted accounting principles, and a summary of the articles related to healthcare financial management.…

    • 252 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.…

    • 811 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    The four C’s discussed in chapter one; cost, cash, capital and control are all important and vital components in health service organizations. If I had to pick one that I felt was most important it would be cost. The health service organization does not have a chance of surviving if there is not a balance between cost and revenue. Health service cost are many and includes medical and office equipment, employee salary, paying of employee benefits, and office supplies, etc.. The health care organization are face with increasing revenue by raising their price, cutting back on employee salary, & benefits, and laying off staff, especially if the economy is not doing well as the one in 2008.…

    • 258 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Financial management in the area of healthcare has been an ever changing area. There are generally accepted principles and ethical codes that must be followed when dealing with finances, and healthcare facilities must be successful in this aspect for the facility to operate smoothly. This paper will discuss the four elements of financial management, some generally accepted principles and ethical standards, and provide examples of when these principles are used.…

    • 776 Words
    • 4 Pages
    Good Essays
  • Good Essays

    managers in organizations. 2. Identify the four elements of financial management. 3. Understand the differences between the two types of accounting. 4. Identify the types of organizations. 5. Understand the…

    • 2250 Words
    • 9 Pages
    Good Essays
  • Good Essays

    The health care industry is a multi-million dollar industry. Health insurance, providers, technology management, and inpatient and outpatient procedures are among the many terms that we hear nowadays within this industry. The principal phrase that seems to be ringing in the ears of the government and policymakers are debt and cost-control. There are fundamental concepts that should be understood throughout the health care industry as it relates to finance. On one hand, many individuals have a general knowledge concerning health care organizations from the standpoint of insurance, copays, and deductibles. These constructs are more familiar to a person that has any health care needs due to the routine of having to provide some form of payment…

    • 726 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    On January 20th Dr. Mike Groves spoke to our class about healthcare. This is vital information, because since we are in the MBA program we will need to be knowledge on the inner workings of the healthcare system. It is even more important with the developments of the Affordable Care Act and how it impacts business today.…

    • 463 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Kane, J. (2012, October 22, 2012). Health Costs: How the U.S. Compares With Other Countries. PBS News Hour. Retrieved from http://www.pbs.org/newshour/rundown/2012/10/health-costs-how-the-us-compares-with-other-countries.html…

    • 1726 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.…

    • 513 Words
    • 3 Pages
    Satisfactory Essays

Related Topics