Week Two Health Care Financial Terms Wo
Week Two Health Care Financial Terms Worksheet
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HCS/405
December 18, 2014
Joe Gazdik
University of Phoenix Material
Week Two Health Care Financial Terms Worksheet
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. Complete the worksheet below according to the following guidelines:
In the space provided, write each term’s definition as used in health care management. You must define the term in your own words.
In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following:
Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth
Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool
Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool
Save the completed worksheet as a Microsoft® Word document with your name in the file name.
Submit the file to your instructor.
Worksheet
Submitted By: Keila Quintanila
[Type your name here.]
Term
Definition
Scenario
Balance sheet
A fiscal statement that summarizes a company 's assets, liabilities, shareholders ' equity at a specific point in time and net worth. This statement will display if the organization is in good fiscal standing or not and if they can meet their long-term fiscal responsibilities.
The director asked for the titles of the four financial statements that included in an audited financial report, which are the following: Balance Sheet statement,
\
HCS/405
December 18, 2014
Joe Gazdik
University of Phoenix Material
Week Two Health Care Financial Terms Worksheet
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. Complete the worksheet below according to the following guidelines:
In the space provided, write each term’s definition as used in health care management. You must define the term in your own words.
In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool to which the term refers. In the scenario, you may wish to consider the following:
Why the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth
Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool
Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool
Save the completed worksheet as a Microsoft® Word document with your name in the file name.
Submit the file to your instructor.
Worksheet
Submitted By: Keila Quintanila
[Type your name here.]
Term
Definition
Scenario
Balance sheet
A fiscal statement that summarizes a company 's assets, liabilities, shareholders ' equity at a specific point in time and net worth. This statement will display if the organization is in good fiscal standing or not and if they can meet their long-term fiscal responsibilities.
The director asked for the titles of the four financial statements that included in an audited financial report, which are the following: Balance Sheet statement,
References: Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers.