Question description
University of Phoenix Material
Week Four 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:
o Why is the skill, concept, procedure, or tool necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth?
o What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?
o What risks or failures are 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:
[Type your name here.]
Term
Definition
Scenario
Forecast
Full-time equivalents
Noncontrollable expenses
Nonproductive time
Staffing
Category: Health & Medical
Supplement:The scenarios has to be about a hospital, clinics or doctor’s office, even specific names of hospitals, clinics, doctor’s office.
Examples like below:
Term
Definition
Scenario
Controlling
The management makes sure the objectives are being followed within the organization’s subdivisions.
Management provides employees with cash incentives if they complete a health care risk assessment.
Term
Definition
Scenario
Balance sheet
The Balance Sheet of an organization is a financial statement that lists all the assets, liabilities and equity at a specific point in time. Itsmain use is to calculate the net worth of an organization.
The balance sheet for Dr. Robert’s practice at the end of the year shows that he did have a suitable return on assets and they were allocated properly. His net worth has grown from the last fiscal year.
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