HCS 405 - Week 1 - Health Care Financial Terms Worksheet

Individual Assignment - Week One Health Care Financial Terms Worksheet

Resources: University of Phoenix Material: Week One Health Care Financial Terms Worksheet

Complete the University of Phoenix Material: Week One Health Care Financial Terms Worksheet located on the student website.

 University of Phoenix Material

Week One 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

Term	Definition	Scenario
Controlling	Is established by the Financial Manager to maintain the monetary direction of profitability through the use of past financial reports combined with future business predictions.	Is a vital to operation efficiency as well as reducing costs since the daily reports can highlight a department that has over spent in payroll, or their inventory is inaccurate.  Since payroll and inventory are usually the easiest to over draw on, they are also the easiest to reign in.  If these are kept in check on a daily basis, these fixes are relatively minor. Having a Financial Manager that maintains strong Controlling practices helps insure profitable quarters.
Decision making
Organizing
Planning
Original records

Want to download the worksheet..??

Click HCS 405 - Week 1