Week Three Health Care Financial Terms Worksheet

University of Phoenix Material

Week Three 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:

Keila Quintanilla

Term Definition Scenario

Capital expenditure budget A financial plan from an organization to attain assets needed for the future. Payments completed in cash or credit over a period of more than one year. Capital expenditures are used to obtain assets or to improve functionally on existing assets. The director stated that, the new capital expenditure would include a new purchase of a new building, or the cost of significant upgrades to an existing facility. The capital expenditure must stay within the financial plan because if we do not we will come...