Hcs 405 Terms Worksheet Week 2

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:

o 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

o Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool

o 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:

|Term |Definition |Scenario |

|Balance sheet |A balance sheet is a financial statement that is |Looking at a balance sheet a loan officer can gauge how well the |

| |used to report its assets, liabilities, and |health care organization is doing financially. Using this |

| |shareholder/owner equity. It basically shows the |information the determination for a loan that the...