Week 3 HCS 405 Healthcare 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:
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?
What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?
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:
Amanda Yates
Term
Definition
Scenario
Capital expenditure budget
A budget that can cover one year or multiple years and has a more futuristic view. If the economy is expected to go into a recession that may last several years a company may need a capital expenditure budget. One that may show a plan for the financial survival over the next few years. Things like plans to spend less on expensive or unnecessary supplies or switch to more generic brands are good examples of what could be taken into consideration when making a capital expenditure budget.
Direct cost
Cost
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:
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?
What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?
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:
Amanda Yates
Term
Definition
Scenario
Capital expenditure budget
A budget that can cover one year or multiple years and has a more futuristic view. If the economy is expected to go into a recession that may last several years a company may need a capital expenditure budget. One that may show a plan for the financial survival over the next few years. Things like plans to spend less on expensive or unnecessary supplies or switch to more generic brands are good examples of what could be taken into consideration when making a capital expenditure budget.
Direct cost
Cost