Week One Health Care Financial Terms Wo
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:
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:
Joel Chappell
Term
Definition
Scenario
Controlling
The purpose of controlling is to ensure that plans are being followed. It is up to the financial manager to confirm that all areas of the organization are following the established plans. One way to do this is to study current reports and compare them with reports from earlier periods. These comparisons often show where the organization may be lacking and where it’s succeeding. These are often called feedback reports.
An example of an accounting control would be limiting management's involvement in the preparation of financial statements. Sometimes
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:
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:
Joel Chappell
Term
Definition
Scenario
Controlling
The purpose of controlling is to ensure that plans are being followed. It is up to the financial manager to confirm that all areas of the organization are following the established plans. One way to do this is to study current reports and compare them with reports from earlier periods. These comparisons often show where the organization may be lacking and where it’s succeeding. These are often called feedback reports.
An example of an accounting control would be limiting management's involvement in the preparation of financial statements. Sometimes