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Economic Terms And Health Care History

630 words - 3 pages

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 ...view middle of the document...

Success enable by an adequate understanding or |
| | |appropriate application of the tool by recording what the |
| | |organization owns and how much it owes, its assets minus the equals|
| | |the combined total of what the organization owes. Risk or failures |
| | |associated with an inadequate understanding or inappropriate |
| | |application of the tool if the balance sheet is not recorded. The |
| | |manger will not be able to balance what the organization owes and |
| | |how much it is worth. |
| | |( chapter 10) |
|Statement of |A formula when you subtract operating revenue form |The concept is necessary for accurate record keeping and so forth |
|revenue and |expense to get the operating revenue from the |because it records is that the revenue or inflow less expense, or |
|expense |expense to get the operating income. |outflow results in an excess of revenue over expense. Successes |
| | |enable application of the tool by using the formula to keep track |
| | |of the operating income. Risk or failures associated with an |
| | |inadequate understanding or inappropriate application of this |
| | |concept is not having the formula. |
| | |(chapter 10) |
|Revenue cycle |Reasonability center |This concept is necessary for accurate record keeping and so forth |
| | |because it states the entire life of a patient account from |
| | ...

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