Health Care Financial Terms and Statements, health & medical homework help

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Please assist with financial work sheet below:

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Health Care Financial Terms and Statements

Understanding health care financial terms and statements is a prerequisite for academic and professional success. This assignment is intended to ensure you understand some of the basic terms and statements used.

Complete parts A and B of this worksheet.

Save the completed worksheet as a Microsoft® Word document with your name in the file name to your computer desktop.

Click the Assignment Files tab to submit your assignment.

Part A:

Complete the table below according to the following guidelines:

In the space provided, write the definition for each term as used in health care management. You must define the term using your own words.

In the space provided after each definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool that the term refers to in 125 to 150 words. In the scenario, you may wish to consider the following:

oWhy is the skill, concept, procedure, or tool necessary for accurate record-keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, etc.?

oWhat successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?

oWhat risks or failures are associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool?

Term

Definition

Scenario

Controlling

Decision-

making

Organizing

Planning

Original

records

Revenue cycle

Payer mix

Revenue

Capital expenditure budget

Direct cost

Flexible budget

Operating budget

Responsibility center

Forecast

Full-time equivalents

Noncontrollable expenses

Nonproductive time

Staffing

Situational analysis

SWOT analysis

Part B:

Resources:

Complete the table below.

In 100 to 125 words, identify the purpose of the financial statement listed and provide an example of how the statement is used.

Financial Statement

Purpose of Statement

Example of Use

Balance sheet

Income statement

Operating budget

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