Week One Health Care Financial Terms Worksheet Term Definition Scenario Controlling This is used in health care management to make sure that plans are being followed. Controlling goes with organizing and when controlling a situation management follows through to see that all plans are being followed as directed. Decision making By using analysis and evaluations‚ decision making is used to make informed choices. When an organization is trying out a new device or program it is piloted first.
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Patton Fuller community Hospital Network Introduction Patton fuller community hospital is a reputable hospital‚ known as its strict commitment towards the proper application of the (HIPAA) rules‚ and its adherence to the standard norms being in practice‚ as well as its homogeneous business model in place that inspires lot of companies. During this paper‚ we are going to discuss the modality of this business system‚ strength points as well as the missing areas that should be
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Request for Project (RFP) Organization: Patton-Fuller Community Hospital Requester: CEO Background of Request Patton-Fuller Community Hospital is looking to upgrade its current network architecture over the next 5 years. As a result‚ it is imperative that a complete review of current architecture is completed and a revised network design is developed to include both proposed upgraded hardware and software. As the CIO for the hospital‚ it is your responsibility to complete this project
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Simulation Review De’Anna Andrew HCS/405 March 25‚ 2015 James Taylor Simulation Review Large health care organizations‚ particularly non-for-profit hospitals‚ come face to face with swelling difficulties handling cash flow every day. These struggles can be due to variations in economic climate and billing. Research tells us that the cash flow‚ hospitals would normally use for capital expenses‚ are frequently being used to pay for operating costs (Ziegler‚ 2008). Functioning as such‚ causes risky
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What plans should the hospital board make for next year and the next five years? After reviewing the balance sheets for the Patton Fuller Community Hospital for the next fiscal year‚ it shows that the hospital will break even. For the year the hospital is making enough money that will cover all of their debts. The hospital will not make any profits. To avoid debts of the hospital from increasing‚ the hospital will need to increase their revenues. Healthcare organizations need to realize hospital
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TRUE-FALSE STATEMENTS 8. Closing entries are not needed if the business plans to continue operating in the future and issue financial statements each year. 9. The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the
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Patton-Fuller Community Hospital Joshua Harris NTC/362 August 9th‚ 2012 Richard Douglass Patton-Fuller Community Hospital ”Patton- Fuller Community Hospital has prided itself on providing top-of-the-notch not-for-profit health care organization since their opening in 1975” (University of Phoenix‚ 2012). The hospital’s specialty is in providing high-quality health care to all patients‚ and establishing peaceful work relationships within the staff. Services provided
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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
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4-1 4 Income Statement Usefulness Predicting future performance. 4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations Companies omit items that cannot be measured reliably. 4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives to manage income to meet or
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Reporting Practices and Ethics Erin Martin March 21‚ 2011 HCS/ Healthcare Financial Accounting Todd A. Brown Reporting Practices and Ethics Crime and corruption is unfortunately a reality and financial management is not an exception. Unfortunately there are people out there that do not adhere to the general accepted accounting principles or ethical standards. When not following the standards theft‚ embezzlement‚ and fraud occur. Financial managers of an organization need to follow the four
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