Financial Term Worksheet

Satisfactory Essays
Financial Term Worksheet

HCS/405

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?

Worksheet

Term
Definition
Scenario
Controlling
Controlling, is when a manager detects a problem within the organization and takes the necessary steps to rectify the situation.
An healthcare manager (HCM) would use controlling measures in a scenario such as:
After, reading feedback about the nurses on the maternity ward. The HCM notice the same comment about the nurses and their bedside manner. The HCM rectified this issue by ordering all the nurses in the maternity ward to take sensitivity training and followed up on feedback to make sure no further actions needed.
Decision
making
Decision-making is when a manager utilize all the resources available to make an educated decision in the best

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