HCS 405 Week 2 Health Care Financial Terms Worksheet Paper

Management is important in any environment, but especially so in the healthcare field.  As the health care system continues to evolve, sound management is critical to the survival of health care institutions (Johnson, 2005). The management team in a healthcare environment must always aim to improve the efficiency of the day to day activities and constantly plan for ways to improve the productivity and efficiency. Every manager’s main duty is to succeed in helping the organization achieve high performance while utilizing all of the organization’s human and material resources. On a daily basis health care managers must recognize performance problems and

Place your first and last name, student ID and the date of your worksheet completion in the spaces below.

After you define each term, describe in 40 to 60 words the health care setting in which each term would be applied. Include at least two research sources to support your position—one from the University Library and the other from the textbook. Cite your sources in the References section consistent with APA guidelines.

Indemnity insurance is nice in the aspect that you get to choose your health care provider as well as you will be reimbursed for you services that you received. I know that most people couldn’t afford that right away and with

Due to the technological advances in the medical industry, the clinic has decided on advanced medical equipment to provide quality care to the patients. The equipment that will be purchased is a High- Speed CT Scanner, X-Ray Machine, and an Ultrasound Machine. This equipment will allow more quick and efficient test and treatment. The options that can be made include: buying new or refurbished equipment with an option of a loan, acquiring on capital or operating lease. During this phase, I chose the most cost effective option to acquire the equipment. To acquire the equipment, I chose the operating lease. Since there are always potential advances in technology, buying the equipment may not be a good idea. In the long term, the equipment that was purchased will likely be replaced by newer technology in a few years. Due to the decisions of acquiring new equipment, the clinic is now doing well and the profits are growing which allowed growth for the clinic.

The CMS states “In 2014, national health spending is projected to increase to 7.4 percent, or 2.1 percentage-points faster than in the absence of reform as the major coverage expansions from the Affordable Care Act (ACA) are expected to result in 22 million fewer uninsured people” ("Public Health Care Needs," 2012, p. 1). The complexity of health care spending and funding is a hot topic in the federal government, the media, and consumer. In this students experience many patients are aware that changes are coming, but the patients are very opinionated by their like or dislike of the President of the United States. This student has found through daily

The HCS 405 week 1 financial terms worksheet throws light on some of the most basic concepts of the healthcare business. Understanding health care financial terms is a prerequisite for both academic and professional success. The health care business helps the nation by providing the building blocks that the citizens need to live a successful and healthy life. The worksheet is intended to ensure that the students understand some of the basic terms used in the business world of the health care industry. The purpose of HCS 405 individual and team assignments is to make the students aware about the numerous strategies employed in the financial and other departments of a

The bottom line we need to concentrate on cutting cost of health care and quality care, which we all deserve as human beings. There is not just one factor that contributes to the health expenditure but several pieces to this puzzle that makes this a major health cost issue. We need to find ways to decrease spending too much, so people can benefit from their health plan. The nation should consider cutting hospital care, clinical services and prescription drugs, since these are the top expenses for health care. This would definitely clear a path for reduced cost. The public can barely afford to pay premiums to their private health insurance companies but if they want coverage they have to pay. The one’s who qualify for Medicare and Medicaid will get help from this government program for health care cost and yes some

A major aspect of health care organization operation is that of financial management. Financial management of health care organizations incorporates ethical standards and proper reporting practices. Financial practices and ethical finance concerns are important to the success of any organization, particularly within the health care industry. The four elements of financial management, generally accepted accounting practices (GAAP), and general financial ethics standards are part of ensuring fair and accurate financial reporting from health care organizations. Examining examples of ethical standards of conduct and reporting standards helps to understand the

* A balance sheet is snapshot of the financials for that organization (with assets on the left and liabilities on the right side) for that particular date that was requested

While there is still much to learn about financial operation of a health organization, I feel that I have better understand of most of the fundamental principles that apply to a broad spectrum of businesses. Upon reflection this understanding of financial principles also reinforces the need to have a fundamental base of knowledge, but simultaneously services to illustrate the vast body of information that there still is to learn. The allied health community assignments were useful in a general sense, in that they allowed a student to apply some of the concepts that they have learned. This “hands on” approach was helpful because it added context to the lectures and readings. As an exercising in doing the work of an administrator, the allied health community exercises required the student to research additional information about the topics assigned and this allowed me to further mentally cement the concepts.

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:

In addition to delivering health care of the highest quality, another main goal of a health care organization is to remain profitable and viable through effective financial management. In an effort to do so, members of administration along with the Chief Financial Officer (CFO) work diligently in attempting to maintain and sustain a successful health care organization by monitoring the flow of cash (in and out) in accordance to GAAP (Generally Accepted Accounting Principles), while ensuring the needs and wants of the consumers are met. With this being the case, health care accounting skills are equally important in

The different segments within the sector such as hospitals, home health rehabilitation services among other patient care facilities employ qualifies personnel to attend the needs of the patients at different capacities. Therefore, the managers in the health care need to possess skills and knowledge concerning the integration of change in the right manner and similarly, possess effective interpersonal skills, communication ability, and competent leadership skills to guide and direct diverse groups of individuals towards the achievement of a common organizational goal.

Government financed health care typically has more control to place limitations on care offered to patients and doctors in order to keep costs down. Since payers must try to deliver the most care for the