Week One Health Care Financial Terms Worksheet Essay

662 WordsJul 28, 20133 Pages
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: o Why is the skill,…show more content…
When choosing to update their facility Dr. Maritah and Dr. June spent months researching information on new devices and services that they could provide to their community. They view health reports, statistics, and evaluated what would be most useful and bring in the most revenue for their facility. After review they realized that their community needed more child based care and decided to focus on establishing a pediatric department during their expansion. Organizing Organizing is the process of assessing rescores and how they can benefit and be used towards reaching the goals and plans previously established. After review of all current resources Maria decided that funds were limited and if the expansion were going to be possible she would have to have a detailed plan as to where they would benefit the company most. She organized reports and statistic information to present to the board for review. Planning The financial manager establishes goals that will help to reach the organizations objectives, then creates steps in which they will use to achieve those goals. To open a new department in their facility first thing is first they had to determine how much it would cost in man hours and resources including construction. They created a budget for supplies, construction, employees and their training, and they determined a goal for their launch date.

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