Financial Terms Worksheet Essay

Under stand health c atomic number 18 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 chase guidelinesIn the space provided, write apiece terms commentary as used in health care perplexity. You must ready the term in your own words. In the space provided after each terms 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 undermentionedWhy the skill, concept, procedure, or tool is necessary for completed record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth Successes enabled by an adequate understanding or appropriate exercise of the skill, concept, procedur e, or tool Risks or failures associated with an inadequate understanding or conflicting application of the skill, concept, procedure, or toolSave the completed worksheet as a Microsoft Word document with your name in the institutionalize name. Submit the file to your instructor.WorksheetSubmitted By Keila QuintanilaType your name here.TermDefinitionScenario counterweight sheetA fiscal narration that summarizes a ships companys assets, liabilities, shareholders equity at a particular proposition point in time and net worth. This statement will display if the organization is in good fiscal standing or not and if they can meet their long-term fiscal responsibilities.The theatre director asked for the titles of the four financial statements that included in an audited financial score, which are the following Balance Sheet statement, Income Statement, Statement of Cash Flows, Statement of Fund Balance or Net Worth or Equity statement. Statement of gross and expenseA statement summa rizes amount of profit acquire deduction the amount of operating expense. The statement will indicate the difference as profit or loss. The health care manager purchased some health check equipment, in which he will enter in the statement of taxation and expense the document will show the amount of profit earned and the minus amount of operating expenses. This will clearly shows the difference as profit or loss.gross cycleThe revenue cycle starts with clashing of customers, following any transactions during the period of transactions and continues with a company/customer association.The salesman has brought revenue into the company. Furthermore, the salesman describe that, the Revenue Cycle beings with meeting with customers, presenting the yield and closing the sale during specific time but more of import is to have a continues business relationship with company and customers. Payer ruffleMedical practice Medicaid, Medicare, indemnity damages, managed careof monies rec eived by a medical practice Medical organizations predict third party remunerator mixes so that they can precisely predict their profits for the coming term.RevenueThe amount of currency that a company essentially receives during a specific period, including discounts and deductions for returned products. It is the top line or gross income figure from which costs are subtracted to define net income. The medical organization, revenue is the money received from insurance companies, payer mix that brings in from the rendered services. The medical organization usually calculates and report revenue for a quarter or a year.ReferencesBaker, J. J., & Baker, R. W. (2011). health care finance Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA Jones & bartlett pear Publishers.