Financial Terms Worksheet Essay Example for Free

Financial calls Worksheet EssayUnderstanding health pity financial terms is a prerequisite for both academic and professional success. This assignment is intended to mark you understand some of the basic terms used in this course.Complete the worksheet below according to the pursual guidelinesIn the space provided, write each terms definition as used in health care management. You must define the term in your own words. In the space provided by and by each terms definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or ray of light to which the term refers. In the scenario, you may wish to consider the followingWhy the skill, concept, procedure, or tool is necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so off Successes enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool Risks or failures associated with an deficient understanding or inappropriate application of the skill, concept, procedure, or toolSave the completed worksheet as a Microsoft Word document with your name in the file name. Submit the file to your instructor.WorksheetSubmitted By Keila QuintanilaType your name here.TermDefinitionScenarioBalance sheetA fiscal statement that summarizes a companys assets, liabilities, shareholders equity at a specific point in time and net worth. This statement pull up stakes 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 report, which are the following Balance Sheet statement, Income asseveration, report of Cash Flows, Statement of Fund Balance or Net Worth or Equity statement. Statement of revenue and write offA statement sum marizes sum total of profit earned minus the amount of operating(a) expense. The statement will indicate the difference as profit or loss. The health care coach-and-four purchased some medical equipment, in which he will enter in the statement of revenue 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.Revenue cycleThe revenue cycle starts with brush of customers, following any transactions during the period of transactions and continues with acompany/customer association.The salesman has brought revenue into the company. Further more than, the salesman fall upon that, the Revenue Cycle beings with meeting with customers, presenting the product and closing the sale during specific time but more important is to have a continues business relationship with company and customers. Payer mixMedical get along Medicaid, Medicare, indemnity insurance policy, managed careof monies received by a medical practice Medical organizations predict ternary party payer 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 consummate(a) 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 Publishers.