Financial Terms Worksheet Essay

Understanding health cargon 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 downstairs according to the following guidelinesIn the space provided, write each terms definition as used in health care caution. You moldiness define 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 son of a bitch 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 indicate keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth Successes enabled by an adequate understanding or appropriate application of the skill, concept, proced ure, or tool Risks or failures associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or toolSave the completed worksheet as a Microsoft Word record with your give in the file name. Submit the file to your instructor.WorksheetSubmitted By Keila QuintanilaType your name here.TermDefinitionScenarioBalance sheetA fiscal statement that summarizes a connections assets, liabilities, shareholders equity at a peculiar(prenominal) point in time and net worth. This statement will display if the organization is in nifty fiscal standing or not and if they can meet their long-term fiscal responsibilities.The 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 Statement, Statement of Cash Flows, Statement of Fund Balance or Net Worth or Equity statement. Statement of gross and expenseA statement summarizes amount of do good earn ed minus the amount of operating expense. The statement will indicate the difference as profit or loss. The health care manager 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.gross cycleThe revenue cycle starts with meeting of customers, following any transactions during the period of transactions and continues with a political company/customer association.The salesman has brought revenue into the company. Furthermore, the salesman describe that, the gross 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 practice Medicaid, Medicare, indemnity insurance, managed careof monies received by a medical practice Medical organiz ations 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 grassroots tools for nonfinancial managers (3rd ed.). Sudbury, MA Jones & Bartlett Publishers.