Last Updated 19 May 2021

Financial Term Worksheet

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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:

Why is the skill, concept, procedure, or tool necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth? What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool? What risks or failures are associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool?

Controlling, is when a manager detects a problem within the organization and takes the necessary steps to rectify the situation. An healthcare manager (HCM) would use controlling measures in a scenario such as: After, reading feedback about the nurses on the maternity ward. The HCM notice the same comment about the nurses and their bedside manner. The HCM rectified this issue by ordering all the nurses in the maternity ward to take sensitivity training and followed up on feedback to make sure no further actions needed.

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Decision-making is when a manager utilize all the resources available to make an educated decision in the best interest of the company. A healthcare manager would use Decision-making measures in a scenario such as, after instructing the nurses to take sensitivity training. The HCM finds out the head nurses has disobedient orders and refused to take any such training. The HCM has to make a decision on how to deal with the head nurse without causing problems among the staff.

When organizing a manager uses allocate resources as they see fit. In order to serve/meet organization needs. In order to meet the health care organization plan on having 80% positive feedback, the HCM has to check the comment boards and box. Then organizing and using the allotted resources to how to obtain the organizational goals.

When planning a manager recognizing issues and prepared a course of action to rectify the issues. The HCM was planning a course of action against the head nurse for disobeying orders. The original records are the original a hard copy of the patient’s medical records. All medical centers must keep original hard copies of their patient’s Protected Health Information (PHI). If there is a system shutdown, the medical center will still have a copy of the patient’s PHI.

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