Week Five Health care financial terms
Week Five 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, concept, procedure, or tool necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth?
o What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?
o What risks or failures are associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool?
Save the completed worksheet as a Microsoft® Word document with your name in the file name.
Submit the file to your instructor.
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Term |
Definition |
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Electronic health record |
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Electronic prescribing |
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Health information technology |
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Situational analysis |
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SWOT analysis |
Scenarios must be health care related like in a hospital, doctor’s office, clinics or a particular hospital department (for example radiology or laboratory. Examples given below but use the terms above.
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Non-controllable expenses |
Expenses that various individuals or departments within a healthcare organization cannot unilaterally change. |
Hospital managers may choose how many nurses can work at the ICU during the night shift which is controllable, but expenses like hospital taxes and rent are non-controllable. |
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Nonproductive time |
Money paid to a worker for nonworking hours. |
When a physician’s assistant goes on paid holiday, he/she is getting paid for nonworking hours. |
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