Financial Terms Worksheet Essay

Understanding wellness business financial names is a prerequisite for both academic and professional success. This assignment is intended to condition you understand some of the basic terms used in this course. carry through the worksheet below according to the following guidelinesIn the space provided, write separately terms definition as used in health burster management. You must 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 tool 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 affected role services, employee management, regulatory compliance, reducing costs, forecasting, and so forth Successes enabled by an adequate correspondence or appropriate application of the skill, co ncept, procedure, or tool Risks or failures associated with an poor understanding or inappropriate application of the skill, concept, procedure, or tool provided 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.Term renderingScenarioBalance sheetA fiscal statement that summarizes a beau mondes assets, liabilities, shareholders equity at a specific point in succession and net worth. This statement lead display if the organization is in good fiscal standing or not and if they can witness 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 gold Flows, Statement of Fund Balance or Net Worth or Equity statement. Statement of taxation and expenseA statement summarizes measuri ng stick of profit earned minus the amount of operating expense. The statement leave indicate the difference as profit or loss. The health care manager purchased some medical exam equipment, in which he will inscribe in the statement of revenue and expense the document will memorialise the amount of profit earned and the minus amount of operating expenses. This will clearly shows the difference as profit or loss. piggy beatThe revenue cycle starts with meeting of customers, following any transactions during the halt of transactions and continues with a fraternity/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 product and closing the sale during specific time but more important is to have a continues business kindred with company and customers. Payer mixMedical practice Medicaid, Medicare, indemnity insurance, managed careof monies received by a medical practice Medical organizations prophesy third party payer mixes so that they can precisely foreshadow 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 Publishers.