Wk3 Terms - Hcs/405 Essay
Week Three 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: …show more content…
| |being sought for use (such as equipment, physical |capital figures required for the expansion are specifically |
| |buildings and even land acquisitions). Term lengths|detailed inside a capital expenditure plan. The highest hurdle to |
| |tend to cover longer periods of time – between 5 & |overcome when attempting to get this form of capital expenditure |
| |10 years. |budget passed, are other departments who are aiming at receiving |
| | |the same operations resource allocations. Managers will need to |
| | |use highly persuasive arguments as to why those funds should be |
| | |used on one project over the competing one(s). |
|Direct cost |Costs that can be correlated to a specific |A medical device supplier, who produces catheters, hires a manager|
| |unit/department/patient, which are traceable. Three|to oversee the production of the catheters made at that