HCS 182 Week 1 Financial Concepts Worksheet

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HCS 182 Week 1 Financial Concepts Worksheet
Resource: Financial Concepts Worksheet

Complete Parts A and B of the Financial Concepts Worksheet.

Click the Assignment Files tab to submit your assignment.

Financial Concepts Worksheet

 

Part A: Match the appropriate term to its definition.

 

1.
_____   Fee

 
A.
The total amount a patient must pay on a covered medical expense.
2.
_____   Bad Debt

 
B.
A summary of how the business incurs its revenues and expenses through both operating and non-operating activities.
3.
_____   Charge Master

 
C.
A small amount of cash available for expenses such as postage, parking, fees, small contributions, emergency medical supplies, making change for patients, and small miscellaneous items.
4.
_____   Allowed Charges

 
D.
The specific dollar amount charged by the healthcare entity or physician for each service offered.
5.
_____   Deductible

 
E.
The maximum amount a payer will allow for each procedure.
6.
_____   Accounts Receivable

 
F.
Daily record of financial transactions, including services rendered, charges, and receipts.
7
_____   Petty Cash Fund

 
G.
The amount of medical encounter charges that is still outstanding.
8.
_____   Net Revenue

 
H.
The part of the medical bill that must be written off because of billing arrangements with payer.
9.
_____   Contractual Adjustments

 
I.
Accounts receivable that cannot be collected and are managed by either the allowance method or direct write-off.
10.
_____   Day Sheet

 
J.
An obligation of an entity.
11.
_____   Balance Sheet

 
K.
A list of procedures, services, supplies with associated charge.
12.
_____   Income Statement

 
L.
Provides information about a company's gross receipts and gross payments for a specified period of time.
13.
_____   Cash Flow Statements

 
M.
Residual claimant or interest of investors in assets after all liabilities are paid.
14.
 _____   Assets

 
N.
Tangible or intangible assets that can be owned, controlled, and produce a value.
15.
 _____   Liabilities

 
O.
Snapshot of the company’s accounts at a single point in time.
16.
 _____   Equity

 
P.
Amounts actually collected minus adjustment or discounts.
 

Part B:

 

Write a 90- to 175-word response to each of the following prompts. Format your answers according to APA guidelines and cite any sources accordingly.

 

 

1.     Briefly explain the meaning of Assets = Liabilities + Owner’s Equity.

 

 

2.     What are the three elements included in the end of day summary?
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