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Financial Terms in Health Care

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- write each term's definition as used in health care management. You must define the term in your own words.
- after each term's definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool that the term refers to in 125 to 150 words. In the scenario, you may wish to consider the following:

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

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Solution Summary

There are many financial terms in health care as it relates to the accounting, patients and practice of health care delivery. Knowing what those terms are and their definitions helps with the daily practice of delivering quality health care in compliance with regulation, meeting expectations for revenue, and patients' biling.

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Hi:

If I were doing this assignment, I would first download an online glossary of terms used in health care: http://www.academyhealth.org/files/publications/glossary.pdf

Next, I would seek out the financial terms in health care and make a list of them with a brief explanation (in my own words) as to their definition as though I was explaining the definition of the term to a friend or classmate.

After making the list with the definition, I would write a brief summary regarding a health care ...

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