Health Care Financial Management: Assignments and Templates for HCS 405, Quizzes of Linguistics

Download Health Care Financial Management: Assignments and Templates for HCS 405 and more Quizzes Linguistics in PDF only on Docsity! TERM 1 HCS 405 All Assignments NEW DEFINITION 1 HCS 405 All Assignments NEW HCS 405 Week 1 Health Care Financial Terms and Financial Statements HCS 405 Week 2 Operating Budget Worksheet and Template HCS 405 Week 3 Balance Sheet Worksheet and Template HCS 405 Week 4 Simulation Review HCS 405 Week 4 Simulation Paper HCS 405 Week 5 Future Issues in Health Care Funding HCS 405 Week 5 Benchmark Assignment Income Statement Worksheet and Template TERM 2 HCS 405 Week 1 Health Care Financial Terms and Financial Statements NEW DEFINITION 2 HCS 405 Week 1 Health Care Financial Terms and Financial Statements NEW Resource: pp. 10 to 11 in Healthcare Finance: An Introduction to Accounting & Financial Management (6th ed.) Complete the Health Care Financial Terms and Financial Statements worksheet. Click the Assignment Files tab to submit your assignment. Health Care Financial Terms and Statements Understanding health care financial terms and statements is a prerequisite for academic and professional success. This assignment is intended to ensure you understand some of the basic terms and statements used. Complete parts A and B of this worksheet. Save the completed worksheet as a Microsoft Word document with your name in the file name to your computer desktop. Click the Assignment Files tab to submit your assignment. Part A: Complete the table below according to the following guidelines: In the space provided, write the definition for each term as used in health care management. You must define the term using your own words. In the space provided after each 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 is the skill, concept, procedure, or tool necessary for accurate record-keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, etc.? 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? Term Definition Scenario Controlling Decision- making Organizing Planning Original records Revenue cycle Payer mix Revenue Capital expenditure budget Direct cost Flexible budget Operating budget Responsibility center Forecast Full-time equivalents Noncontrollable expenses Nonproductive time Staffing Situational analysis SWOT analysis Part B: Resources: Complete the table below. In 100 to 125 words, identify the purpose of the financial statement listed and provide an example of how the statement is used. Financial Statement Purpose of Statement Example of Use Balance sheet Income statement Operating budget TERM 3 HCS 405 Week 2 Operating Budget Worksheet and Template NEW DEFINITION 3 HCS 405 Week 2 Operating Budget Worksheet and Template NEW Complete the Operating Budget Worksheet and Template. Format your assignment according to APA guidelines. Click the Assignment Files tab to submit your assignment. Operating Budget Worksheet Consider the following scenario: Imagine you are a manager of a small health care facility and in charge of developing a projected annual operating budget. Your budgetary figures are as follows: For fiscal year 2015 and 2016 your clinic received $3 million from the government as fee-for- services reimbursements, as well as $1.1 million from private payers. The clinic has an annual fund-raiser that historically brings in $180,000 and a grants department that brings in $1.2 million annually. Your chief financial officer (CFO) has provided you with the following annual expenses: ABC Health Care Annual Expenses Annual salaries $1.5 million Annual benefits $ 240,000 Annual rent $ 960,000 Annual insurance $ 45,000 Annual depreciation $ 780,000 Annual overhead $ 180,000 Annual supplies $ 60,000 Using the ABC Health Care Operating Budget template, complete a 12-month operating budget in which you include the net profit (loss). Write a 350- to 700-word executive summary that explains to the board of directors how you developed the budget and its importance. Include the following in your summary: Explain the process for creating an operating budget and its importance. Explain how revenues and expenses are grouped for planning and control in the financial statements. Explain the differences between cash and accrual financial systems. Cite at least 2 sources, including your textbook. Format your assignment according to APA guidelines. Click the Assignment Files tab to submit your assignment. TERM 4 HCS 405 Week 3 Balance Sheet Worksheet and Template NEW DEFINITION 4 HCS 405 Week 3 Balance Sheet Worksheet and Template NEW Complete the Balance Sheet Worksheet and Template. Format your assignment according to APA guidelines. Click the Assignment Files tab to submit your assignment. Balance Sheet Worksheet Consider the following scenario: Imagine you are a manager of a small health care facility and in charge of developing an annual balance sheet to help your stakeholders understand the organizations financial standing. Your health care facilities figures are as follows: Your facility has $700,000 cash on hand; $1,300,000 in accounts receivables; $175,000 in inventory; and $150,000 in supplies. Your chief financial officer (CFO) has provided you with the following assets: Land value $3,000,000 Property value $ 287,500 Plant value $ 287,500 Investment income (loss) $ 147,000 Equipment value $ 350,000 Your CFO has provided you with the following liabilities: Accounts payable $1,400,000 Wages payable $ 480,000 Taxes payable $ 225,000 Loans payable $ 70,000 Bonds payable $ 68,000 Your CFO has provided you with the following owners equity: Retained earnings $ 148,000 Stock $ 340,000 Using the ABC Health Care Balance Sheet template, complete a balance sheet in which you include the net profit (loss). Write a 350- to 700-word executive summary that explains to the board of directors how you developed the balance sheet and its importance. Include the following in your summary: Explain the process for creating a balance sheet. Explain the total assets, liabilities, and net worth (loss). Explain the use of profitability, liquidity, and debt ratios. Cite at least 2 sources, including your textbook. Format your assignment according to APA guidelines. Click the Assignment Files tab to submit your assignment. TERM 5 HCS 405 Week 4 Simulation Paper NEW DEFINITION 5 HCS 405 Week 4 Simulation Paper NEW Write a 1,050- to 1,400-word paper that analyzes the decisions you made in the simulation. Include the following in the paper: Phase I: Capital Shortage Analyze which cost-cutting options you selected and why. Analyze which loan option you selected and why. Analyze the outcome of your capital shortage decision. Phase II: Funding Options for Equipment Acquisition Evaluate which cost-effective equipment selections you made and why. Evaluate the outcome of your cost-effective equipment acquisition decision. Phase III: Funding Options for Capital Expansion Evaluate which source of funding for capital expansion you selected and why. Evaluate the outcome of your source of funding for your capital expansion decision. Summary and Conclusions Explain what you learned from this simulation. Explain what you would do differently if you performed the simulation again. Explain how you will apply what you learned from the simulation at your current or future job. Support your ideas, analysis, and conclusions with references to scholarly external sources, such as the textbook and journal articles. Format your paper according to APA