...HCS 405 week 1 Health Care Financial Terms Worksheet Paper - WWW.STUDENTWHIZ.COM Introduction The HCS 405 week 1 financial terms worksheet throws light on some of the most basic concepts of the healthcare business. Understanding health care financial terms is a prerequisite for both academic and professional success. The health care business helps the nation by providing the building blocks that the citizens need to live a successful and healthy life. The worksheet is intended to ensure that the students understand some of the basic terms used in the business world of the health care industry. The purpose of HCS 405 individual and team assignments is to make the students aware about the numerous strategies employed in the financial and other departments of a health care sector. The students attending to the HCS 405 need to understand the significance of the healthcare industry. The employees of the company strive hard every day to fulfill the mission of the company by providing millions of families, seniors, and children of the country with access to good quality healthcare products and services. The questions are strategically framed to bring out the major theme of each of the HCS 405 week assignments. For example, decision-making is the process of making sound financial decisions with the aid of your controlling, organizing, and planning results and analysis. It defines the roles for various employees of the company like the financial manager. There is a need for the mangers...
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...Course Design Guide HCS/405 Version 5 1 Course Design Guide College of Natural Sciences HCS/405 Version 5 Health Care Financial Accounting Copyright © 2012, 2010, 2007, 2005, 2004, 2002, 1999 by University of Phoenix. All rights reserved. Course Description This course provides an understanding of the general principles of accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the...
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...Financial Statement Review HCS/405 Financial Statement Review The financial statements are reports that are useful in many ways including showing where the cash going into the business comes from and how this money is used. Financial statements will also show if a company can pay back the debts that have accrued. Other useful indications for financial statements are to track a trend in any issues related to the probability, and identify individual business transactions details. To understand the financial condition of an organization, an individual would look at the organization's financial statements (Baker & Baker, 2014). Using Patton-Fullers financial statements, Team B will address the difference between unaudited and audited statements and the effect of the revenue sources. Lastly Team B will show how income and expenses are grouped for planning and control. Analyzing Patton-Fuller's financial statements, Team B will address the connections between the sources of revenues and the costs of their financial performance. Audited and Unaudited Difference The financial statements differed between audited and unaudited in one main way; unaudited statements had more information and a more detail break down. For the unaudited financial statements, expenses and revenue are given out to depict clearly where money is coming from and where it does in various costs. The unaudited...
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...Concept Reflection Andrea Gomez HCS/405 February 24, 2016 Rosetta Stringfellow Concept Reflection The first step to budgeting for unforeseen changes and improvements in information technology that require large capital outlays is to appropriately plan for such an event. Healthcare facilities need to transition from the mentality that IT upgrades are merely something that need to be squeezed into the budget somehow, and actually create a meaningful plan that will transition IT from an “as needed” task to an ongoing process (Shimamoto, 2012). The second step would be to identify what management’s goals are in order to align their IT strategy with their business strategy. This will help in determining if an IT change is a good investment decision (Shimamoto, 2012). Aside from liquidating some of the hospital’s assets, it would benefit the business to confront unforeseen expenses before they actually happen. Grow budget items help to introduce new projects into the facility or improve upon existing ones (Shimamoto, 2012). Grow initiatives can include the implementation of new software in order to make daily operations run more efficiently, the purchase of firewalls to help safeguard important patient information, or other items that help the facility better interact or communicate with their patients (Shimamoto, 2012). The great thing about grow initiatives is that there is no running clock on them in that they are not meant to be completed by a specific point in time. These...
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...August 25, 2014 HCS/405 Darlene Tomlinson 1. Planning. The financial manager identifies the steps that must be taken to accomplish the organization’s objectives. Thus, the purpose is to identify objectives and then to identify the steps required for accomplishing these objectives. In my own words: The process of planning is developing strategies, and outlining tasks required for accomplishing goals/objectives. 2. Controlling. The financial manager makes sure that each area of the organization is following the plans that have been established. One way to do this is to study current reports and compare them with reports from earlier periods. This comparison often shows where the organization may need attention because that area is not effective. The reports that the manager uses for this purpose are often called feedback. The purpose of controlling is to ensure that plans are being followed. In my own words: Controlling is the basic management function or standards, by comparing actual performance against them, and taking corrective action to ensure that plans are being followed. 3. Organizing and directing. When organizing, the financial manager decides how to use the resources of the organization to most effectively carry out the plans that have been established. When directing, the manager works on a day-to-day basis to keep the results of the organizing running efficiently. The purpose is to ensure effective resource use and provide daily supervision...
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...Budget Changes HCS/405 July 29, 2013 Budget Changes Corporations need careful financial statements to achieve his or her objectives. Business’s carry out financial plans and assessments along with possible expenses for the profits on behalf of a precise phase to settle on the majority of well thought-out and efficient lines of attack for manufacturing the cash and changing material goods. Finances agree to industries identifying with command to his or her costs and to assign funds to make the most of proceeds. Therefore, agreeing and letting him or her show his or her work and profits to banks, shareholders, and financiers will include a diagram for everyplace that he or she is going too. Industries usually build up and complete his or her financial statement strategies every year, in a five- stage procedure recognizes the preparation series. First, corporations build up an intentional diagram that concentrates on his or her long-standing objectives and how to attain them. The layout of the graph on average takes in economic predictions and protects a five-year phase. Next productions arrange a once a year process set up that offers a comprehensive viewpoint for the upcoming year. Because things revolutionize after the year begins, companies change his or her tactics, companies sometimes give up his or her everyday ideas. The familiar charts get sudden and unforeseen modifications into deliberation. Businesses frequently build up calculations or unofficial predictions...
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...Financial Statements Reviewed Beverly Landrum HCS/405 September 15, 2014 Terri Andrews Financial Statements Reviewed Team D will explain the difference between the audited and unaudited financial report starting with the team’s understanding the financial statement and results should be expressed in thousands. Team D recognized any number from the statement should have zeros added at the ends. Let’s say a number that is written as 7,000 in the statement should actually read 7,000,000. So in our report for this paper, we will follow the thousand noted in the audits with the knowledge of the true value. There were many differences in the audited and unaudited financial statements. There was a deficient -$18,856 in cash and cash equivalents between 2008 and 2009 as well as a decline in assets of limited use of $14,257. However, an increase of $21,121 in the patient account receivable demonstrating Patton-Fuller Community Hospital (PFCH) had an increase in patient care and services. There was a rise in accounts receivable with a result of $0 revenue. It was noted in the inventories there was a $1 million dollar difference between 2009 and 2008. It was explained in the auditor’s there was an annual inventory in December that supply expenses were underestimated and that cost was added to the December’s statement (PFCH 2009). The prepaid expenses differences amounted to a negative 106. The total current assets grand total differences between 2008 and 2009 was -$2159. ...
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...Patton-Fuller Ratio Computation Patton-Fuller Ratio Computation July 8, 2013 HCS/405 Regina Robinson The Eight Basic Ratios 1. Current Ratio (Unaudited) 2009 Current Assets $128,867 ÷ Current Liabilities $23,807= 5.4129877 or 5.413 (5 to 1) 2008 Current Assets $130,026 ÷ Current Liabilities $8,380 = 15.516229 or 15.516 (15 to 1) Current Ratio (Audited) 2009 $128,867 ÷ $23,807= 5.3709833 or 5.371(5 to 1) 2008 $130,026 ÷ $8,380= 15.516229 or 15.516 (15 to 1) Disagree: This ratio is consistently a measure of short-term debt paying ability (Baker & Baker, 2011). However, it must be carefully interpreted (Baker & Baker, 2011). Observationally, the CEO’s report to the board that all financial ratios have improved is inaccurate; in all actuality, the ratios have not. In effect, the numbers simply do not back up the declaration. The unaudited and audited current ratios show that in 2008 the hospital’s assets were greater than those in 2009 were. This ratio also shows the current assets in 2008 were much higher than the current liabilities for the same year, a ratio of 15 to 1. In 2009 the current assets to current liabilities ratio was only 5 to 1. The hospital’s assets were lower in 2009 and yet the liabilities in 2009 were higher. The hospital’s assets were higher in 2008 and the liabilities in 2008 were lower. This shows the hospital was more profitable...
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...Financial Statement Review Team B December 10, 2014 HCS/405 Mr. Henderson The Patton-Fuller Community Hospital represents a structure organization within the healthcare setting where the highest quality of care is aimed among all employees. Although the quality of care holds a vital of importance within the healthcare organization, finance and budgeting plays a very important role as well. Finance with any organization paves the way to great success for their consumers along with their medical staff. According to the financial statements, Patton-Fuller Community Hospital has a variety of departments accepting inpatient activity allowing the organization to accumulate eighty-percent of revenue. By comparing the annual financial reports, Patton-Fuller Community Hospital has accumulated an excessive amount of debt in areas such as staffing and supplies. With continuous research, the finance department has implemented financial ratios comparing the differences between un-audited and audited statement to ensure less expenditures and ways to plan and control. The balance sheet was completely unaudited in the years of 2009-2008. During the year 2009 the over-all current assets was $128,867 and in 2008 the entire current asset was approximately $130,026 therefore in 2008 it was a much enhanced year. In 2009 the total assets listed at $588,767 and throughout 2008 the whole assets were at $548,535. In 2009 the existing liabilities was $23,807 and ongoing in 2008 the complete...
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...Financial Statements Review Anita Coronel, Santiago Nunez-Rivas, Verlendra Ruff & Evelyn Daniels HCS/405 March 17, 2014 Judy Araque . To have a successful hospital or business financial knowledge is critical, the manager in charge of finances must have a good understanding of accounting. Financial decisions are made with more precision and accuracy. In this paper the audited and unaudited financial statements will be discussed, what is the effect of revenue sources on financial reporting at the hospital, and how are the hospital’s revenue and expenses grouped for planning and control. How did the audited and unaudited financial statements differ? (Santiago) The importance of performing proper audits of financial statements should not be underestimated. For example, Patton Fuller performed an audit of their records and found a discrepancy of $1,000 in the 2009 total assets as compared to the unaudited documents. Although some may find this amount as minimal due to the total amount of current assets at hand, finding the mistake is critically important in maintaining the integrity of the organization’s financial records as well as meeting organizational goals. What is the effect of revenue sources on financial reporting at the hospital? (Evelyn) Any company’s revenue will come from multiple sources, to include the sale of goods, interest on loans, and income from renting or...
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...Ethics Paper HCS/405 December 12, 2011 Professor Ethics Paper When we talk about financial planning we have to take step back, look at the whole picture, and understand how it begins. Financial Management is the key essential in an organization when you plan financially. Financial Management is the building blocks for all accounting records and business transactions that occur. We cannot forget that decisions are based on the organizations fiscal objectives others are based on general accounting principles. So to better understand you must ask the question of “Is the financial management of the organization strong and how is the financial reporting records validity”? When we think of financial management we have to start with the basic framework of any accounting structure and that would be the generally accepted accounting principles (GAAP) is the hierarchy of accounting standards. As we look at these accounting standards, the GAAP has a long list that follows such as; standards, conventions and the rules of the organizations accounting follows when during summarizing all transactions for the financial statement. Then we have what is known as the third parties these should be free of any type of bias and inconsistency without debate or the GAAP standards will follow. With any organization the “general accepted accounting principles are guidelines precisely, are a group objectives and conventions that have been set up permanently over time to set how financial...
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...Financial Management of Health Care Organizations Latasha Rowell August 4, 2015 HCS/405 Conway Brew Financial Management In any business, financial managers should ensure that financial reporting practices and ethical standards are being met as well as maintained. These practices are vital in the financial success for any company, especially in health care finance. Within this paper, a summary of the four elements of financial management, generally accepted accounting principles, and general financial ethical standards will be discussed. Summary of the Four Elements of Financial Management There are four main financial statements of a profit earning organization. They include the balance sheet, the statement of revenue and expense, the statement of fund balance or net worth, and the statement of cash flows. The balance sheet provides a snapshot of what an organization's owns and owes. This is displayed as assets and liabilities. The balance sheet provides a snapshot of a company’s net worth. The income statement provides an overview of the financial flow of an organization. This report is commonly extracted for a specific period of time rather than a single point in time. This statement is most often utilized in an audited financial report on a quarterly and annual basis. The statement of net worth calculates the non-operating expenses and allows the income statement to tie back to the balance sheet when the three statements are prepared for the same point in time...
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...Reporting Practices and Ethics Paper HCS/405 March 7, 2016 Reporting Practices and Ethics Paper Generally accepted accounting principles (GAAP) represent the general rules, standards, and practices that are used in accounting. GAAP are required for businesses when reporting financial records. When preparing financial statements, a company’s accountant is mandated to use these principles before they issue these statements to investors and other entities outside of the business. The objective for these standards are to assist in ensuring that ethical accounting practices occur wherein investors and creditors have the confidence that companies are truthfully reporting their financial solvency. In summary, the GAAP are responsible for ensuring that companies ethically record measurements at regular business intervals, prepare and summarize economic information in accordance to ethical standards, accurately measure economic activity, and truthfully disclose information about economic activity. Corporate compliance, ethics, or fraud and abuse Medical fraud and abuse in the healthcare industry is a rampant occurrence that significantly impacts not only healthcare in America but also the entire economy. Fraud and abuse within the healthcare industry can account for approximately 15 percent of annual expenditures. This represents up to $170 billion annually being lost because of fraud and abuse in the healthcare industry. Although the federal government has consistently...
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