HCS 182 Week 1 Financial Concepts Worksheet

Resource: Financial Concepts Worksheet

Complete Parts A and B of the Financial Concepts Worksheet.

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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.

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

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