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Financial Terms in Health Care

– write each term’s definition as used in health care management. You must define the term in your own words.

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– 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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