Accounting Basics Part 1: Application in Healthcare

Accounting terminology and methods are essential parts of management and can be used to improve the efficacy of communication with other managers and executives. While learning these terms and methods can seem daunting, the rewards are well worth the effort. Accounting terminology can seem almost as complex as medical terminology: revenues, expenses, iRR, net pres- ent value, and profit. However, manag- ers and supervisors don't need to understand all of those terms, just those most commonly used. Once those basics have been mastered, they will provide sufficient background to understand the many forms, information requests, and questions accounting and finance lead- ers will provide and request. Imaging supervisors and directors can use these terms and methods to success- fully communicate with management about resources needed and their impact on the community and the bottom line of the organization. The reward for the time spent is well worth the effort.