Reporting Practices and Ethics Paper

Effective financial management is the basis of thriving health care organizations. Organizations must make good investment decisions based on objective analysis (Healthcare Financial Management Association [HFMA], 2005). Integration of financial management principles provides decision makers with guidance to make capital decisions maximize mission-based benefits at effective costs (HFMA, 2005). An operating budget is the statement of profit and loss for the entire organization. Various health care entities prepare operating budget for the following year for discussion and approval by top management (Academic Writing Tips, 2011). At the end of the year, departmental managers provide an account for the previous year’s

This course is designed as an introduction to the terminology, processes, functions, and financial reports commonly encountered in health care operations. This course introduces the concepts of basic managerial financial functions, such as budgeting, reimbursement methods, and the responsibilities of health care financial

I am part of the West Houston Medical Center organization, and the hospital’s mission statement states: “We are a family of dedicated Healthcare professionals committed to providing exceptional healthcare and service by exceeding the expectations of every patient, every day” (West Houston Medical Center, 2016). For that reason, it remains essential for all team members that we are responsible for ethical patient treatment centered together with patient valued care when it comes to providing caring for our patients. The care which patients receive along with the hospital 's business operation plays a substantial part in which way the members of the surrounding neighborhoods view the organization. The principal goal of the hospital is “To be one of the best hospitals in the country based on quality and satisfaction indicators” (West Houston Medical Center, 2016). We hold values such as “Put patients first and foremost”, “Treat each other with respect and dignity” combined

Controlling is ensuring the validity and accuracy of all financial information within the firm. Controlling will become very profound as the industry overall undergoes fundamental change in regards to operations. Legislation imposed by the federal government regulates, to a certain extent, how health care organizations operate. As such, management must be able to control costs and assess the validity of the financially information presented to them. If the organization fails to do so, the results could be devastating. First, loses will occur due to the excessive lack of control. The organization may be forced to lower spending in some areas of compensate for the aggressive spending in others. In addition, the reputation of the firm could be harmed. Patients and other vendors may be unlikely do business with the firm for fear of the company's lack of financial security. Therefore, in order to ensure the continuity of the business, the firm must have adequate methods by which to check the validity of its financial information. Third party audits, independent audits, check and balances and management oversight all will help ensure that the overall financial position of the firm is sound and credible.

In the health care environment financial practices and ethical care finance is very important to produce successfully organizations. In the health care industry and in any business ethical and financial practices are adopted to increase the organization value and consumer confident as well as protected the services or products provide by the organization and maintain the organizations brand name. In the health care industry no patient will want to attend a hospital in which the dead rate is above 50 percentages annually, it will

Healthcare organizations do not contribute to the society’s welfare and impact the society positively therefore the relationship with the stakeholders is poor. With a poor relationship, this causes conflict between the patient and the doctor. Enough financial resources should be allocated to prevent quality of care issues and improve the quality of care to the patients. The moneys allocated can be used to purchase equipments that are beneficial to the care of the patients. There are many issues when it comes to the allocation of resources and should be cost effective to ensure the health benefits of those in the community that are being treated. If the allocations of the resources are not done correctly it can affect the community. Human resources should allocate financial resources to eliminate the shortage of doctors and nurses which has affected the performance and

1. Choice for providers - Choose a primary provider from the panel of available providers

With the current recession, health care organizations have seen in increase in the inability to collect debt from self-pay, uninsured, and underinsured patients. This has caused a struggle on the organization to meet operational margins, and profits. There are a number of reasons for this new increase in patient debts, the more common are, poor accounting practices, lack of patient information and correct patient demographics. Obtaining the correct patient information plays a large part on non collectable debt because patients are not able to be reached. Even though

In the health care world finances play a significant role in the quality of care rendered to the consumer. There is no health care facility that is the same when it comes to their financial management because it is needed both internally and externally to ensure that it runs properly. Today’s health care field consist of either not-for-profit organizations, for-profit organizations and governmental, (Gapenski, 2008).

This gap away from being completely ethical occurs because professional decisions are often influenced by individual ethics. Identifying these gaps allow healthcare administrators to make necessary steps to improve the method in which they make decisions.

According to Morrison E. And Furlong B. (2014), hospital ethics committee is one of the most important group that exist within a health care organization. Today, ethics committee are become more of use due to ongoing ethical conflicts. In addition, more health care organizations such as, hospitals, nursing homes facilities, and managed care are reaching out to this group for better assistance (Morrison E. & Furlong B. 2014). It is also understood that ethics committee serve major roles including, developing standards and policies, improve and promote education, and orchestrating clinical consultations. The underlying goals of traditional ethics committees are: to promote the rights of patients; to promote shared decision making between patients,

There are many reasons as to why reporting practices and ethical standards are of the upmost importance in healthcare and in any business. The types of generally accepted accounting principles; to the corporate compliance, ethics, fraud, and abuse are all important factors to be considered in order to maintain a successful business. The four elements of financial management are often used to prevent fraud and embezzlement. I believe every business should adopt good business ethics and standards to maintain a

All healthcare programs must maintain cost effectiveness in order to maintain the sustainability of the business. The management of a healthcare system must appraise and analyze all aspects of the services provided, especially care plans for diagnoses that require costly medical treatment. With the expansion of Medicaid benefits through the Affordable Care Act, administrators must be diligent in evaluating appropriate treatment options and the cost effectiveness of the treatment.

Healthcare managers participate in various important roles that allow them to form and maintain flourishing organizations. Managers ought to be aware of the decisive elements of management and the generally accepted accounting principles. At the same time, they must realize, stick to, and put into effect the general financial ethical standards. Successful management of finances of healthcare is one of countless tests that mug the organization. Revenues and expenses of the organization are essential because they establish the external and internal finances of the company. The

Financial statements have several key components and specific criteria into them to relay the detailed information for auditors and management. A deeper look into financial statements and the many concepts surrounding them are needed to explain in more detail. It’s also important to recognize the Auditor’s opinion letter, balance sheet, operating statement, statement of changes in net assets, and statement of cash flows and footnotes of their involvement in the process. Relevant accounting articles are a useful supplement to financial statements and how they enhance concepts in the financial statement. The meaningful uses of financial statements for health care organizations are the epitome of current and future success of financial health.