Reporting Practices and Ethics
There are four elements of financial management. These four elements are planning, controlling, organizing and directing, and decision making. In planning the financial manager determines what steps are necessary to meet the organizational goals. Distinguishing goals and how to achieve these goals is planning. The manager ensures that the company takes these steps and follows them accordingly in order to meet the goals set forth by the organization. Reviewing current data reports with those of historical data is a step in the right direction. These reports are known as feedback. In doing so, one can draw attention to where the attention needs to be. Some areas require more effort to reach performance standards. Controlling allows organizations to stick to their plans. Organizing enables a financial manager to determine the best way to make good use of available resources. The goal is to make efficient use of resources toward carrying out the plan. Directing enables a manager to daily strive for success and productivity. It is the manager’s responsibility to make good use of resources and supervise the employees under him to ensure maximum efficiency. Concerning decision making, a manager has to narrow down the available options and decide which option fits the organization. Decisions are not just made at the end of or after planning, controlling, organizing and directing, but continue to be made throughout the entire process. Information is helpful in making decisions. Analyzing and evaluating are part of the decision process to reach an informed decision (Baker & Baker, 2011).
There are two types of accounting, including financial and managerial. Financial use consists of third party members or those outside the organization itself. External reports are useful in financial accounting. Reports are made readily available for government agencies such as, Medicare or Medicaid to name a couple. Paying taxes and the satisfaction of stockholders are important. In financial accounting, just as the name suggests finances must be accounted for in the health care industry just as in any other business. It must meet the generally accepted accounting principles and focuses on transactions that have already taken place. Managerial accounting on the other hand, takes place internally within the walls of the organization itself. Managers exercise managerial accounting by planning and controlling operations daily. The ability to turn a profit is reported under managerial accounting along with the cost of services provided. Strategizing and long-term planning are handled under this type of accounting. It is not restricted to generally accepted accounting principles as is financial accounting. It does deal with transactions that have occurred just as financial accounting does though. Nevertheless it must also focus on the future to predict outcomes and draft a budget accordingly. Managerial accounting is prospective as well as retrospective. Financial accounting is simply retrospective (Baker & Baker, 2011).
Generally accepted accounting principles (GAAP) govern how health care organizations prepare their financial documents for submittal and reimbursement. Most facilities are reimbursed partially for services provided. This is why there is an amount of time that passes between the date a patient is seen and treated and the date they are billed. The GAAP accounting standards require service revenue and that the patient seen and their account receivable are reported to include monies due from third parties (Federal Accounting Standards Advisory Board, 2011). The process can take quite some time to establish the amount collectible. In this estimates come in. Facilities must estimate amounts in order to keep track and maintain financial records for accuracy of reporting. Once calculations are made then these records are updated with the exact amounts as opposed to the estimated amounts. The differences
the patient and nurse, in which information given by the patient will not be shared with other person who is not directly involved in the patient’s care, because all patients have e right to privacy in the health care system. Yet, ethical dilemmas often arise as what has been mentioned in “Bioethics on NBC's ER: Betraying Trust or Providing Good Care? When Is It Ok to Break Confidentiality”. Physician and nurse’s ethical duty to maintain client’s confidentiality help the patient to provide the all…
presented the class with information about the American Health Care system, along with the health care systems of other leading Countries which includes: Japan, Canada and the United Kingdom. We learned some scary statistics about how our countries health care system stacks up against these other countries. As presented on the poster board by Jenna, out of the five different health care systems we learned about today, the United States health care system ranks the lowest. How can this be, are we not…
Samantha Williams HRET Focus Areas As a health care professional, it is the responsibility of management to make the necessary steps to measure performance and ensure that quality care is given to all patients. For the purpose of this paper, I believe Quality and safety, and community health is important to all heath care administrators. Quality and Safety When one is considered to be an employer, it is the responsibility of the individual or individuals to protect their employees from…
Blowing the Whistle on Healthcare Fraud: Should I? Diego Guzman Professor Al Williams MAN 2010 February 21, 2010 Blowing the Whistle on Health Care Fraud : Should I ? A whistle blower is defined as an individual who raises a concern about wrongdoing occurring in an organization or body of people, usually this person would be from that organization. This article brings to light the ordeal that individuals, specifically nurses, in the healthcare industry face when contemplating the possibility…
About GINA Tammy Farmer HCA322: Health Care Ethics & Medical Law (HCI432B) Instructor: Dawn Deem August 18, 2014 In this paper I will be talking about the cases that I…
Healthcare Issues Paper Wanda Douglas Health Law and Ethics/HCS 545 October 17, 2011 Nancy Moody Ethical Healthcare Issues Paper In today’s health care industry providing quality patient care and avoiding harm are the foundations of ethical practices. However, many health care professionals are not meeting the guidelines or expectations of the American College of Healthcare Executives (ACHE) or obeying the organizations code of ethics policies, especially with the use of electronic…
Ethics and Laws In organizations Ethics in an organization • Ethics plays a significant role in health care • Ethics are a set of guidelines • In Ethics general rules apply to specific situations • When two entities are valued but come into conflict, ethic typically in abstract terms are derived • Law is all about the political process • Laws are sometimes voted by the public and comes from a vast amount of people • Authorities also impose laws that are in place • In the United…
Ethics Paper Your name University of Phoenix Health Care Financial Accounting HCS405 Conway Brew Ethics Paper Financial Management is one important part of health care financial planning. Many financial decisions are made on…
Reporting Practices and Ethics Paper Juanita Hill HCS/450 January 21, 2015 Professor Joseph Shin Reporting Ethics Paper Within the past few years there has been countless of fraud and abuse in the Medicare and Medicaid systems. Many false practices by doctors and health care staff to make the extra dollar. On the other hand there are health care providers who follow the right proto-call to stay honest with his or her patients and practice. As the health care system enters to the new…
Personal ethics What personal, cultural, and spiritual values contribute to your worldview and philosophy of nursing? How do these values shape or influence your nursing practice? Ethics and values form the basis of nursing. Nurses provide nursing care by preventing illness, reducing suffering and promoting restoration of health in individuals, families, societies and communities. Nursing involves technical skills and abilities, duty and service to others with compassion and efficient decision-making…