HCS 405: Reporting Practices And Ethics
Reporting Practices and Ethics Paper
HCS/405
November 25, 2013
Jay Christensen
Reporting Practices and Ethics
Financial Management is a fundamental part of successful healthcare financial planning. Financial decisions are a necessary part of day to day operations of any size or type of health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting and ethical practices since these decisions affect the future of the entire facility. In order to make finical decisions it is important to understand generally accepted accounting principles, corporate compliance, ethics, fraud and abuse. …show more content…
Since all facilities are unique there is not a set of universal ethical guidelines, but, each facility bases its ethics on the ideas and morals of the facility. For example, facility A might think that spending a certain amount of money on a piece of medical equipment will have a positive impact on patient outcomes and will be beneficial not only for the well-being of the patient, but also the facility as a whole. Company B may have opposing views on the matter, since the piece of equipment costs more than the budget will allow, and money will have to be taken from another area of the facility. Patients may base their opinions on a facility based on their ethics and choose whether or not they want to give their patronage to at specific facility (Corporate Governance, …show more content…
These elements are related to compliance in that they comply with all of the guidelines set forth by the general accepted accounting principles. The ethics element is dictated by the facility in that their ethics policies are related to the ideals and morals of the facility. Abuse and fraud are elements that pertain to being truthful and doing things that are ethically correct in regards to all parties involved. The last element is compliance and this can be achieved by using the general accepted accounting guidelines or GAAP. The GAAP guidelines are in compliance with the facilities ethical policies giving the facility the means to diminish the possibility of abuse and fraud from happening within the facility.
References
All Business. (2010). What Are Generally Accepted Accounting Principles?
Retrieved July 17, 2011 from website: www.allbusiness.com
Baker, J.J., & Baker, R.W. (2011). Health care finance: Basic tools for nonfinancial managers.
Retrieved from The University of Phoenix eBook Collection database.
FASAB. (2010) Generally Accepted Accounting Principles. Retrieved July 17, 2011 from http://www.fasab.gov/accepted.html PricewaterhouseCoopers International Limited. (2010-2011). Financial Performance: Financial Reporting. Retrieved July 18, 2011from
HCS/405
November 25, 2013
Jay Christensen
Reporting Practices and Ethics
Financial Management is a fundamental part of successful healthcare financial planning. Financial decisions are a necessary part of day to day operations of any size or type of health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting and ethical practices since these decisions affect the future of the entire facility. In order to make finical decisions it is important to understand generally accepted accounting principles, corporate compliance, ethics, fraud and abuse. …show more content…
Since all facilities are unique there is not a set of universal ethical guidelines, but, each facility bases its ethics on the ideas and morals of the facility. For example, facility A might think that spending a certain amount of money on a piece of medical equipment will have a positive impact on patient outcomes and will be beneficial not only for the well-being of the patient, but also the facility as a whole. Company B may have opposing views on the matter, since the piece of equipment costs more than the budget will allow, and money will have to be taken from another area of the facility. Patients may base their opinions on a facility based on their ethics and choose whether or not they want to give their patronage to at specific facility (Corporate Governance, …show more content…
These elements are related to compliance in that they comply with all of the guidelines set forth by the general accepted accounting principles. The ethics element is dictated by the facility in that their ethics policies are related to the ideals and morals of the facility. Abuse and fraud are elements that pertain to being truthful and doing things that are ethically correct in regards to all parties involved. The last element is compliance and this can be achieved by using the general accepted accounting guidelines or GAAP. The GAAP guidelines are in compliance with the facilities ethical policies giving the facility the means to diminish the possibility of abuse and fraud from happening within the facility.
References
All Business. (2010). What Are Generally Accepted Accounting Principles?
Retrieved July 17, 2011 from website: www.allbusiness.com
Baker, J.J., & Baker, R.W. (2011). Health care finance: Basic tools for nonfinancial managers.
Retrieved from The University of Phoenix eBook Collection database.
FASAB. (2010) Generally Accepted Accounting Principles. Retrieved July 17, 2011 from http://www.fasab.gov/accepted.html PricewaterhouseCoopers International Limited. (2010-2011). Financial Performance: Financial Reporting. Retrieved July 18, 2011from