Reporting Practices and Ethics Paper
Reporting Practices and Ethics Paper
Hcs/405
November 7, 2013
Reporting Practices and Ethics Paper
Ethical standards in financial reporting are vital. Elements of financial management and Generally Accepted Accounting Principles have been set to guarantee that this takes place. Financial management entails ethical standards and reporting practices. Monetary managing is the supervision of a business or organization’s finances in order to reach financial goals. The main intention of financial management is to generate capital for the organization, produce a progressive cash flow, and deliver a suitable recurrence in funds. This paper will discuss the four elements of financial management that are critical to any health care organization as well as the generally accepted accounting principles related to health care, and summarized articles associated with health care financial management.
The four elements of financial management are planning, organizing and directing, controlling, and decision making. Every element is part of a role that the financial manager must take in order to ensure the success of the business. The planning portion of financial management is to recognize goals and classify the steps that are essential for achieving these goals. A financial manager recognizes the procedures that must be completed to achieve the organization’s goals. The organizing and directing element of financial management makes sure current resources are used and provides daily supervision. The financial manager determines how the resources of the organization will be used in order to successfully carry out plans that have been established. The controlling element of financial management is to ensure procedures are being followed. Financial managers ensure all ranges of the hospital are following the procedures that have been recognized by cooperating with all managers inside the organization. Reviewing present reports and associating
Hcs/405
November 7, 2013
Reporting Practices and Ethics Paper
Ethical standards in financial reporting are vital. Elements of financial management and Generally Accepted Accounting Principles have been set to guarantee that this takes place. Financial management entails ethical standards and reporting practices. Monetary managing is the supervision of a business or organization’s finances in order to reach financial goals. The main intention of financial management is to generate capital for the organization, produce a progressive cash flow, and deliver a suitable recurrence in funds. This paper will discuss the four elements of financial management that are critical to any health care organization as well as the generally accepted accounting principles related to health care, and summarized articles associated with health care financial management.
The four elements of financial management are planning, organizing and directing, controlling, and decision making. Every element is part of a role that the financial manager must take in order to ensure the success of the business. The planning portion of financial management is to recognize goals and classify the steps that are essential for achieving these goals. A financial manager recognizes the procedures that must be completed to achieve the organization’s goals. The organizing and directing element of financial management makes sure current resources are used and provides daily supervision. The financial manager determines how the resources of the organization will be used in order to successfully carry out plans that have been established. The controlling element of financial management is to ensure procedures are being followed. Financial managers ensure all ranges of the hospital are following the procedures that have been recognized by cooperating with all managers inside the organization. Reviewing present reports and associating
References: Accounting Tools. (2013). Retrieved from http://www.accountingtools.com/questions-and-answers/what-is-gaap.html Aspen publisher. (2000). Retrieved from http://www.aspenpublishers.com/books/hcfinance/chapter%202.ppt Baker, J.J., & Baker, R.W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Jones & Bartlett. Healthcare finance news. (2013). Retrieved from http://www.healthcarefinancenews.com/news/hospital-accused-massive-fraud-scheme