...Financial management is very essential for health care organization’s to succeed and accomplish goals. As a financial management has a major aspect on how it incorporates the ethical standards and proper reporting practices. To report practices and ethical standards in health care finance assist financial managers in conducting. They conduct effect analysis of the organization’s revenues, expenses, assets, and much more. In the next few paragraphs in the paper will be discussed is the four elements of financial management, the accepted accounting principles, and a few general financial, ethical standards will conduct. Plus, there would be examples of conduct and financial reporting practices in the health care organizations from other articles that will be discussed. The four elements of financial management are planning, controlling, organizing and directing, and decision making. The first element, planning is to set up the health care organization goals and objectives. Then to see what steps have to take and which steps would be more effective to achieve the goal. The second element is controlling; as a financial management will need to consist of verifying whether the department is following the plans, instructions issued, and the principles established. The third element is organizing and directing; which this can be a process that follows planning and controlling element in the health care organizations. While organizing established how resources can be effective...
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...Reporting Practices and Ethics HCS 405 Financial management is an important aspect to health care financial planning. There are many financial decisions made every day and depending on the accounting records and the different transactions that are occurring. Finance management is something that health care organizations need to pay close attention to. The priority of a heath care facility is to care for patients, but there still needs to be a profit so the company can keep caring for patients. For a business to satisfy patients and staff at the same time, finance management needs to be planned out. The organization needs to make sure that the assets, costs, and claims are monitored and never overlooked. Some of the decisions made will be in compliance to the organizations finical objectives but normally it is in compliance to the generally accepted accounting principles. GAAP. Generally accepted accounting principle to the GAAP are considered to be the main structure for the guidelines of financial accounting. The GAAP can also be considered an authority for all accounting standards. These accounting standards include standards such as the rules and regulations that the organization’s account has to follow when coping and summarizing the transactions while preparing the financial statements. Any third parties that might be involved with the reporting must trust that the information being given is without wrongdoing and dispute. The generally accepted accounting principles...
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...Reporting Practices and Ethics Paper Brandee Robinson HCS 405 Week 2 July 27,2015 Instructor Financial management and stability is a very important factor of every health care facility. Financial planning needs to be taken into account very accurate and deal with care as well as seriousness. It is important to keep everything that involves finances in a company recorded properly in order for it to function properly watching every move a company make financially. By doing this it will help to keep track of how a company is doing whether its good or bad. The financial planning also helps give the finance department a look inside the company to see where their money is going as to see and if they are have gained profits or suffered from a lost. From this information being provided a company can then decide if changes need to be made in order to avoid any more loss from within the company. Accounting in any company is the vital part of an organization. It is very important to have a good accounting team in the finance team. Why, because the finances is what runs the business, and without the tracking and upkeep of funding, a company cannot run properly. According to "Healthcare Financing And Accounting " (2015), “the great thing about working in accounting is that everybody counts”. This information pretty much states and says that it doesn’t matter what part of a health care facility you may work in, all employees are a vital part of the day. Financial management involves handling...
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...Reporting Practices and Ethics Monika Kaloyanova HCS/405 August 31st 2015 Professor Joe Gazdik Introduction There are a lot of important parts in health care organizations but what sticks out the most is financial management. Financial management needs to be taken seriously and everything has to be done accurately because there are consequences if errors occur and the organization cannot function properly. It also helps to see the profit and loss that the organization is having and to see what changes need to be done to fix anything. Four elements in financial management In financial management, there are four elements that are vital to any company and those are planning, organizing and directing, leading, and decision making “…by regularly following the four-step control process, managers can make their department more effective and productive”. Lombardi, D. J., Schermerhorn, J.R., & Kramer, B. (2007.) Planning is important because the manager identifies the steps so that the organizations plans/objectives can be accomplished. Controlling is an important element as well because it makes sure that the plans are followed. The financial manager makes sure that the units/areas of the organization are following the plans that were built. There is a way you can do that and that is to compare reports from earlier times. Organizing and directing helps in financial management because the manager uses the organization to make sure that the plans have been established. The...
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...Codes of Ethics Melinda Palfy, Donna Lindley, and Diedra Smith HCS/355 OUPX 12-12-2013 Katherine Rossiter, EJD, MSN, APRN-NP, CDNP-PC, CDE The Ethics of Distribution The healthcare organizations’ deals with peoples’ lives on a daily basis, and the health care professions posse’s special knowledge and responsibility for medicating the needs of the patient and the social resources available to care for the patients. Furthermore, the health care professions social responsibility includes direct participation in the decisions such as what constitutes a disease, and the appropriate treatment for the patient. However, the health care professionals, patients, and family members sometimes face difficult decisions about medical treatment, and these decisions may conflict with a patient or family’s morals, religious, and beliefs. The health care has an obligation to the society to prevent disease, and to maintain the patient health is important for the health care professional understands the psychosocial nature of health and disease. . In the field there can be many scenarios that will go on and take place. Making sure to always have composure and to make sure that you are dealing with it the best you can and using the best judgment possible will then go a very long way. Ethical dilemmas can include discrimination in race, age, gender, religion, and sexual harassment which includes inappropriate comments...
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...Introduction: Working as a financial manager comes with a lot of responsibility; and a lot of standards of practice. Just like physicians and nurses, financial managers of health care organization have a set of rules and ethical guidelines they must follow in their practices. In this paper, will cover the four financial management elements crucial to the health care organization. There will also be a summary of generally accepted accounting principles (GAAP) and financial ethical standards. I will also provide examples from articles that explain how corporations comply with these standards and deal with fraud or abuse. The four fundamentals of monetary management are controlling, decision-making, organizing, and planning. Planning helps the financial manager to identify the necessary steps that must be taken in order to accomplish the organization’s objectives. Controlling, helps ensure the successful execution of each step and all plans that are being followed and performed by the designated areas of the organizations. The organizing and directing element refers to the finance manager utilizing the organizations resources and deciding what is best to use that will help each objective be reached. In addition to that, this element also refers to the daily overseeing of operations that the health care organization is running efficiently. The last element which is decision making happens throughout the entire process of planning, controlling, organizing and directing because...
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...BUSINESS ETHICS Student’s Name: Ce Wang Student’s ID: 1226656 Instructor’s Name: Peter Goalby Course Name: New Advances In Business University Of Bedfordshire Date Assignment is due: 20/03/2015 Abstract Business ethics looks at whether the company is heading in the right course by adhering to the various factors such as integrity, fairness and reliability. The ethics set up by the organization plays a vital role in the hiring process and the business management practices. Running an ethical organization is vital in financial matters and in creating the morale and loyalty of the personnel. Ethics are also relevant to the business as it ensures that there is ethical behavior among the workers in the organization. Ethics are also relevant to the business as it aids in creation of an ethical organizational culture. Most of the organizations when posed this question believe that it is the employees who are chiefly responsible for ensuring that their work meet the ethical considerations. However, the employees are not the only ones responsible for business ethics, the employees need support from the management or from the employer. This paper has a look at the ethical issues surrounding the steel manufacturing industry and the Healthcare industry. It also looks at the relevance that ethics have on business, sustainability and corporate responsibility. The paper also looks critically at the connection of business ethics to the organizational culture. Lastly, it...
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...and Ethics Paper Nicole McLaughlin HCS/405 December 8, 2014 Jack Heinen Reporting Practices and Ethics Paper This paper will seek the financial reporting practices, ethical standards, accounting principles, corporate compliance, ethics, or fraud and abuse in the articles that was chosen to be reviewed. Financial reporting in a medical office or a healthcare organization relies on financial data to be close to real time as they can get it. The financial reporting has advantages such as analysis, visualization, and assistance in decision-making ("Financial Reporting", 2009). Chief financial officers use the financial reporting to help identify the profits and the cost of the healthcare organization. Financial reporting will lead the financial personnel to quantified, data-driven choices which will benefit them with accurate planning, forecasting, and budgeting ("Financial Reporting", 2009). Financial reporting can aid in to reduce a cost, profitability, predict and respond to changes in the market ("Financial Reporting", 2009). Ethical standards in a healthcare organization should be guided by integrity, serves as a role model, and support a culture that provides high-quality, cost-effectiveness health care which helps the ethical behavior and practices of individuals throughout the organization ("Creating An Ethical Culture Within The Healthcare Organization", 1992-2011). It does not matter if the person is a gift shop manager or a CEO of a four star organization ethics...
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...Business Ethics and Efficiency RWT1 Table of Contents Executive Summary 3 Subject and Purpose 3 Introduction 5 Discussion 5 Ethics and Economic Efficiency 6 Organization Goodwill and Competitive Advantage 7 Risk Management and Credit Facility 9 Recommendation 9 Conclusion 10 References 12 Executive Summary Due to increased globalization and competition in industry, organizations are facing tough challenges in the keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering a car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are developed and changed constantly so that the organizations and management are able to keep their business current and follow the latest trends and requirements as demanded by the external environmental factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organizational management must look out for any new developments like technological advancement, globalization, new regulations, and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate...
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...Code of Ethics Paper Learning Team C: Cynthia Anderson, Heaven Bagley, Lewie Hodge, Rachel Cluff, and Yvette Allen HCS/335 Due: 09/26/2011 Mayo Clinic’s work is well known for many specialties, ranked in the top ten for most of them, the biggest thing that this not – for – profit organization is concerned with is, the care and satisfaction of the patients they serve. Patients from all fifty states travel to the Mayo facilities for treatment because they hold their employee and facility standards to high ethical and moral standards. The motto of the patient comes first plays a big part in way the Mayo facilities operates on a daily basis. As we take a look at some of the facts about the Mayo Clinic, we will see the reason for their success. Mayo Clinic’s Mission is, “To inspire hope and contribute to health and well-being, by providing the best care to every patient through integrated clinical practice, education and research.” They value Patients above all else and thrive to maintain the values of the original founders of Mayo. They pride themselves on respect, compassion, integrity, healing, teamwork, excellence, innovation, and stewardship. From the latest, Best Hospital rankings, four thousand eight hundred and twenty-five hospitals were looked at and only one hundred and forty were chosen Mayo clinic was one of those clinics chosen. Out of sixteen specialties ranked within each facility, eight of Mayo’s...
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...the times." When organizations encounter difficulties, mergers and organizational change is often what is used to solve the problems of the organization. Within recent years we have seen many technological developments that are really path breaking and changed our lifestyles in more than one way. With these types new inventions being made every day all organizations have to keep up with the times. Changes are occurring more often at a much faster pace today than they were 15 years ago. The reason that we are experiencing change in every sector today is, because of the increase of globalization and technological changes that are taken place. Since these types of increases have been made in recent years organizations are trying to work on the change pace. The most prevent change being made is organizations across an array of different industries are confronting fundamental change. “Managing Change” refers to the making of changes in a planned a managed or systematic fashion. The aim is to be more effectively implement new methods and systems in an ongoing organization. The changes that will be made when the change is implemented are controlled by the organization. The task of managing change includes managing its impact on people. Change is important in order to keep an organization up with the times and in a competitive market. Change management has become one of the major components which help in managing the work strategy, organization, people, and culture...
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...Introducing Barts Health NHS and its industry and knowing its environment. 4 P1.1 Knowing the background and nature of Barts Health NHS. 4 P1.2 Competitive position of Barts Health NHS in the health care industry. 6 Task 2: Evaluate and explain how managers try to motivate their staff, in order to retain and improve their position in the sector that they compete. 7 P2.1 Use of two factors theory and X&Y theories and Vroom’s theory to motivate staffs of Barts Health NHS. 7 P2.2 Steps taken by managers based on the theories to improve current position. 9 Task 3: Analyzing policies of Barts Health NHS and applying them in improving position. 10 P3.1 Knowing and analyzing recruitment and selection policies of Barts Health NHS. 10 P3.2 Analyzing how the policies help in improving the position of Barts Health NHS. 12 Recommendation 13 Conclusion 13 References 14 Introduction Health care is a basic human need. This necessity for health care has caused improvement of this industry. Every problem and related research has improved the aspects of this industry. However, the quality is important in health care industry. The quality depends on using of modern technologies, improving employed personnel and improvement of environment. The improvement in environment of health care service has reduced complexities and helped patients to get cured quickly. Improved environment is neither necessary nor luxury for health care. This indicates that environment influences heath care up to a limit...
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...STRATEGY FOR IMPROVING HEALTHCARE DELIVERY AND ORGANIZATION PERFORMANCE The present report is focused on identifying strategies for defining, measuring, and improving performance of the healthcare delivery system in any organization. The scope of the report is kept limited to the frontline health service delivery system like hospitals and clinics which directly interacts with patients. The main objective of the report is to identify important determinants of organizational performance in healthcare and to present examples of solutions which can improve its functioning and performance. Identifying present performance: Before formatting future strategy for any organization, it is important to evaluate its present performance. It is important for any organization to deliver healthcare of high quality, high efficiency, easy accessibility, and easy utility; to be considered as a high performance organization. Additionally, the high performance organization must be open to enable learning and to have well planned strategies to access support from different parts of the society to attain sustainability. Thus section discusses the six main outcomes required by high performance organization which are quality, efficiency, utilization, access, learning, and sustainability. 1. Quality: Research on the clinical quality of the healthcare is as old as the healthcare delivery system itself. The researchers identify clinical quality as safe and medically appropriate healthcare. Furthermore...
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...ETHICAL ISSUES OF HUMAN RESOURCE MANAGEMENT IN HEALTH CARE MANAGMENT HIRA TOOR HCAD 660 11/01/2015 TURN-IT-IN SCORE: 13% Total paper content: 18 pages Abstract This paper deals with ethical issues encountered by human resource managers in various healthcare settings. The ethical problems that the paper highlights includes issues related to overworked employees, employee discrimination, disabled worker disparities, age-related employee discrimination, difficulties in maintaining employee relations, problems with downsizing workforce, workplace bullying, conflict of interest and compliance issues. The research paper also gives recommendations on how to maintain an ethical environment by: hiring of adequate staff, conducting fair employment testing, rewarding disabled employees, educating on age-discrimination, creating a diverse workforce, communicating to build employee relationships, executing a strategic plan to mitigate bullying and presenting fair judgments. The paper also address issues associated with ethics of flu shots, employment hurdles of medical marijuana patients, inequality of women’s compensation and safety hazards of employees. In conclusion, my personal experience with ethical issues at laurel regional hospital is discussed. Introduction: The human resource department is the heart of every healthcare organization. The human resource functions deals with variety of ethical challenges on daily basis. Human resource includes...
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...Task 1 An organization is an entity that exists to achieve a purpose through collective efforts of the people who work in for it. Organizations can be described as systems which are affected by their environment, have a structure that has both formal and informal elements. (Armstrong, 2012) An organization is formally defined as a collection of people working together in a division of labour to achieve a common purpose. This describes a variety of clubs, voluntary, organizations and religions besides as well as entities such as small and large businesses, labour unions, schools, hospitals and government agencies. (G.Hunt et al, 2003) An organization is an arrangement of people pursuing common goals and achieving results following the standard and rules of the business. There are various levels of management and division of responsibility inside an organization each working through their own tasks. Private Limited Company- This is a company which is owned and controlled by shareholders who know each other, they can be friends and relatives. There is no minimum capital required to start up this type of business and their shares are not sold on the stock exchange market. Benefits of being a Private Limited Company (PVT LTD) * In this type of organization the shares are sold to large number of individuals. This leads to large sum of capital which will result in expansion. * All shareholders have limited liability- It means if there is a loss in the business the owners...
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