...Reporting Practices and Ethics Starla Edwards Health Care Financial Accounting/HCS 405 October 17, 2011 Marjorie Romano Reporting Practices and Ethics Financial practices and ethics can play an important part of any organization including the health care environment. In order for the health care organization to be successful one must adopt an efficient financial practice and possess ethical standards. The management of finances for a health care organization may be a challenge for managers. This is why the health care manager will follow four basic elements for financial management. The basic elements include planning, controlling, organizing and directing, and decision making (Baker & Baker, 2011). Health care organizations have accounting principles generally acceptable and will comply with the financial practice and the practice of ethics to avoid fraud or abuse of the reporting practices. Elements of Financial Management Financial management has four basic elements, which assist the manager in making effective decisions for the health care organization. The first element of financial management is planning. The financial manager needs to identify the steps that he or she needs to take to accomplish the goals of the organization. However, first the manager must determine what the goal is for the organization and at that time determine what steps to follow to achieve the goal. The next element is controlling; a plan is in place that each area of the organization...
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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 Kathleen Hyatt HCS/405 March 23, 2015 Sherida Douglass Reporting Practices and Ethics In medicinal services association. Monetary practices and morals were thought to be the essential for social insurance authoritative achievement. The monetary and moral practices were supported by social insurance associations for supporting their statement of purpose and it was to guarantee the consistence and precision of human services budgetary articulations. The health awareness monetary practices and morals had the four sorts of budgetary administration for making understanding to medicinal services administrator. It would likewise give the noteworthiness of tests of moral models and budgetary reporting practices Four elements of Financial Management The four element of financial management in health care organization were to be planning, controlling, organizing and directing as well as decision making. Planning was to be component of money related administration which was character the venture for the achievement of hierarchical targets. The chief of medicinal services association must be recognized the objectives before accomplishing the social insurance objectives. The controlling was to be the second component of budgetary administration which was to guarantee the arrangement for accomplishing the health awareness objectives However, these components could distinguish that whether the picked arrangement was best or not...
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...PCN-505 Counselor Ethical Boundaries and Practices Denise I Ratliff Professor RaTonya Bennett March 30, 2016 * * * * Introduction Ethics, boundaries and potential dual relationships are important for counselors to comprehend. Understanding the code of ethics and understanding the many facets of counselor /patient scenarios that can arise during a professional relationship. Dual relationships is a gray area in which there is a very paramount question that the counseling professional need to address and that is; whether a dual relationship is necessary. Simply put, impractical dual relationships can be charged with unnecessary jeopardy. Certain situations may arise in which a dual relationship could be hard to avoid and may have its challenges. It is important that any counseling that is given regardless of the relationship should be safe and secure. Boundary Issues and Dual Relationships Part A – Decision-Making Model and Counseling Examples Engaging in dual relationships is risky business in being a counseling professional. Ethical issues related to professional boundaries and dual relationships can be complex because, dual relationships and the issues that follow are multi-faceted. “If a dual relationship is exploitative, whether it is before, during, or after a professional relationship, it should be avoided” (ACA, 2015). It is important that the counselor acknowledge the fine distinctions between crossing boundaries that lay in the...
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...Reporting Practices and Ethics Yolanda Jones HCS/405 March 10, 2014 Darlene Tomlinson Page Break Reporting Practices and Ethics The healthcare industry is a rapidly growing segment of the U.S. economy, amounting to over $2.1 trillion annually. Healthcare focuses on diagnosis, treatment, and prevention among other things. Health care makes up one sixth of the U.S. GDP it is the largest source of the nation's public expenditures. With large amounts of revenue going in and out of hospitals and facilities and health care reform accounting can be challenging. To help ensure fair and accurate financial reporting, there are practices and ethical standards that must be followed when accounting for finances in health care. This paper will provide the four elements of financial management and standard accounting principles and ethics. Financial Reporting Practices The Financial Accounting Standards Board was established in 1073. It is the designated organization in the private sector that establishes standards of financial accounting for nongovernmental entities. The standards established are officially recognized as authoritative by the SEC and the American Institute of Certified Public Accountants. The FASB also has accounting standards for health care entities. "The AICPA Health Care Expert Panel developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities"...
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...Reporting Practices and Ethics Tiffany L. Richardson HCS 405 July 18, 2011 Todd Brown Reporting Practices and Ethics Financial Management is a fundamental part to successful healthcare financial planning. Financial decisions are a necessary part of the day to day operations of any type or sized 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. Generally Accepted Accounting Principles Generally accepted accounting principles are guidelines, objectives and conventions that have been set up over time to dictate how financial statements are prepared and presented (FASAB, 2010). The GAAP includes standards, conventions and the rules in which the facilities accounting department following when summarizing reports and preparing financial statements (Baker & Baker, 2011). Third parties that use these financial reports must then rely on the information to be free from all prejudice and discrepancy without debate. If the information is false then the GAAP standards were not followed and the facility is not in compliance and therefore behaving unethically (All Business, 2011). Facilities...
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...Reporting Practices and Ethics Paper The most basic challenge of stewardship and integrity in health care is to continue the organization's core mission of healing patients and communities. One of the greatest dangers faced in health care today, especially as agencies struggle to survive in the most competitive market environment is to focus on the fiscal demands which may compromise the mission of the health care agency. Organizations are in crucial times and reports are imperative for its continued maintenance. According to Gerard Magill and Lawrence Prybil, state that stewardship and integrity is an approach that inspires the ethical decision making process in health care in financial reporting and ethical standards (2004). Crucial is the role organizational ethics play to regain lost trust and recover the confidence in communities, in the business or the health care community. “Organizations in health care need to win back the respect of skeptical customers, disheartened patients, and distrusting communities. But this task can be accomplished properly only when organizations and their business practices have a renewed commitment to ethics” (Magill, 2004, p 229). According to Richard Clarke on accountability it is “critical that these organizations use standards for good business practices and implement these sections that are within the capabilities of the organization” (Clarke, 2005 p 160). He continues to state that to ensure the right direction and to reduce conflicts...
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...Reporting Practices and Ethics HCS/405 Victor Ho January 8, 2014 Reporting Practices and Ethics This paper will include a summary of the four elements of financial management, a summary of the generally accepted accounting principles, and a summary of the general financial ethical standards. The four elements of financial management are controlling, planning, directing and organizing, and decision making. The generally accepted accounting principles are generally known as GAAP, and are the basic accounting principles and guidelines. A few articles will be examined and examples that mirror ethical standards of conduct and financial reporting practices will be cited. The articles are Medicare Fraud: California Is Well-Represented on Federal List of Health Fraud Fugitives and Medicare Fraud Arrests. The Four Elements of Financial Management The four elements of financial management are controlling, planning, directing, organizing, and decision making. These four elements are the duties a financial manager must perform. Planning is where the objectives are recognized and the steps that must be taken for accomplishing these objectives are established. In the controlling element the financial manager must make sure each department in the organization is following the plans for accomplishing the set objectives. To ensure all plans are being followed, the financial manager will study the current reports and compare them with older reports. During the organizing...
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...Reporting Practices and Ethics Lindsey Petway HCS 405 December 14, 2014 Professor Jennifer Noren Reporting Practices and Ethics Introduction Success comes from effectively implementing the four elements of financial management: planning, controlling, organizing, and decision-making. These four recognized elements allow health care organizations to adjust the inflow and outflow to achieve the most beneficial outcome. A health care organization’s success depends on more than just providing excellent service to patients. One of the most important aspects of any business, including health care, is to stand by their ethical standards. It is vital for health care organizations to conduct their businesses and report finances ethically and in compliance with all laws and regulations. Four Elements of Financial Management Planning is one of the four important parts of managing a company. Planning consists of identifying the best way to achieve the organization's goal. First the manager needs to identify the main objectives needed to reach the goal. Then the manager needs to recognize what steps need to be taken to reach each objective. Essentially, the manager is developing a plan by breaking up one large goal and categorizing it into smaller goals (objectives). These objectives can then be delegated to appropriate teams with steps on how to reach each one. Controlling is another vital element...
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...Reporting Practices and Ethics Financial management for an organization is the key to being successful. With effective financial management it will strengthen the organization and to exceed. The ethics and reporting practices of the organization is also important because staying in line with the accounting principles and ethical standards keeps the organization free of any penalties and creating a bad reputation for the organization. Four elements of financial management The four elements of financial management are planning, monitoring, operations, budgeting and financial analysis. Monitoring is when financial results are being reviewed to make sure resources are being used correctly along with the organizations plan. Governance helps by giving guidance to the organization to make sure they are establishing their obligations. Employees need to know how to use the organization’s software and information they have to help with the data and assisting in analysis when it comes to operations. General accepted accounting principles According to the Office of Financial Government (2012) website “General Accepted Accounting Principles are uniform minimum standards of and guidelines to financial accounting and reporting”. When it comes to governmental accounting the GAAP requires fund accounting. This meaning a governmental unit, such as hospitals, is accounted for through separate funds. General financing ethical standards Ethics is described as a human conduct knowing between...
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...Reporting Practices and Ethics HCS/405 Introduction Planning, controlling, organizing and decision making make up the four elements of financial management Baker (2011). Standards and guidelines of financial reporting are known as generally accepted accounting principles (GAAP) ("Accounting Principles & General Financial Ethical Standards", 2014). Financial ethics and standards determine the success of an organization. The VA is accused of the death of over 1000 waiting for care and budget mismanagement (“Bad VA care may have killed more than 1,000 veterans, senator's report says,” 2014). The alleged deaths could have been avoided through the use of GAAP. The FBI has uncovered millions of Medicare fraud rings (“More Than 20 People Arrested Following Investigations into Widespread Health Care Fraud in D.C. Medicaid Program ” 2014,). The Four Elements of Financial Management According to Baker (2011), the four elements of financial management are: planning, controlling, organizing and decision making. Planning is the stage of identifying the organizations objectives and steps to obtain the objectives. Controlling allows management to measure data from previous and current reports to determine changes within the organization as needed. Organizing is the stage in which management coordinates each aspect of the plan, such as; who, what, when and where. Decision making is management’s final role in making an educated decision based on the other four elements of financial...
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...Reporting Practices and Ethics Paper There are many components that come with accepted accounting principles of financial reporting practices, and ethical standards in health care finance; such as Corporate compliance, ethics, or even fraud and abuse. There are four elements of financial management. “Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise.” (MSG, 2012). These elements include, “Investment decisions includes investment in fixed assets (called as capital budgeting).Investment in current assets are also a part of investment decisions called as working capital decisions. Financial decisions - They relate to the raising of finance from various resources which will depend upon decision on type of source, period of financing, cost of financing and the returns thereby. Dividend decision - The finance manager has to take decision with regards to the net profit distribution. Net profits are generally divided into two: Dividend for shareholders- Dividend and the rate of it has to be decided. Retained profits- Amount of retained profits has to be finalized which will depend upon expansion and diversification plans of the enterprise.” (MSG, 2012). “Generally Accepted Accounting Principles (GAAP) refers to rules of accounting used to record and report the financial...
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...Reporting Practices and Ethics Latarshia Jackson HCS 405 February 19, 2012 Conway Brew Reporting Practices and Ethics The misrepresentation of financial reports for any organization can bring about dire consequences. A financial accounting system provides insight into the company expectations and Many organizations depend on account management that works closely with organization management performance. Having effective management of accounting information, allows an organization to be able to evaluate a company's financial position, make appropriate use of resources, and plan on how to take the company forward in the future. Maintaining a precise and reliable financial statement is very necessary for fair financial reporting. Fair and accurate reporting allows for a company to catch any mistakes, fraud and theft that may be present. This also allows for a company to protect itself from any potential bankruptcy that may be present while also saving the company’s outcome for a potential bright future. If fair and factually account reporting does not happen it can lead to a misstatement of the company’s financial statement. This Paper will discuss the General Accepted Accounting Practices (GAAP) and the financial ethics associated with financial reporting. Financial management can be broken down into four basic elements which include planning, controlling, organizing and directing, and decision making. Although many individuals may stress planning, controlling, and decision...
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...Reporting Practices and Ethics Meredith Kruse HCS 405 November 9, 20015 Joseph Shin Reporting Practices and Ethics Healthcare organizations are business entities like any other and the finances require detailed management to ensure that the business operates effectively and efficiently. There are specific elements required to measure the financial success of these companies. When exploring the accepted accounting principles, it is crucial that all involved parties understand the business aspect, including the outside stakeholders. When parties are financially invested, it is also expected that the organizations provide a certain transparency and always act in an ethical manner. There are four elements to effective financial management in any organization. These categories are planning, controlling, organizing/directing, and decision making. By following these steps, plans can be carried out and the organization can ensure financial efficiency. Planning is specifically about identifying objectives and the steps necessary to reach the determined goals. Controlling is a more difficult task as it requires management to enforce the plan and keep employees on track to meet deadlines. Organizing and directing is more of a broken down play-by-play of controlling. This step simply takes controlling to a more manageable level and gives management the opportunity to delegate specific tasks. Decision making takes the three previous steps and allows management to see the whole picture...
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...Reporting Practices and Ethics Krystal Jackson Septemnber 10, 2012 HCS/405 Diana Schilling Large companies need the attention of investors, creditors, and banks to continue to be profitable. The information that these entities receive is product of the generally accepted accounting principles (GAAP) that are practiced by companies to create and release their annual finances. The financial statements allow the outside entities to judge the economic health of the company and from this decide if investments and larger lines of credit are wise. In the United States the Security and Exchange Commission enforce the GAAP although it is not actual law. The GAAP can be broken down into three sections which are assumptions, principles, and constraints. There are four assumptions declare that’s the business is a "separate entity" from its expenses and personal expenses are kept separate. The assumptions also discuss the form of currently that will be used in financial reporting as well as time periods that will be recorded in said statements. There are basic principles that are cost, revenues, principle, and disclosure and these principles require that the business reports what money is spent when something is acquired, and when it is earned and documented. The statements must be matched to the reported revenue and all information to make decisions on the company's finances must be disclosed. Lastly there are four constraints: objectivity, materiality...
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