...Running Head: Accounting Principles and Ethics Article Accounting Principles and Ethics Articles Myrthe SaintLouis HCS/457 November 30, 2009 Victoria Odom Abstract A healthcare organization is one of the most successful business inside of a healthcare organization theres so many different profession within, from healthcare providers such as physician, nurses ,Medical assistants and so many more. .A healthcare organization also provide care, , consistency, and support.In addition to care being providing in health care Financial management is another important assets in healthcare organization. With todays econmy crisis healthcare organization face many financial issues for example, Decreasing revenues, increasing costs and terminating healthcare workers .Being a Mananager,Administrator in a healthcare organization is not a easy job because they have to ready lead in today’s climate and also position their organizations for later financial issues and potential political changes. . In order to have an effective financial management, organization, many health care organizations use the Generally Accepted Accounting Principles, corporate compliance, and the value of ethics. Accounting Principles and Ethics Articles A healthcare organization is one of the most successful business inside of a healthcare organization theres so many different profession within, from healthcare providers such as physician, nurses ,Medical assistants and...
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...Reporting Practices 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...
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...Practices and Ethics Erica Bolden May 5, 2013 HCS/403 Marcia Smith Practices and Ethics Two major necessities needed to manage a health care organization financially are outstanding ethical standards and reporting practices. Reporting financial data reports is important and information must be accurate and factual. Organizations obtain and maintain financial data to aid in the audits of the amounts, control, and potential uncertainties of cash flows. Keeping the financial data current is important because majority of the time the data contains information about the organization’s equity and economic resources. Developing and analyzing ethical standards carefully allows organizations to stay in compliance with those standards formed for the health care community. Poor ethics and financial planning sometimes effects consumers. According to Nelson (2011), “Basic ethics principles that make up our common morality, including respect for patients, acting in patients’ best interest, avoid bringing harm to patients and treating patients in a fair and equitable manner, serve as the foundation for healthcare values.” This paper will contain a summary of the four elements associated with financial management, generally accepted accounting principles, and general financial ethical standards. The reader will explore Examples from two articles “Ethical Decision making for healthcare Executives” and “Ethics: A foundation for quality” that reflect ethical standards of conduct, financial...
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...Reporting Practices and Ethics Megan HCS/405 30 June, 2014 Reporting Practices and Ethics The accounting staff is a very large part of the healthcare industry. Accounting staff code and bill products and different services that are offered at that location and maintaining an ethical culture is imperative. There are accounting principles and standards and procedures that are part of the General Accepted Accounting Principles (GAAP). The GAAP principles have four key elements: Planning, Controlling, Organizing and Directing and Decision Making. Ethical Components and GAAP Accounting is the backbone of any medical organization because of it enormous impact on running as a cost effective organization. Every organization runs on its own set of principles and goals, but most are certainly guided by different federal, state, and government laws. There are accounting principles and standards and procedures that are part of the General Accepted Accounting Principles (GAAP). The GAAP principles have four key elements: Planning, Controlling, Organizing and Directing and Decision Making. The GAAP principle of Planning includes ways of setting goals and guidelines for the future of the organization. The principle of Controlling involves ensuring that planned goals are on track with previous goals and also that there is room to fix any issues that may arise. Organization and directing is to make sure that the organizations full potential is being provided...
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...office of student disabilities. Abstract This term paper for unit two review three articles, Ethics Consultation in United States Hospitals This term paper also defines 8 financial terms. Keywords: Balance sheet, Shareholder Equity, EBITDA, EBITDAM, Financial Ethics, Financial Benchmarking, Financial Trend Analysis, and Ratio Analysis. Unit 2 Term Paper Business ethics is the appropriate business guidelines and customs regarding debatable issues, like the way a CEO runs his company, illegal stock trading, corruption, business social and monetary obligations. The government’s authorities frequently enforce business ethics, still there are times when businesses alone will use a straightforward structure that organizations can abide by so that they simply may benefit the public interest (investopedia.com, 2013). Article Review The first article chosen for this assignment, is Betsy Gallup’s article Ethics Are an Important Part of Running a Health-Care Facility, and she explains ethics as having three components: independence, integrity and objectivity (2009). The article continues by explaining ethics in the healthcare sector; as patients’ at a healthcare facility or hospital we expect to receive fair and ethical care from the facilities medical professionals attending to us. One expects the same ethical behavior from the healthcare workers that handle the coding and billing for one’s hospital stay (Gallup, 2009).Gallup tells...
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...Reporting Practices and Ethics Paper HCS/405 March 7, 2016 Reporting Practices and Ethics Paper Generally accepted accounting principles (GAAP) represent the general rules, standards, and practices that are used in accounting. GAAP are required for businesses when reporting financial records. When preparing financial statements, a company’s accountant is mandated to use these principles before they issue these statements to investors and other entities outside of the business. The objective for these standards are to assist in ensuring that ethical accounting practices occur wherein investors and creditors have the confidence that companies are truthfully reporting their financial solvency. In summary, the GAAP are responsible for ensuring that companies ethically record measurements at regular business intervals, prepare and summarize economic information in accordance to ethical standards, accurately measure economic activity, and truthfully disclose information about economic activity. Corporate compliance, ethics, or fraud and abuse Medical fraud and abuse in the healthcare industry is a rampant occurrence that significantly impacts not only healthcare in America but also the entire economy. Fraud and abuse within the healthcare industry can account for approximately 15 percent of annual expenditures. This represents up to $170 billion annually being lost because of fraud and abuse in the healthcare industry. Although the federal government has consistently...
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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 Paper Margaret Rovaris HCS/405 July 27, 2015 Terri Andrews Reporting Practices and Ethics Paper All businesses have their certain reporting practices and ethics standards within their company. It is mandatory for them to have standards on how they will conduct their business in order to be successful. It is the same for the healthcare organizations. The healthcare finance manager should be very knowledgeable of the general financial ethical standards so their business can keep a positive reputation. In the United States there are generally accepted accounting principles (GAAP) that businesses must abide by. This determines how accountants conduct and format their reports in house and to others. Since these reports will be seen by others that are outside of the business, the FASB made it easy for everyone to understand it. If every company had their own way of methods for their accounting reports comparing financial statements would not be accurate and it will be easier to hide information. One of the key ethical standards for a business is that their accountant must have competence. “To be competent, accountants and professionals must not only have secured education and practice that prepares them for their position, they must also continue that education by learning new information that can affect their practices”. (Morley, 2015. Pg. 1, Para. 3). Objectivity is another principle that an accountant must have. AN accountant may...
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...financial management and accounting are separate functions, although the accounting function typically is carried out under the direction of the organization’s chief financial officer (CFO) and hence falls under the overall category of “finance.” Abstract (Moorely, 2013). The key elements of financial management include: Financial planning, Financial Control and Financial Decision-making. All this are basically concerned with the procurement, allocation, and control of the financial resources of a business concern. As health care workers enter the twenty-first century, they must understand the relationships among market-driven forces, the health care workforce, and financial compensation. This understanding can be facilitated by a grasp of utilitarian ethical theory and by ethical tenets of justice such as distributive justice, material principles of justice, and justice as fairness. Health care workers also need to understand how unfair financial compensation can demoralize them and compromise their values. However, professional associations and health care managers can take a proactive stance to ensure that organizations are ethical in their approach to financial compensation. Accounting and financial professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their skills. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards...
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...Bottom of Form Accounting Principles And Ethics Accounting Principles and Ethics Health care organization is a place where care is being offered, important organization, stabilit y and support. A healthcare facility is a place where patients have a desire to feel and see the unison and togetherness within the organization. Most health care organizations requires that the organization be consistent, and is mainly on one accord because of its needs on their patients and to supply the best care for different groups of people. A health care organization also needs a solid organizational financial management background. If the organizations processes the right financial management it let’s the people know that there is strength in the organization and it gives all who seek care a positive attitude. In order for a healthcare organization to have the right kind of financial management, reliability, and stability , there are some procedure that must be followed most use the Generally Accepted Accounting Principles, corporate compliance, and the value of ethics. When discussing General Accepted Accounting Principles (GAAP) it is describe as a set of accounting standards that are approved by many companies. GAAP principles are put together by a group that’s known as the Financial Accounting Standards Board. These rules and or principles are used to control the financial accounting of public companies. They are important for many reasons. The GAAP principles...
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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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...The Role of Accounting in the Medical Office By Joy Hicks Medical Office Expert An accounting department plays an enormous role within the medical office. As the backbone of the organization, the accounting department allows the organization to operate at its fullest potential. Without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner. General Accepted Accounting Principles (GAAP) are the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP, are simply put, the customarily accepted ways of recording and reporting accounting information. Each organization may operate differently but all have to follow by set guidelines within the organizations community, state and at the federal level. If these standards and procedures are not followed the U.S. Security and Exchange Commission (SEC) will fine the organization and possibly pursue criminal action to enforce compliance. Within accounting and financial management, there are four key elements recognized. The four elements are: Planning, Controlling, Organizing and Directing and Decision Making. The planning element allows an organization to set forth goals and guidelines to ensure the future success and accomplishments of the medical office. Controlling provides the organization the opportunity to ensure that all areas within the organization are following the previous planned...
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...HCS 405 2 Sep 2014 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, I will what the four elements of financial management are. There will also be a summary of generally accepted accounting principles (GAAP) and financial ethical standards. Business’s mist follow these standards in order to comply with federal agencies such as the Financial Accounting Standard Board. I will also provide examples from articles that explain how corporations comply with these standards and deal with fraud or abuse. The four elements of financial management. The key to good financial management is to be well organized and have good finical discipline. Health care is a business and having a good concept of financial management will help those businesses run smoothly. “The healthcare industry is a service industry, its essential business is the delivery of healthcare services.”(Refaat, 2014) Having a good understanding of the elements of financial management can help to explain the financial management of that service industry. The first element is planning, planning helps identify the steps that must be taken in order to accomplish the organizations objectives. The second is controlling, this is in place to help ensure that the financial manager makes sure that each...
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...Reporting Practices and Ethics Paper HCS/405 November 30, 2014 Financial management in health care today like any other business should be conducted ethically, professional and accurately. The four elements of financial management need to be used and put into place to help ensure the financial stability and success of the organizations will be accomplished year after year. Generally, the same accounting principles and general financial ethical standards are practiced in every health care organization and these principles need to be implemented correctly if the organization wishes to be successful. Organizations need to keep up a certain level of transparency and this can only be accomplished by accurately reporting their financial statements. Several articles are going to be discussed reflecting the reporting practices and ethical standards in health care after a brief summary of the general accounting principles, ethical standards of finance and the four elements of financial management are given. Summary: Four elements of financial management The four elements of financial management are planning, controlling, organizing and directing and decision making. (Baker & Baker, 2011, p. 5) Each element is a task that is performed by the finance manager and they go in the order mentioned above. Like in any other aspect of business, planning has to be done to help identify the objectives that need to be accomplished and establish the steps necessary to ensure that each...
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...REPORTING PRACTICES AND ETHICS PAPER HCS/405 June 2, 2014 Reporting Practices and Ethics Paper In today’s healthcare financial plans it is important to have good financial management. If the financial planning is not done properly then the company will not be able to function efficiently. The accounting records are kept up to date in regards to the guidelines in order to make sure the accounting records are accurate. By doing this, this helps keep track of how a company is doing to make sure that they are aware of where their money is going. This will show whether it is a profit or a loss. This allows the company to change things around so that they are not losing money within the company. Four Elements of Financial Management The accounting department plays a critical role within the medical office. The accounting department is the backbone of the organization and is what allows the organization to operate at its fullest potential. If the accounting department did not exist, it would make the office impossible for any type of company to operate efficiently. There are four elements of financial management which include the following; Planning, Controlling, Organizing and directing and Decision Making. The planning element sets goals and guidelines in order to allow the organization to ensure the future success and accomplishments of the medical office. The controlling is what ensures that all areas within the organization are following the...
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