...Reporting Practices and Ethics Paper HCS405 Reporting Practices and Ethics Paper Introduction The ethics and financial reporting of a company or corporation go hand in hand. It is easy to try and find any way to be financially successful. That is why there are accounting principles, ethics, and elements utilized to help ensure that a company can stay at a high level of ethics. One article discusses how companies with high levels of ethics tend to be more successful than those that do not have a high level of ethical standard. Ethics play a large part in the financial management of a company. Elements of Financial Management The first element of financial management is planning. Planning consists of upper level management setting forth what needs to be done for a facility to come out in the ‘green’ and break even or have a profit. This plan should also have details on how to do it on top of the objectives. Planning is needed so that a company knows what it wants and the route they plan to take to get to where they want. The next element is controlling. Controlling is where upper level management does a checks and a balance by comparing past financial reports to current ones to see that the financial objectives and goals are met. This can help to narrow down exactly which departments are in need of assistance to meet their goals. If a company has kept accurate and detailed financial reports it is more likely that the company can heavily rely on these reports to help...
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...University of Phoenix Material Week Four Health Care Financial Terms Worksheet Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course. Complete the worksheet below according to the following guidelines: In the space provided, write each term’s definition as used in health care management. You must define the term in your own words. In the space provided after each term’s definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool that the term refers to in 125 to 150 words. In the scenario, you may wish to consider the following: o Why is the skill, concept, procedure, or tool necessary for accurate record keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, and so forth? o What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool? o What risks or failures are associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool? Save the completed worksheet as a Microsoft® Word® document with your name in the file name. Submit the file to your instructor. Worksheet Submitted By: |Term ...
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...reporting pratice and ethics paper hcs405 Reporting Practices and Ethics Paper By Ben Parks Introduction Every successful business has considered a role in reporting practices and ethics to be a significant part to their success. For many companies it can be a difficult burden when faced with the ethical compliance and accuracy for financial management. In this paper we can discuss the basic elements of financial management reporting practices and ethical standards in a health care world that is reforming as we speak. With great amount of changes will comes accountability to everyone inner and outer of the organization. This subject will explain the elements of financial management, general financial ethical standards, and will oversee some corporate scandals involving ethics, fraud, and abuse. The way an organization correlates, organizes, and prepares the reports for its financial information is part of its financial practices that it adheres too in order to accomplish the goals for its ethical standards. Today’s health care plans play a very important role in financial management. A company would be unable to operate without proper financial planning. The importance of storing and tracking all accounting records while being up to date will be the main factor as to whether the guidelines are being followed. This also allows the outer management to determine how the company is doing as a whole and also be aware as to where most of the funding is going. With new...
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...Simulation Review HCS405 Jan1, 2014 Simulation Review Introduction: Elijah hospital provides both cardiac diagnostic services as well as rehabilitation programs. In this simulation, we will evaluate and assess the funding options for obtaining a new or refurbished medical equipment. Phase 1: By reducing the agency staff, the organization will be saving a lot of money. The other cutting option, that I selected, was hiring unlicensed staff. The second option for phase I is based on loan. The monthly payment period is over in twelve months with no prepayment limitation that is an excellent deal. Taking the first loan will help the hospital close the loan within three months, as compared to the second loan option which could take six months to prepay. Phase II: Choosing refurbished machines will be a good option and will save the hospital almost 50 percent of the cost price as compared to a new one. I realized that it might be best to go with this. I selected the operating loan because it has a lower upfront payment and lower monthly installments. Leasing allows businesses to address the problem of obsolescence. Therefore, when the technology advances and the machine turn out outdated the terms of the loan would allow the machine to be replaced with a new updated model. Phase III: Tax Exempt Revenue Bonds is not the best choice, for it has a usable time set of three years as well as an escrow against gross revenue. I chose HUD 242 loan because it has...
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...Reporting Practices and Ethics Raquel Heppner HCS405 January 23, 2013 Steve Linerode Financial management is a very important sector of any health care organization. Without proper financial management it would be impossible to keep the doors of any organization, but in health care where the sales equal an intangible good like a visit with the doctor it is even more critical. There are four elements in sound financial management. These include controlling, planning, organizing and decision making. Controlling includes setting certain specifications on how work is done and how to maintain confidentiality with private sensitive information. This aspect of financial management also prevents breaching the elements defined in HIPPA. Planning is essential because by the very nature of healthcare it is important to plan for those times when payments from insurance and government agencies are received and times when payments may not be as forthcoming. Also as healthcare is an ever changing industry it is important to plan for those changes. Organizing is integral to healthcare in order to maintain or reduce costs and give the best service to patients and others who are relying on results from the organization in order to perform their jobs. Decision making is the backbone of any organization but particularly healthcare. Ideas and changes must be weighed, for example what EHR program to choose, how to implement any changes and how to enforce regulations which must...
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...Simulation Review The simulation review exercise was rather interesting, to include the exercise putting me in the mindset of being in the “hot seat” so to speak as it relates to analyzing financials and making the right decisions for the betterment of an organization. I must say that is was a difficult task, one filled with an abundance of stress because my focus was to save the organization money, in which I believe that’s the focus for most organizations across the board. Although this was only a simulation exercise, I became overwhelmed with nervousness and anxiousness, and the calculated numbers started to look the same, but my focus was geared toward lowering total liabilities, and having assets in abundance. Thinking about the simulation on a larger scale, I definitely don’t want financial analysis to be part of my responsibility unless I am trained thoroughly as it relates to short cuts, in addition to key indicators to look for in efforts to enhance and streamline the process, as well as helpful hints with regard to making the right decisions. At this time I will cover Phase I of the simulation review related to Capital Shortage. The cost-cutting options I selected were Reducing Agency Staff and Reducing Length of Stay. The reason I selected Reducing Agency Staff for one of the cost-cutting options is because contract worker’s make twice the amount of a regular full-time employee, therefore equating to cost savings. On an additional note, I would also have...
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...Simulation Review HCS405 Jan10, 2013 Simulation Review Introduction: Elijah hospital provides both cardiac diagnostic services as well as rehabilitation programs. Even though the hospital’s patient volume is steady and increasing, the profit margin is dropping. In this simulation, we will evaluate and assess the funding options for obtaining a new or refurbished medical equipment. Phase 1: Capital Shortage: I selected these options because I felt it was an excellent opportunity for the association to cut down its cost and save money. By reducing the agency staff, the organization will be saving a lot of money. The other cutting option, that I selected, was hiring unlicensed staff. Moreover, the unlicensed staff will require less skilled training as compared to licensed nurses. The second option for phase I is based on loan. It consists of a six month repay loan period with the total interest payout of $56,589 and $21,297 interest saved. The monthly payment period is over in twelve months with no prepayment limitation that is an excellent deal.. I chose option one loan plan because it has no prepayment limitation. Taking the first loan will help the hospital close the loan within three months, as compared to the second loan option which could take six months to prepay. Phase II: I chose to take the refurbished loan for the high-Speed CT scanner. Choosing refurbished machines will be a good option and will save the hospital almost 50 percent of the cost price...
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...Ethics Paper Health Care Financial Accounting HCS405 Ethics Paper Financial Management is an important part of today's health care finance plans. Several financial decisions are done on a daily basis for all accounting records and even the business transactions that occur. Some of these decisions are made according with the organiation's fiscal objectives (even if some are done following generally accepted accounting principles). The question I really like to ask then is "How good are the health care organizations' financial management and do they have accurate financial report records"? GAAP Generally accepted accounting principles (GAAP) usually are regarded as the set of guidelines for financial accounting and the jurisdiction of every accounting standards. Following these accounting guidelines the GAAP includes several things like conventions, standards and the different rules the organization's accountant must follow during a copy summarization of all the transactions and in doing the work in general like preparing all the financial statements. The third parties involved with these reports must rely on the stated information to be exempted from all inconsistency or bias without any debate. These could also ensure that all GAAP standards are being followed. All business currently states that, "the generally accepted accounting principles serves as guidelines precisely, a group of objectives...
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...Reporting Practices and Ethics Paper January 28, 2013 HCS405 Robert Hammer Financial management is very important to today’s healthcare financial plans. Companies are not able to function without proper financial planning. It is important that all the accounting records are kept up to date so they follow specific guidelines. This helps keep track of how a company is doing to make sure that they are aware of where their money is going so that they know if they have a profit or a loss. This can allow them to change things around so that they are not losing money. Generally accepted accounting principles (GAAP) is a set of financial guidelines used for financial accounting. The GAAP sets guidelines for preparing financial statements, setting standards for organizations accountants. Third party accountants can use these statements and to determine how a company is doing. The third party is used to prevent any bias. According to All Business "the generally accepted accounting principles serves as guidelines precisely, a group of objectives and verified conventions that were permanently set up over time to standardize how financial statements must be prepared or presented” (FASAB, 2010). There will always be differences among organizations so normally a corporate behavior would be based on the ethics implemented by the organization or corporation. Most organizations focuses on the organization's surroundings, human and social rights...
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...Reporting Practices and Ethics Paper HCS405 Within today’s health care finance plans financial management is one of the most important aspects. There are numerous financial decisions that are handled from day to day in reference to accounting records and the business transactions that occur within the organization. The organizations fiscal objectives tackle these decisions. A concern that may arise is the integrity of the health care organization’s financial management department and the accuracy of their records. GAAP Generally accepted accounting principles or GAAP are the set of regulations for financial accounting and the jurisdiction of all accounting standards. Along with these guidelines the GAAP includes other important aspects such as conventions, standards, and different rules the accountants within the organization must adhere to during a copy summarization of all the transactions and in doing the usual tasks such as preparing all the financial statements. Any third party involved with these reports need to rely information within the report to be without inconsistencies or flaws. These can help ensure that the GAAP standards are being maintained and adhered to. All business currently states that, "the generally accepted accounting principles serves as guidelines precisely, a group of objectives and verified conventions that were permanently set up over time to standardize how financial statements must be prepared or presented” (FASAB, 2010)...
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...“Representing over 20 percent of the U.S. Gross Domestic Product and accounting for approximately $1.5 trillion in revenue, health care is the single largest industry in the U.S. today.” (University of Phoenix, 2015). However, it is a vulnerable industry. The facility we are looking at is in New York, where the third highest losses in the country occur because of numerous problems dealing with Medicare and Medicaid reimbursements, cuts in funding, and pressures for discounted managed care, amongst others. The facility is called Elijah Heart Center (EHC). First we looked at the capital shortage because in an emergency, the hospital might not have enough cash to sustain itself. The challenge was to decide on the best strategy to solve the cash flow problem. The first think I thought of was how to make the needed cuts without sacrificing employees and their morale. Without your employees, you’ve got nothing. So, I looked at other options that wouldn’t sacrifice the team. The first one that came to mind was Reducing Agency Contracted Staff. They come at about double the price as the regular facility employees, there are fees that have to be paid to the staffing agencies they come from, and honestly, they won’t have the same level of commitment to your facility as your regular employees. Conveniently, this was a huge cost savings. Secondly, I chose to Change the Skill Mix. What this does is give the nurses a break from tasks that others can do. This allows the nurses to do tasks that...
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...Reporting Practices and Ethics of Health Care Oscar Derry Brown HCS405 March 9th 2013 Donna Nanovski Reporting Practices and Ethics of Health Care This paper will explain the practices and ethics of the health care system. Within the past few years there has been countless of fraud and abuse in the Medicare and Medicaid systems. Many false practices by doctors and health care staff to make the extra dollar. On the other hand there are health care providers who follow the right proto-call to stay honest with his or her patients and practices. This paper will summarize the many financial elements and the ethical standards of the health care providers. Financial Management As the health care system enters to the new century, there is a tidal wave effect within the system. With so many changes, such as the older generation are working and living longer the health care system has to change. Reorganizing (organization) the health care system over the past 10 years has changed completely the procedure of delivery and financing. Better future planning however has been a challenged for the health care system. There are several factors cost cutting, services continue to reduced, the growth of revenues and return on the investments. This can be called mismanage care that has decreased cost (M. Cipriano-Silva, 1998). The health care workforce is the fastest growing career in America. Eleven million plus strong employees is most powerful workforce...
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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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...Reporting Practices and Ethics Paper HCS405 July 29, 2012 Professor C. Brew Reporting Practices and Ethics Paper Financial accounting and financial management are the basis for health care accounting. The GAAP is a cornerstone of all accounting practices. Financial management aides and guides health care accounting practices in today’s health care settings. These two elements are the building blocks for a solid health care organization. Without the two, there is risk of fraud and unethical practices within health care. In financial accounting there are four elements of financial management. The first element is planning. In the planning element of financial management, the objective is determined and then the steps needed to reach that objective are identified so that the goal of accomplishing the objective can be met. The second element of financial management is controlling. In controlling the goals set in the planning element are monitored to ensure that the goal is on track. In the controlling stage of planning, managers use reports to track the goals, compare information and to gain feedback on the status of the goals. Organizing and directing is the third financial management element. In this element the manager works daily to track the progress of the goals, reviews daily the results of the organizing and is active daily in the progress of the goals. The final element of financial management is decision making. In the decision making element the financial...
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