...Reporting Practices and Ethics Paper Teresa Lucas HCS/405 04-13-2015 Elizabeth Caissie The key to understanding finance is learning the four elements of financial management and their relationship to one another. It is important that all financial records are up to date because this helps keep track of how an organization, so they know if they have a profit or a loss. There are four elements of financial management are planning, controlling, organizing and decision making. The first one is planning it allows an organization to set goals and guidelines to ensure success and accomplishments in set goals. The second element of financial management is controlling. Controlling allows an organization to ensure that all rules and regulations within the organization are being followed. The third element of financial management is organizing. Organization is important because it guarantees that the organization is working at its best and it is organized while directing the medical office to work and fix problems that may come. The last element of financial management is decision making. All decision relies on information, and evaluation. Decision making works along with the planning, controlling and organizing...
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...Reporting Practices and Ethics Christopher A. Brown HCS/405 July 15, 2012 Michelle L. Thomas Reporting Practices and Ethics The health care environment, in which financial realities and financial ethics play an important role in health services decision making, it is vital that managers at all levels understand the basic concepts of health care finance and how these concepts are used to enhance the financial well-being of the organization. In this paper, we will discuss the four elements of financial management, to include the accepted accounting principles and financial ethical standards. We will provide an example of ethical standards and financial reporting practices. Health Care Financing is a systematic framework for the evaluation of healthcare systems, as well as perform interdisciplinary research focusing on the relationship between economic development and healthcare (Baker & Baker, 2011). Financial Management Health care organizations accommodate services to consumers and also their financial status is also important to providing services. In any organization, financial management is very important toward an organization’s success. Financial management consists of four elements that work toward an organization financial practices and ethical standards (Dye and Sridhar (2008). Four Elements The first two elements of financial management works hand-in- hand are organizing and controlling. Financial managers use four basic financial statements to...
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...Reporting Practices and Ethics Paper Jessy Dominique-Clark HCS/405 Health Care Financial Accounting September 24, 2013 Debra Brindley Reporting Practices and Ethics Paper The National Health Care Anti-Fraud Association assess that the economic damages cause by health care fraud is more than ten of billon dollars every year. Financial controlling is difficult, but by using the four fundamentals of monetary management correctly and following the generally accepted accounting principles, revealing the financial position of an organization is not difficult ("The Challenge of Health Care Fraud", 2012). The four fundamentals of monetary management are controlling, decision-making, organizing, and planning. Controlling entails ensuring that every area of the organization is adhering to the plans that have been established. The decision-making process entails making an educated choice. Organizing entails using the organizations resources to successfully carry out the plans that have been established. The process of planning is to compile goals of the organization and then to identify the steps necessary for achieving these goals. The financial management team is accountable for ensuring the reports are up-to-date, and they are accountable for reporting the funds with the principles set forth by the code of ethics and mission statement of the organization. Every organization has the obligation and wants the veracity to release the correct financial position to its stakeholders...
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...Reporting Practices and Ethics Paper Alejandra Moreno HCS/405 3/23/2014 Elizabeth Caissie Reporting Practices and Ethics Paper Financial management plays a big role in any organization making sure that there’s financial stability within the company. The success of the company depends on how the financial reporting practices are followed and also how the ethical standards are implemented as well as how they incorporated into the company itself. Financial managing is the supervision of the business or organization’s finances in order to reach financial goals and success. The main intention of financial management is to generate capital for the organization, produce a progressive and increase cash flow into the company. This paper will discuss the four elements of a successful financial management that are critical to any health care organization. Any organization that is seeking success in the market must comply with all the regulations that are required by government, the market and very importantly by the consumers. 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 also helps to keep track of how a company is doing to make sure that they are aware of where their money is going or coming from so that they know if they have a profit or losses. The four elements of financial management are planning, organizing and directing, controlling and decision-making...
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...Reporting Practices and Ethics Paper Mandy L Gutting HCS/405 02/09/2015 University of Phoenix Abstract All health care organizations must comply with their state and federal standards when treating their patients. All elements of an organization plays their part to ensure that the reporting processes and ethical standards are in place. Standing alone, will commit errors, breaches of HIPAA, and fraud and abuse. Every day, health care organizations are faced with financial practices and ethical standards. Each organization has their own set of practices that they use and it is the employee’s duty to follow them. Below are some examples of practices and ethical standards in medical organizations. Reporting Practices and Ethics Paper Health Care fraud Schemes Most health care providers are honest and put their career at its best. While all this sounds humble, no one expects anything bad to happen to them. Between Medicare and Medicare, in 2010, the expenditures reached $2.6 trillion. Many providers can say they did a group therapy on a dementia patient when it did not occur. It is estimated by 2015-2021, the annual rate will grow at 6.2 percent. There are 10 common fraud schemes which are (1) billing for services not rendered, (2) Billing for a non-covered service as a covered service, (3) Misrepresenting dates of service, (4) Misrepresenting locations of service, (5) Misrepresenting provider of service, (6) Waiving of deductibles...
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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 Bryan Luther HCS/405 April 30, 2012 Janine Lewis Reporting Practices and Ethics Paper Financial Management is important in all portions of health care financial planning. Numerous financial decisions are made on a day-to-day basis from all the accounting records and business dealings that occur. Chief financial officers make decisions according to the organization’s fiscal objectives or by using generally accepted accounting principles. Many sources have divided the elements or principles of financial management up into different 10 principles. Baker (2011), on the other hand, identifies four basic principles that are crucial to health care organizations reporting practices: planning, controlling, organizing/directing, and decision making. Initial planning requires financial managers to know the short term and long term objectives of their organization and to create plans for meeting those objectives. Planning is more than the higher management of a health care facility deciding what it wants to accomplish. Effective planners define strategies when planning and seek the input of everyone involved in the process. This ensures everyone supports the plan and understands their roles in executing the plan (Baker & Baker, 2011). To control the finances, the manager guarantees that every part of the organization is following the strategy of the corporation and all of the information has been established. To do this the manager will...
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...Reporting Practices and Ethics Paper According to G. (2012), is that “the great thing about working in accounting is that everybody counts”. Accounting is vital in all organization for it is the root of a business. However, everyone in the business whether you are a front desk, professionals, management, they all play vital role in the day, month, quarter or annual financial statement that is generated by accountants with historical services that are being rendered to consumers as well as performance from each staff. In addition, Sowell (2012), “balanced budget requirements seem more likely to produce accounting ingenuity than genuinely budgets.” This quote explains that accounting is all about properly maintaining the finance of an organization, and focusing on both revenues and expenditures and how to go about it. One must make sure that more money is coming in versus money that is being spent also known as expenses. This paper includes the following on proper reporting practices in a medical facility and the four elements of financial management. As well as discuss the accounting principles and general financial ethical standards. Four Elements of Financial Management The four elements of financial management can be described as the four steps of the Control Process. According to Lombardi, Schermerhorn, and Kramer (2007), by regularly following the four-step control process, managers can make their department more effective, and productive....
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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 Paper HCS 405 Reporting Practices and Ethics Paper According to the American Medical Association’s Code of Medical Ethics, “a physician shall support access to medical care for all people” (Zonana, 2001, p.1). This principle becomes an ethical dilemma, however; in our currently divided system in which those without insurance are not provided the same access to health care as those with insurance. Health care providers are continually obligate to balance the increasing need for cost containment and appropriate allocation of medical resources with their professional ethical obligation to “regard responsibility to the patient as paramount” when making clinical decisions (Levine, Wynia, & Schyve, 2007). The managers within a health care organization will have generally one of three views: (1) Financial, (2) process, or (3) clinical. The way they manage will be influence by which view they hold. Financial view; these managers generally work with finance on a daily basis, reporting function is part of their responsibility and perform much of the strategic planning for the organization. Process view; managers generally work with the system of the organization and may be responsible for data accumulation and are often affiliated with the information system hierarchy in the organization (Baker & Baker, 2011). Clinical view; managers generally are responsible for service delivery. They have direct interaction with the patients...
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...Reporting Practices and Ethics Paper Angela Blanks HCS/405 February 12, 2014 Mary Scalf Reporting Practices and Ethics Paper Revenue is important to keep track of to pay expenses and invest back into the business to maintain state of the art technology. Reporting revenue correctly and honestly is management and owners responsibility. Abuse of the system and fraud committed by dishonest practices the government has set up standards of reporting income and expenses. The function of the generally accepted accounting principle is that all companies report revenue using the same methods. Using the four elements of financial management, planning, controlling, organizing, and decision making, businesses can be successful. Using ethical standards of honesty, an organization can expect to remain in business. Generally accepted accounting principles (GAAP) is the standard that determines how accountants conduct reports (Kennan, 2014). The function of the GAAP is to ensure that companies have the same methods of reporting financial information. The GAAP applies to all financial statements issued to the public for investors to understand how the company is reporting income and expenses (Kennan, 2014). The financial accounting standard boards (FASB) created the GAAP that define the ethical standard practices of companies (Reeves, 2014). Maintaining high ethical standards accountants must maintain confidentiality when reporting financial reports. Accountants must enter accurate...
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...Reporting Practices and Ethics Paper Cherelle Decarmo HCS/405 11/13/2014 Keith Parker Reporting Practices and Ethics Paper In any health care setting financial and ethical reporting is important to have a successful organization. Health care providers need to understand how effective financial management strategies. The paper will address financial reporting practices containing ethical standers in health care finance. Also, it will include a summary of acceptable practices and general financial ethical standards. There are four elements of financial management, this includes,” planning, controlling, organizing and directing, and decision making.” (Health care Finance, p.5.2011) Manager’s responsibilities are to make sure the organizations goals and objectives. Controlling helps with making sure the organizations plans are carried out and this comes from having feedback. Using available resources helps to be organizing. Mangers must work with their staff by directing daily with staff to make sure the goal is achieve. Financial mangers have to be capable of making decisions through evaluating and analyzing. When financial mangers apply and comprehends all these steps this helps organizations to be successful. Study’s show that U.S businesses pay $6,000 per year, extra due to employee who smoke cigarettes in the workplace break areas. This can be a financial burden for companies because, of the employee that smoke. Previous research that was done on cost of; smoke breaks...
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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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...Reporting Practices and Ethics Paper Holly Polk HCS/405 Sandra DiPietro April 9,2012 Reporting Practices and Ethics Financial management helps health care organization's to assist in balancing the inflows and outflows that are part of the business. There are about four recognized elements of financial management which are planning, controlling, organizing and directing, and decision making. Planning help the financial manager identify the steps that must be taken to complete objectives for their organization. Controlling helps the financial manager make sure that each area of their organization is following the plans that have been set before them. Organizing helps financial manager to decide how best to use resources and also how to effectively carry out plans that have been established. Lastly decision making helps financial manager to make choices among available option's (Baker, Baker,2011). Generally Accepted Accounting Principles or ( GAAP) is a set of procedures, standards, and principles that a organization can all agree on in order to report their financial data. The GAAP has several components but we will only name the most important like debt, inventory cost, long-term and short- term investment, taxation, profits, stockholder's equity, revenues and sales, and goodwill and other intangibles. The GAAP is a very great way for organization to report the data and it is also the most consistent way to display data. The GAAP make it easier for companies to...
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...Reporting Practices and Ethics Paper Reporting Practices and Ethics Paper Introduction In the health care industry organizations have to create guidelines and principles in order to successfully succeed. Implementing the four key elements of financial management and federally enforced principles are not enough. Ethics has also played a big role in the success of an organization. Many companies set up their own professional guidelines so that all employees maintain the same goal and success. However, as individuals every person has their own perception of personal ethics and sometimes can cause a struggle in certain workplace situation. Developing structure in an organization allows each department to operate to its fullest potential. In a health care organization the accounting department is considered the backbone of the organization. In accordance to, (Hicks, 2013) without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner. The key elements of Financial Management There are four key elements that are recognized and implemented by financial management. The four elements are: Planning, Controlling, Organizing and Directing and Decision Making. An organization can become successful and accomplish goals by setting guidelines utilizing the element of planning. The second element used to succeed is controlling which ensures for all areas of an organization to follow previous planned goals and guidelines...
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