Reporting Practices and Ethics

Reporting Practices and Ethics in Health Care

Bella Montar


June 8, 2014
Michael Smith

Reporting Practices and Ethics in Health Care

      Health care managers must comply with many rules and regulations to successfully assist in the operation on an organization. Complying with these rules and regulations includes practicing fair and factual reporting of financial records while using an ethical practices. Proper reporting of financial records reduces the risks of embezzlement and fraudulent wrongdoing by the organization. There are many guidelines and factors that a manager can follow to ensure proper reporting practices and ethical behaviors. In this paper the four elements of financial management, general financial ethical standards, and generally acceptable accounting principles will be examined, and the results of not following these guidelines will be enlightened through two articles titled "Health care accounting receives poor diagnosis" and "Health care fraud and abuse."
The Four Elements of Financial Management
      There are four elements of financial management which include: planning, controlling, organizing, and decision making. These elements are a crucial to follow while managing health care finance as well as any managerial position. During the planning element, a financial manager will identify the organization's goals and objectives and identify the steps necessary to accomplish the overall goal or objective. Controlling takes place when the financial manager ensures that each department of the organization is working properly towards achieving the objectives that have been planned. Organizing is when the financial manager chooses how to delegate the organization's resources to meet these objectives. Decision making comes in the form of a financial manager exhausting all available alternatives through analysis and evaluation to decide upon the best financial options for the organization. The reason these elements are...