Reporting Practices and Ethics Essay Example for Free

Reporting uses and Ethics EssayIntroductionReporting practices and ethical standards atomic number 18 the most important building blocks that are needed to build a conquestful health caution nerve or any note. These report practices and ethical standards prove to be the upmost important practices in any health make do presidency. When reviewing all the variables and factors, one considers the principals listed in the generally real be principles. thither are several factors to consider and inforce these principles in an organization. To triumphfully implement generally accepted account statement principles and feed corporate compliance, an organization should consider in order for building a successful organization ethics, trick and abuse are all key components for continueing a successful health care or business organization. A successful organization atomic number 50not be successful unless they integrate and implement the foursome elements for financial ste ering. In order to implement and execute the four element of financial heed for a successful organization, the four elements should be implemented and carried out in full on a daily basis for each procedure and operation within the organization. Controlling, planning, organizing, and decision making are the four components every business and/or health care organization should adopt. The four elements are the keys to every good business ethics and standards to maintain a successful organization.Four Elements of Financial ManagementThe planning branch of the four elements of financial management proves this stage, is vital to set goals for a healthcare organization end to end with its execution of this stage and the different four elements. The next element of financial management is the experienceling stage and in this important stage the organization must set goals for their organization and that each goal is executed and carried out. A perfect font of how an administrator /d irector/ carriage in a healthcare organization can control theirorganization is to conduct audits of the department they all oversee. Decision making is defined as the overall performance of the other lead elements and determination on wither or not the overall performance of the other elements. The success of this can be measured Decision making in conjunction with the other elements and the overall performance and success of other 3 elements ultimately determines decision making elements.Examples, if the organization exceeds the capital work outed and find they are over budget, the decision making element comes in to play to review these items over budget and make an process plan to correct and/or prevent in the future. The four components are a vitally in financial management there are also other important principals and standards. The Generally accepted accounting principles and general financial ethical standards along with corporate compliance, ethics, or fraud and abuse are equally important separately and combined. The four functions of management help the facilities function properly and give the management the opportunity to resolve any issue or obstacle that may present as well as the opportunity to growth and make them better to perform and utilized the resources around them. Management is responsible for stock the process for procedure or task at hand and sustaining the actual method of internal control that is set by the organization.It is important that management/ administrator/ director to oversee and maintain the budget control. The manager/admin/director overseeing the budget should be effledgeable of how to control the budget and in order to maintain budget control, they should regulate to increase productivity and be familiar with assets, financial reporting and account summary. Every cooptation or health care organization is necessitate to meet the satisfactory operational needs, consequently cash management function helps any or ganization begin to create a set of policies and procedures to go out that federal funds are not withdraw unreasonable from the organization and payments are made properly to the programs (Ethics and Compliances may 1994). gibe to Ethical Behavior by Companies Benefit Society and Business (November 13, 2010), when applying ethical business practices, says that business should ensure that the outturn of its services should be environmentally ecological and every human involve in the production should not be dangerous or harmful for them. Ethical practices involve the strong financial reporting as well as considerationfor the social and environmental impact of the business. Audit reports help the organizations know the financial condition of the organization for Health Care or any other business as well as the result of the organizations day to day internal operations.Audits are laboursaving when following the practices of financial reporting practices of the organization can serv e as a checks and balances and a capacious tool for capturing financial data, if management checks the financial audit reports often. Financial reports explain in detail how the organization is doing and prevents negative numbers on the company because it records any procedure and activity that happens in the organization (Ethics and Compliances. May 1994). According to American College of Physicians (Snyder. 2012), the environment for the delivery of health care continues to change. Sites of care are shifting, with more care provided in ambulatory settings while the intensity of inpatient care increases.Generally Accepted Accounting PrincipalsThe parlance generally accepted accounting principles is a technical account term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. Generally accepted accounting principles (generally accepted accounting principles) are refer with the measurement of economic activi ty, the timed when such measurements are to be made and recorded, the disclosures surrounding this activity, and the preparation and exhibit of summarized economic information in the form of financial statements (Bragg, 2012). Generally accepted accounting principles also cognise as GAAP to understand the definition better, GAAP are guidelines that one should follow when trying to move over proper financial documents and reports. With these guidelines to follow, it was easier to maintain the financial reportings for all fields, including healthcare. The generally accepted accounting principles were held in the highest regard.The guidelines of the GAAP have had a high authority when it came to determining financial practices in healthcare. The GAAP influence has dwindled if not stopped. It was stated that it was not required for hospitals, nursing homes or any kind of healthcare facility to adhere to the GAAP (Taebel 1995). It has been documented that the guidelines of the GAAP ha s caused facilities to lose money, even though they knew what was best astir(predicate) recognizing cost. It hasbeen suggested that is not required to make decisions based off of the general accepted accounting principles. Capital costs are reimbursed according to a prospective payment system providers are being paid a predetermined amount regardless of GAAP issues (Taebel, 1995).ConclusionThere are countless of different ways that we can touch bases on to understand the importance of a cohesive financial department. It is essential to its success to be ethically compliant and to follow through with policy and procedure. It is up to the financial managers to execute and levy proper guidelines. In conclusion, there are four elements of the financial structure that is the basis for a financial departments success which are planning, controlling, organizing and decision making. With this information we were able to understand and summarize more in information the importance of gene rally accepted accounting principles and general financial ethical standards. Finally, we were able to view examples in those respecting terms and gain understanding from them. By compiling all of these elements together can guarantee a solid financial department in any healthcare facility.ReferencesAmerican College of Physicians (2010) Ethics in Practice Managed Care and the Changing Health Care Environment. Retrieved 11/13/2010 from http//www.annals.org/content/Bragg, Steven M. Wiley GAAP 2012 Interpretation and employment of Generally Accepted Accounting Principles (10th Edition). Hoboken, NJ, USA John Wiley Sons, 2011. ProQuest ebrary. Web1 May 2015.Ethics and Compliances Retrieved 11/13/2010 from http//www.miamivalleyhospital.org/mvhdefault.aspx?id=12746 (May 1994)Snyder L, for the American College of Physicians Ethics, Professionalism, and Human Rights Committee. American College of Physicians Ethics Manual Sixth Edition. Ann Intern Med. 201215673-104. doi10.7326/0003-4819-1 56-1-201201031-00001Taebel, S.W. (1995, October). Supreme Court regnant reduces GAAPs authority in Medicare cases. Healthcare Financial Management, 49(10)