Reporting Practices and Ethics Paper

Shayna McQueen
HCS 405
08/30/2016

Within 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) Managers responsibilities
are to make sure the organizations goals and objectives are clearly established and universal for
every employee, from top executives to new entry levelers. Controlling helps with making sure
the organizations plans are carried out and this comes from having feedback. Utilizing available
resources allows organization to be more of a possibility and creates a better work environment.
Managers must work with their staff by ensuring daily tasks and goals are completed;
appropriate delegation can levitate the idea of a babysitter at work. Financial managers have to
be capable of making decisions quickly through evaluating and analyzing; viewing information,
data, and numbers on how they directly affect the company. When financial managers apply
regulations and guidelines with self-comprehension it only adds to the organizations success and
internal communication.

Financial management is essential in todays healthcare, especially regarding their financial plans
and financial security. Companies are not able to function without proper financial planning,
many fail within the first few years of operation due to lack of proper planning. It is important
that all the accounting records are kept up to date and kept for an allotted amount of time for
reference sake, so all guidelines are followed. 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, or GAAP, is a set of financial guidelines used for
financial accounting. The GAAP sets guidelines for preparing financial statements, and setting
and maintaining standards for organizations accountants. Third party accountants can utilize
these documents to determine the success of a company or areas where the company can
improve. Using a third party entity is used to prevent any bias opinions, errors, or potential cover
ups. 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, and direct responsibilities
when trying to study all the emotions that the ethics causes within the organization. All GAAP
standards are included into all corporations policies on ethics and are referenced to the way that

they handle all of their financial guidelines that are cut throughout the organization's financial
accountants. Similarly, with some current health care organizations that...
Financial management is very important to todays 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.
Studies show that businesses within the United States pay approximately $10,000 per year in
additional costs for employee who smoke cigarettes or use other types of tobacco, in or outside
the workplace. This is an additional financial burden for companies because it simply costs more
to provide coverage to employees that smoke or use tobacco because of the associated risks of
tobacco dependency. Being a tobacco user doesnt stop at just the added expense in health care;
smoke breaks slow down potential, there is a loss of productivity. Some businesses, such as
health care facilities including hospitals, urgent cares, and primary doctors offices have banned
smoking during business hours.
Managers and staff member responsible for financial reporting are required to do their jobs and
do it with the understanding that they represent the organization that they work for. There may be
individuals who would be involved in assisting in fraudulent behavior, however down the line
they may be criminal charges addressed if those individuals are caught. Staff should be told
about those issues and made aware of the...

References
Federal Accounting Standards Advisory Board, 2010. Retrieved from
http://www.fasab.gov/pdffiles/asbestos_cleanup_tr10.pdf
Health Care Finance: Basic Tools for Nonfinancial Managers, 4th Ed. Retrieved from UoP online
library.
Role of Accounting in the Business. Retrieved from
https://www.boundless.com/accounting/textbooks/boundless-accountingtextbook/introduction-to-accounting-1/overview-of-key-elements-of-the-business-19/therole-of-accounting-in-the-business-119-7274/