Essay on Financial Reporting and Ethics

Submitted By geovanni1978
Words: 814
Pages: 4

Financial Reporting and Ethics Paper

Financial Reporting and Ethics Paper
Great financial practices and ethical standards in finance are one of the most vital parts of a health care industry, if not the most vital. Having great finance in the health care industry can make the difference between having a successful and prosperous health care practice, or one that is getting by each day to keep it’s doors open for business. Employing top quality employees with outstanding ethical values in the finance department can mean the difference to a successful future for any health care facility. A highly ethical finance department will set a health care facility apart and deliver top quality care to all it’s patients, along with having all its employees delighted that they work for a strong financial/ethical company.
Employing the basic principles of health care finance planning, controlling, organizing and directing, and proper decision-making will provide for a health care facility that is well balance and that looks at every aspect of health care finance, with an ethical approach. Planning for the present and future in every department of health care will provide for a facility that runs smooth, with top of the line staff, equipment, facilities, and with the of the line ancillary services. Controlling all aspects of health care finance, and knowing were all cash coming in and out of our facility is going by having proper financial logs of each and every transaction. A well organize health care facility will be simple to direct well into the future with a positive outcome. Having the correct manger in place is a must, being that they will determine most of the expenses of the facility, since they manage the daily activities of their facilities.
While most health care facilities belong to big organizations an or corporations that are for profit or non profit, some health care facilities are run by the local government in there local counties. These government run facilities tend to run in a much tighter budget and are force to deliver care to just about any one requesting the need for medical attention, thus hindering their ability to have a well balance budget and affecting there finances drastically, these government facilities still have to keep high ethical principles in there finances to survive and stay in business. Some health care facilities in their finance department have been using common practices to manage all finances through the practice, either thru a private company that manages every financial aspect of health care, or establish their own finance department to manage all the finances. While it might be easier to hire an outside company to run the finances it is always a good idea to have small finance department of a few employees that oversees the outside company as a form of a watch dog to ensure that all aspects of financing are being run legally, and ethically to avoid any legal troubles in the future.
It is extremely important for public corporations especially in health care to follow the social and ethical accounting, auditioning and reporting system,
According to Verschoor (1998) “26.8 percent of the 500 U.S. public corporations that, in their