Reporting Practices and Ethics Essay

IntroductionReporting practices and honest standards argon the most outstanding building blocks that be needed to build a undefeated health attention organic law or any business. These reporting practices and ethical standards substantiate to be the upmost important practices in any health worry scheme. When reviewing all the variables and factors, one considers the principals listed in the in the main accepted accounting system principles. on that point are several factors to consider and inforce these principles in an organization. To fortunately hold generally accepted accounting principles and execute corporate compliance, an organization should consider in order for building a successful organization ethics, fraud and disgust are all key components for maintaining a successful health awe or business organization.A successful organization can non be successful unless they integrate and implement the four elements for fiscal counsel. In order to implement and ex ecute the four element of financial management for a successful organization, the four elements should be implemented and carried out in full on a daily basis for every procedure and operation deep down the organization. Controlling, planning, organizing, and decision reservation are the four components every business and/or health care organization should adopt. The four elements are the keys to every estimable business ethics and standards to maintain a successful organization.Four Elements of financial focal pointThe planning stage of the four elements of financial management proves this stage, is rattling to set goals for a health care organization end to end with its public presentation of this stage and the other(a)(a) four elements. The next element of financial management is the controlling stage and in this important stage the organization moldiness set goals for their organization and that each goal is executed and carried out. A complete example of how an admini strator /director/ manager in a healthcare organization can control their organization is to conduct scrutinizes of the department they oversee. purpose making is defined as the overall exploit of the other tierce elements and de endpointination 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 funds work outed and take on they are over budget, the decision making element comes in to run away to review these items over budget and make an action plan to ready and/or prevent in the future. The four components are a vitally in financial management there are also other important principals and standards. The in the main accepted accounting principles and general financial ethical standards along with corporate compliance, et hics, or fraud and abuse are as important separately and combined. The four functions of management help the facilities function right and give the management the luck 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 puzzlening 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 hit the hayledgeable 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 running(a) needs, consequently cash manageme nt function helps any organization begin to create a set of policies and procedures to ensure that federal funds are not withdraw unreasonable from the organization and retributions are made the right way to the programs (ethical motive and Compliances May 1994).According to respectable Behavior by Companies Benefit participation and Business (November 13, 2010), when applying ethical business practices, says that business should ensure that the production of its run 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 consideration for the social and environmental impact of the business. Audit reports help the organizations know the financial condition of the organization for Health interest or any other business as well as the result of the organizations day to day internal operations.Audits are helpful when hobby the practices of fi nancial reporting practices of the organization can serve as a checks and balances and a great 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 meter 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 magic spell the intensity of inpatient care increases.Generally Accepted Accounting PrincipalsThe idiom 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 principl es) are concerned with the quantity of economic activity, the timed when such measurements are to be made and recorded, the disclosures border this activity, and the preparation and presentation of summarized economic information in the form of financial statements (Bragg, 2012). Generally accepted accounting principles also known as generally accepted accounting principles to understand the definition better, generally accepted accounting principles are guidelines that one should follow when hard to establish 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 agree 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 an y kind of healthcare facility to adhere to the GAAP (Taebel 1995). It has been enter that the guidelines of the GAAP has caused facilities to lose money, even though they knew what was best about recognizing costs. It has been 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 pith regardless of GAAP issues (Taebel, 1995).ConclusionThere are countless of unalike 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 pliable and to follow through with policy and procedure. It is up to the financial managers to execute and obligate proper guidelines. In conclusion, there are four elements of the financial building 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 depth the importance of generally accepted accounting principles and general financial ethical standards. Finally, we were able to view examples in those respecting terms and gain fellow feeling 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 Application 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. doi10.7326/0003-4819-156-1-201201031-00001Taebel, S.W. (1995, October). Supreme Court ruling reduces GAAPs authority in Medicare cases. Healthcare Financial Management, 49(10)