Reporting Practices and Ethics Essay

IntroductionReporting practices and respectable standards ar the most key building blocks that be needed to build a roaring wellness fretfulness organic law or both business. These reporting practices and ethical standards prove to be the upmost important practices in any health look at brass instrument. When reviewing all the variables and factors, one considers the principals listed in the principally accepted news report principles. in that location are several factors to consider and inforce these principles in an organization. To successfully instrument generally accepted accounting principles and execute corporate compliance, an organization should consider in order for building a successful organization ethics, fraud and abhorrence are all key components for maintaining a successful health allot or business organization.A successful organization can non be successful unless they integrate and implement the four elements for fiscal counseling. In order to imp lement and execute the four element of monetary 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 in spite of appearance the organization. Controlling, planning, organizing, and decision do are the four components every business and/or health care organization should adopt. The four elements are the keys to every ingenuous business ethics and standards to maintain a successful organization.Four Elements of monetary focusThe planning stage of the four elements of financial management proves this stage, is lively to set goals for a health care organization end to end with its executing of this stage and the former(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(a) example of how an administr ator /director/ manager in a healthcare organization can control theirorganization is to conduct size ups of the department they oversee. ending making is defined as the overall consummation of the separate common chord elements and de lineination 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 materialize they are over calculate, the decision making element comes in to stand for to review these items over budget and make an action plan to reconcile 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 co mpliance, ethics, or fraud and abuse are every bit important separately and combined. The four functions of management help the facilities function aright and give the management the chance 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 goning 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 go to bedledgeable of how to control the budget and in order to maintain budget control, they should regulate to increase productiveness and be familiar with assets, financial reporting and account summary. Every cooptation or health care organization is necessitate to meet the satisfactory functional needs, consequen tly cash management 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 requitals are made right to the programs (Ethics and Compliances May 1994).According to good Behavior by Companies Benefit purchase order and Business (November 13, 2010), when applying ethical business practices, says that business should ensure that the production of its function 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 business organization or any other business as well as the result of the organizations day to day internal operations.Audits are helpful when adjacent the practic es of financial 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 rime 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 small-arm the intensity of inpatient care increases.Generally Accepted Accounting PrincipalsThe artistic style 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 accou nting principles) are concerned with the keep down of economic activity, the timed when such measurements are to be made and recorded, the disclosures adjoin 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, GAAP are guidelines that one should follow when attempt 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 afford 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 health care facility to adhere to the GAAP (Taebel 1995). It has been document that the guidelines of the GAAP has caused facilities to lose money, even though they knew what was best about recognizing costs. 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 antithetic 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 conformable and to follow through with policy and procedure. It is up to the financial managers to execute and compel proper guidelines. In conclusion, there are four elements of the financial coordinate that is the basis for a financial departments success which are planning, controlling, organizing and decision making. Wi th 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 Coll ege of Physicians Ethics Manual one-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)