Financial Reporting policies in healthcare are a commonly used set of standards that the company compiles by use of authoritative and accepted ways to record and report accounting. Corporate compliance is designed to prevent any violations of the law by those such as, agents, employees, of a business. The ethics are equally important these are a set of morals or moral principles set by a person or agency. Fraud can be described as a breach or deceit and abuse can be described as a misuse of authority.
Now that I have explained a few commonly used words it should help you to have a better understanding of some of the topics raised in this paper.
In healthcare financial management, there are four elements those are; planning, controlling, organizing, and decision making. Each element has its own underlying task which include, for planning there is to identify what must be done in order to make completion possible. In controlling, there are steps that should be followed to ensure there is a work and ethics practice followed. Organizing requires a detail oriented person to perfect the skills of hiring the right person for the right position, ensuring there is a schedule of employees work loads, knowledge of what resources are most profitable and what ones are least effective. In financial management reports are viewed and logs are tracked as to what information is provided by the other 3 elements can improve the success of the business.
Generally accepted accounting principles or GAAP, are a set of rules and a set of guidelines that are set for all accountants in the United States to ensure they are legal and practical ethics. A GAAP is issued by the Financial Accounting Standards board or FASB as well as the International Accounting Standards Board or IASB, for equal standards worldwide. Some of these principles can include; regularity which ensures all books,