...Reporting Practices and Ethics In financial management there are four components that include: 1.) planning; 2.) controlling; 3.) directing and organizing; and 4.) making decisions are (jblearning, 2010) tools enabling managers to identify and accomplish objectives, ensure plans are followed, ensure an effective use of resources, and make informed choices (Baker & Baker, 2011). The generally accepted accounting principles are the uniform least possible guidelines to and standards of financial reporting (Office of Financial Management, 2001). General financial ethical standards, determined by the Financial Accounting Standards Board, are standards that are general and determine the way accountants in the United States conduct and format reports (Morley, 2014). Abuse and fraud account for as much as 15 percent in annual expenditures in health care in the United States (Rudman, 2009). Independence, integrity, and objectivity make up the three components of ethics (Gallup, 2014). The four components of financial management are: first.) planning; second.) controlling; third.) directing and organizing; and fourth.) making decisions. In summarizing the components of financial management; in the area of planning the steps are identified by the manager to be taken in accomplishing objectives of the organization. In the area of controlling, the manager ensures areas of the organization are following the established plans. One method utilized is studying current reports comparing...
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...Reporting Practices and Ethics Lindsey Petway HCS 405 December 14, 2014 Professor Jennifer Noren Reporting Practices and Ethics Introduction Success comes from effectively implementing the four elements of financial management: planning, controlling, organizing, and decision-making. These four recognized elements allow health care organizations to adjust the inflow and outflow to achieve the most beneficial outcome. A health care organization’s success depends on more than just providing excellent service to patients. One of the most important aspects of any business, including health care, is to stand by their ethical standards. It is vital for health care organizations to conduct their businesses and report finances ethically and in compliance with all laws and regulations. Four Elements of Financial Management Planning is one of the four important parts of managing a company. Planning consists of identifying the best way to achieve the organization's goal. First the manager needs to identify the main objectives needed to reach the goal. Then the manager needs to recognize what steps need to be taken to reach each objective. Essentially, the manager is developing a plan by breaking up one large goal and categorizing it into smaller goals (objectives). These objectives can then be delegated to appropriate teams with steps on how to reach each one. Controlling is another vital element...
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...Reporting Practices and Ethics Krystal Jackson Septemnber 10, 2012 HCS/405 Diana Schilling Large companies need the attention of investors, creditors, and banks to continue to be profitable. The information that these entities receive is product of the generally accepted accounting principles (GAAP) that are practiced by companies to create and release their annual finances. The financial statements allow the outside entities to judge the economic health of the company and from this decide if investments and larger lines of credit are wise. In the United States the Security and Exchange Commission enforce the GAAP although it is not actual law. The GAAP can be broken down into three sections which are assumptions, principles, and constraints. There are four assumptions declare that’s the business is a "separate entity" from its expenses and personal expenses are kept separate. The assumptions also discuss the form of currently that will be used in financial reporting as well as time periods that will be recorded in said statements. There are basic principles that are cost, revenues, principle, and disclosure and these principles require that the business reports what money is spent when something is acquired, and when it is earned and documented. The statements must be matched to the reported revenue and all information to make decisions on the company's finances must be disclosed. Lastly there are four constraints: objectivity, materiality...
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...Reporting Practices and Ethics Cassandra Pinkston HCS/405 March 4, 2012 Conway Brew Reporting Practices and Ethics Financial reporting is becoming a major problem within the healthcare organizations and the lack of morals and ethics is behind the problems with unethical financial reporting. Within the healthcare organization one must display morals and ethical standards when making ethical decisions. When reporting finances in healthcare financial managers should practice good ethical decision making by considering ethical principles such as; justice, autonomy and beneficence . The study of healthcare financial management can be so captivating and rewarding if practiced correctly. There are four elements of financial management that has been recognized and if used properly with good ethical business decisions could make financial reporting easy. The four elements of financial management are; planning, controlling, organizing and directing and decision making (Baker, J. J., & Baker, R. W., 2011). Planning is when the financial manager of a company takes the initiative to identify what steps needs to taken to reach the organizations main goal and once the steps have been identified the manager will set out to reach their goals (Baker, J. J., & Baker, R. W, 2011). Once the financial manager have identified the steps that needs to be take he/she must make sure each area of their organization is following that plan and this is considered controlling the plan that has...
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...Reporting Practices and Ethics Dennis Becker HCS/405 January 24, 2012 Dr. Johnnie R. Bejarano Reporting Practices and Ethics Any health care worker must make ethical decisions on a daily basis. Acquiring the right tools to help make better ethical decisions may include ethics committees and up-to-date policies and procedures. Companies such as Enron have had a difficult time making these ethical decisions and some within the company have had to pay a hefty price. Adopting a code of ethics and communicating these ethics are a key resource for any company. An internal audit system is another way to help combat fraudulent behavior. Elements of Financial Management There are four main parts or elements of basic financial management. Planning, controlling, organization and directing, and decision making (Baker & Baker. 2011). Planning consists of identifying goals of the organization and detailing the necessary steps to achieve these goals. When planning, an organization might consider historical statistics, patient demographics and must set specific financial goals. Controlling is a way to ensure the performance matches the planning. To see the results of this a financial manager might use comparison of results and flow of information. Organization and directing entails deciding the proper path to utilizing the company’s resources and managing or guiding employees in achieving this goal. Decision making is the ability to make a decision within his or her...
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...Reporting Practices and Ethics Monika Kaloyanova HCS/405 August 31st 2015 Professor Joe Gazdik Introduction There are a lot of important parts in health care organizations but what sticks out the most is financial management. Financial management needs to be taken seriously and everything has to be done accurately because there are consequences if errors occur and the organization cannot function properly. It also helps to see the profit and loss that the organization is having and to see what changes need to be done to fix anything. Four elements in financial management In financial management, there are four elements that are vital to any company and those are planning, organizing and directing, leading, and decision making “…by regularly following the four-step control process, managers can make their department more effective and productive”. Lombardi, D. J., Schermerhorn, J.R., & Kramer, B. (2007.) Planning is important because the manager identifies the steps so that the organizations plans/objectives can be accomplished. Controlling is an important element as well because it makes sure that the plans are followed. The financial manager makes sure that the units/areas of the organization are following the plans that were built. There is a way you can do that and that is to compare reports from earlier times. Organizing and directing helps in financial management because the manager uses the organization to make sure that the plans have been established. The...
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...Reporting Practices and Ethics Raquel Heppner HCS405 January 23, 2013 Steve Linerode Financial management is a very important sector of any health care organization. Without proper financial management it would be impossible to keep the doors of any organization, but in health care where the sales equal an intangible good like a visit with the doctor it is even more critical. There are four elements in sound financial management. These include controlling, planning, organizing and decision making. Controlling includes setting certain specifications on how work is done and how to maintain confidentiality with private sensitive information. This aspect of financial management also prevents breaching the elements defined in HIPPA. Planning is essential because by the very nature of healthcare it is important to plan for those times when payments from insurance and government agencies are received and times when payments may not be as forthcoming. Also as healthcare is an ever changing industry it is important to plan for those changes. Organizing is integral to healthcare in order to maintain or reduce costs and give the best service to patients and others who are relying on results from the organization in order to perform their jobs. Decision making is the backbone of any organization but particularly healthcare. Ideas and changes must be weighed, for example what EHR program to choose, how to implement any changes and how to enforce regulations which must...
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...Reporting practice and ethics paper Latrice Robertson Hcs/405 February 3, 2014 Sherida Douglass Reporting practice and ethics paper It is the responsibility of a health care manager to understand the basic principles of accounting and finance, and have the knowledge and the understanding of a financial report and what it means. Without these skills and ethical standards it could result in poor management. Financial management is a vital part of organizational effectiveness and success. Financial management requires four elements in order to operate properly. The four elements of financial management: Planning- the financial manager identifies the steps that must be taken to accomplish the organizations objectives. The purpose is to identify objectives and the steps to accomplish these objectives. Controlling- The financial manager make sure that each area of the organization is following the plans that have been established. Organizing_ The financial manager decides how to use the resources of the organization to most effectively carrying out the plans that have been established. Decision making- The financial manager makes choices among available alternatives. All types of decisions making rely on information and evaluation. The purpose is to make informed choices. Generally accepted accounting principles are accounting standards and guidelines used in financial accounting and reporting. Generally accepted accounting principles (GAAP)., are accounting rules...
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...Reporting Practices and Ethics Starla Edwards Health Care Financial Accounting/HCS 405 October 17, 2011 Marjorie Romano Reporting Practices and Ethics Financial practices and ethics can play an important part of any organization including the health care environment. In order for the health care organization to be successful one must adopt an efficient financial practice and possess ethical standards. The management of finances for a health care organization may be a challenge for managers. This is why the health care manager will follow four basic elements for financial management. The basic elements include planning, controlling, organizing and directing, and decision making (Baker & Baker, 2011). Health care organizations have accounting principles generally acceptable and will comply with the financial practice and the practice of ethics to avoid fraud or abuse of the reporting practices. Elements of Financial Management Financial management has four basic elements, which assist the manager in making effective decisions for the health care organization. The first element of financial management is planning. The financial manager needs to identify the steps that he or she needs to take to accomplish the goals of the organization. However, first the manager must determine what the goal is for the organization and at that time determine what steps to follow to achieve the goal. The next element is controlling; a plan is in place that each area of the organization...
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...Reporting Practices and Ethics HCS/405 Introduction Planning, controlling, organizing and decision making make up the four elements of financial management Baker (2011). Standards and guidelines of financial reporting are known as generally accepted accounting principles (GAAP) ("Accounting Principles & General Financial Ethical Standards", 2014). Financial ethics and standards determine the success of an organization. The VA is accused of the death of over 1000 waiting for care and budget mismanagement (“Bad VA care may have killed more than 1,000 veterans, senator's report says,” 2014). The alleged deaths could have been avoided through the use of GAAP. The FBI has uncovered millions of Medicare fraud rings (“More Than 20 People Arrested Following Investigations into Widespread Health Care Fraud in D.C. Medicaid Program ” 2014,). The Four Elements of Financial Management According to Baker (2011), the four elements of financial management are: planning, controlling, organizing and decision making. Planning is the stage of identifying the organizations objectives and steps to obtain the objectives. Controlling allows management to measure data from previous and current reports to determine changes within the organization as needed. Organizing is the stage in which management coordinates each aspect of the plan, such as; who, what, when and where. Decision making is management’s final role in making an educated decision based on the other four elements of financial...
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...Reporting Practices and Ethics Mia Moseley HCS/405 David Catoe August 25, 2014 According to Hicks (n.d.), “An accounting department plays an enormous role within the medical office. As the backbone of the organization, the accounting department allows the organization to operate at its fullest potential. Without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner” (The Role of Accounting in the Medical Office). Reporting Practices and Ethics Financial reporting and ethical standards in health care allow organizations to operate at their fullest potential. The standards are determined and set by the Financial Accounting Standards Board. In this paper we will define the elements of financial management, the generally accepted accounting principles and ethical standards. We will review a couple of articles and discuss their reporting practices and ethical standards. The Four Elements of Financial Management “Health care service delivery is a business. The concept of financial management assists in balancing the inflows and outflows that are a part of the business” (Mohamed, n.d.). There are four elements of financial management. They are planning, controlling, organizing, and decision making. These four elements all rely on the other and are necessary for successful business practice. Planning Planning is where the organization’s objectives, needs, and goals are identified and steps...
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...Reporting Practices and Ethics Paper Financial Management Elements There are four elements of financial management: planning, controlling, organizing, and decision making. When planning the financial manager identifies the steps that must be taken in order to accomplish the organization’s objectives. The purpose is to identify objectives and then identify the steps for accomplishing these objectives. Controlling is when the financial manager makes sure that each area of the organization is following the plans that have been established. Organizing involves deciding how to use the resources of the organization to most effectively carry out the plans that have been established. Decision making is when the financial manager makes choices among available alternatives. Generally Accepted Accounting Principles General accepted accounting principles (GAAP) are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements. GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors. Basically, GAAP is concerned with the measurement of economic activity, the time when such measurements are to be made and recorded, and the preparation and presentation of summarized economic information in financial statements. Standards of Ethics The conduct of a financial...
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...Ethically Responsible and Irresponsible News Reporting By Michael Rapuano June 01, 2015 COM/450 Ethics and Communication Instructor John Rothfork Ethically Responsible and Irresponsible News Reporting Journalists and publishers have an unspoken ethical responsibility when reporting the news or any topic of interest. The journalists, publishers, television newscasters, and anyone else reporting information to the public should be guided by an internal moral compass that steers them towards the truth. This is to say that their first and foremost commitment needs to be to the reporting the truth from reliable sources (Principles of journalism, 2015). Getting the story out there first should be secondary to the truth and not so much as a main concern but it often is for struggling or rookie journalists. “Scooping” the other reporter helps to get their name out there and become more prominently known while building their reputation. This can sometimes cloud their judgment and reporting skills and allow erroneous information to get by them and become part of their report. Ethically responsible reporting A journalist who acts responsibly is acting in the best interest of the general public. They will research their topic and verify that their sources are credible. The journalist will verify both confidential and publicly known sources to ensure their information is accurate and they are who they say are (Principles of journalism, 2015). There a lot of people in today’s...
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...Reporting Practices and Ethics Yolanda Jones HCS/405 March 10, 2014 Darlene Tomlinson Page Break Reporting Practices and Ethics The healthcare industry is a rapidly growing segment of the U.S. economy, amounting to over $2.1 trillion annually. Healthcare focuses on diagnosis, treatment, and prevention among other things. Health care makes up one sixth of the U.S. GDP it is the largest source of the nation's public expenditures. With large amounts of revenue going in and out of hospitals and facilities and health care reform accounting can be challenging. To help ensure fair and accurate financial reporting, there are practices and ethical standards that must be followed when accounting for finances in health care. This paper will provide the four elements of financial management and standard accounting principles and ethics. Financial Reporting Practices The Financial Accounting Standards Board was established in 1073. It is the designated organization in the private sector that establishes standards of financial accounting for nongovernmental entities. The standards established are officially recognized as authoritative by the SEC and the American Institute of Certified Public Accountants. The FASB also has accounting standards for health care entities. "The AICPA Health Care Expert Panel developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities"...
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...Reporting Practices and Ethics Meredith Kruse HCS 405 November 9, 20015 Joseph Shin Reporting Practices and Ethics Healthcare organizations are business entities like any other and the finances require detailed management to ensure that the business operates effectively and efficiently. There are specific elements required to measure the financial success of these companies. When exploring the accepted accounting principles, it is crucial that all involved parties understand the business aspect, including the outside stakeholders. When parties are financially invested, it is also expected that the organizations provide a certain transparency and always act in an ethical manner. There are four elements to effective financial management in any organization. These categories are planning, controlling, organizing/directing, and decision making. By following these steps, plans can be carried out and the organization can ensure financial efficiency. Planning is specifically about identifying objectives and the steps necessary to reach the determined goals. Controlling is a more difficult task as it requires management to enforce the plan and keep employees on track to meet deadlines. Organizing and directing is more of a broken down play-by-play of controlling. This step simply takes controlling to a more manageable level and gives management the opportunity to delegate specific tasks. Decision making takes the three previous steps and allows management to see the whole picture...
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