...Reporting Practices and Ethics Kara Moore HCS/405 August 1, 2011 Barbara Archer Reporting Practices and Ethics Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive, grow and prosper. The way an organization prepares and reports its financial information and handles its daily operations is in essence financial practices, and in the way it accomplishes this reveals their ethical standards to which they adhere to. This paper will discuss the financial practices, ethical standards, and financial management in health care. Financial management in simple terms is a management of finances for an organization. The goal of financial management is to achieve financial objectives, and can be broken down into four phases. The four elements of financial management are: planning, controlling, organizing and directing, and decision making (Baker & Baker, 2009). In the planning phase financials managers need to pinpoint the organizations objectives and the necessary steps to achieve those (Baker & Baker, 2009). In the controlling phase it is all about ensuring that each department is following the guidelines set forth in the planning stage. This can be accomplished by comparing quarterly reports to see if the departmental goals are...
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...WWW.STUDENTWHIZ.COM HCS 405 Week 2 Health Care Financial Terms Paper The theme of HCS 405 is to enable students to learn about the financial statements and other financial transactions in the hospital industry. There are various topics in HCS 405 like balance sheet, statement of revenues and expense, revenue cycle, payer mix and revenue. There will be five weeks in the course of HCS 405 in which the above topics will be covered. There will also be the study about the financial worksheet and reporting practices. It will be taught to the students that organizations must comply with the requirements of ethics and proper disclosure of the statements. In HCS 405 week 1, there will be teaching of balance sheet. Balance sheet is defined as the financial statement of hospitals that tells about the assets, liabilities and equity of shareholders at a specific point of time. In HCS 405 week 2, earning statements will be taught to the students. Statement of revenues and expense is one of the financial statements which are used to identify the revenues or losses of the hospitals for the particular period. In the course, there will be different multiple choice questions that will be provided to the students to test their understanding. After it, the solutions are also provided to check the correctness. There will be the final exam in which all the topics will be covered. The HCS 405 week 3 will include the revenue cycle of hospitals. . It is defined as the process in which the revenues...
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...Course Design Guide HCS/405 Version 5 1 Course Design Guide College of Natural Sciences HCS/405 Version 5 Health Care Financial Accounting Copyright © 2012, 2010, 2007, 2005, 2004, 2002, 1999 by University of Phoenix. All rights reserved. Course Description This course provides an understanding of the general principles of accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the...
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...HCS 405 week 1 Health Care Financial Terms Worksheet Paper - WWW.STUDENTWHIZ.COM Introduction The HCS 405 week 1 financial terms worksheet throws light on some of the most basic concepts of the healthcare business. Understanding health care financial terms is a prerequisite for both academic and professional success. The health care business helps the nation by providing the building blocks that the citizens need to live a successful and healthy life. The worksheet is intended to ensure that the students understand some of the basic terms used in the business world of the health care industry. The purpose of HCS 405 individual and team assignments is to make the students aware about the numerous strategies employed in the financial and other departments of a health care sector. The students attending to the HCS 405 need to understand the significance of the healthcare industry. The employees of the company strive hard every day to fulfill the mission of the company by providing millions of families, seniors, and children of the country with access to good quality healthcare products and services. The questions are strategically framed to bring out the major theme of each of the HCS 405 week assignments. For example, decision-making is the process of making sound financial decisions with the aid of your controlling, organizing, and planning results and analysis. It defines the roles for various employees of the company like the financial manager. There is a need for the mangers...
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...Reporting Practices and Ethics Paper Alejandra Moreno HCS/405 3/23/2014 Elizabeth Caissie Reporting Practices and Ethics Paper Financial management plays a big role in any organization making sure that there’s financial stability within the company. The success of the company depends on how the financial reporting practices are followed and also how the ethical standards are implemented as well as how they incorporated into the company itself. Financial managing is the supervision of the business or organization’s finances in order to reach financial goals and success. The main intention of financial management is to generate capital for the organization, produce a progressive and increase cash flow into the company. This paper will discuss the four elements of a successful financial management that are critical to any health care organization. Any organization that is seeking success in the market must comply with all the regulations that are required by government, the market and very importantly by the consumers. Companies are not able to function without proper financial planning, it is important that all the accounting records are kept up to date so they follow specific guidelines. This also helps to keep track of how a company is doing to make sure that they are aware of where their money is going or coming from so that they know if they have a profit or losses. The four elements of financial management are planning, organizing and directing, controlling and decision-making...
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...Reporting Practices and Ethics Paper Mandy L Gutting HCS/405 02/09/2015 University of Phoenix Abstract All health care organizations must comply with their state and federal standards when treating their patients. All elements of an organization plays their part to ensure that the reporting processes and ethical standards are in place. Standing alone, will commit errors, breaches of HIPAA, and fraud and abuse. Every day, health care organizations are faced with financial practices and ethical standards. Each organization has their own set of practices that they use and it is the employee’s duty to follow them. Below are some examples of practices and ethical standards in medical organizations. Reporting Practices and Ethics Paper Health Care fraud Schemes Most health care providers are honest and put their career at its best. While all this sounds humble, no one expects anything bad to happen to them. Between Medicare and Medicare, in 2010, the expenditures reached $2.6 trillion. Many providers can say they did a group therapy on a dementia patient when it did not occur. It is estimated by 2015-2021, the annual rate will grow at 6.2 percent. There are 10 common fraud schemes which are (1) billing for services not rendered, (2) Billing for a non-covered service as a covered service, (3) Misrepresenting dates of service, (4) Misrepresenting locations of service, (5) Misrepresenting provider of service, (6) Waiving of deductibles...
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...Reporting Practices and Ethics Paper Week Two Indivdual Assignment By: Student HCS-405 Mr.Shin 04/15/2013 Reporting Practices and Ethics Moral guidelines and reporting practices are joined into the money related reporting and administration of health awareness. Reporting monetary information equitably and authentically is quintessential to this. Mindful money related arranging can anticipate capital misfortune through ventures, representatives, and clients. Financial reporting offers help in ascertaining: sums, money stream, timing, and other information crucial to organizational assets. Four Elements of Financial Management Inside financial administration there are four principal components to acknowledge: arranging, ordering, regulating, and choice making. Arranging incorporates an anything but rushed process that impacts choices in income and organizational objectives. Organizational administration should mediate between faculty and the incitement of budgetary arranging. A financial administrator is responsible for choices made throughout the arranging methodology. All informative data gathered and estimated will help in updated choices and positive results. The accumulation technique is adequate in acquiring or deals and is used by administration in recording and distinguishing the aforementioned things. The Four Financial Statements The four financial statements are the balance sheet, the statement of revenue and expense, the statement of fund balance...
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...REPORTING PRACTICES AND ETHICS PAPER HCS/405 June 2, 2014 Reporting Practices and Ethics Paper In today’s healthcare financial plans it is important to have good financial management. If the financial planning is not done properly then the company will not be able to function efficiently. The accounting records are kept up to date in regards to the guidelines in order to make sure the accounting records are accurate. By doing this, this helps keep track of how a company is doing to make sure that they are aware of where their money is going. This will show whether it is a profit or a loss. This allows the company to change things around so that they are not losing money within the company. Four Elements of Financial Management The accounting department plays a critical role within the medical office. The accounting department is the backbone of the organization and is what allows the organization to operate at its fullest potential. If the accounting department did not exist, it would make the office impossible for any type of company to operate efficiently. There are four elements of financial management which include the following; Planning, Controlling, Organizing and directing and Decision Making. The planning element sets goals and guidelines in order to allow the organization to ensure the future success and accomplishments of the medical office. The controlling is what ensures that all areas within the organization are following the...
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...Reporting Practices and Ethics Paper Teresa Lucas HCS/405 04-13-2015 Elizabeth Caissie The key to understanding finance is learning the four elements of financial management and their relationship to one another. It is important that all financial records are up to date because this helps keep track of how an organization, so they know if they have a profit or a loss. There are four elements of financial management are planning, controlling, organizing and decision making. The first one is planning it allows an organization to set goals and guidelines to ensure success and accomplishments in set goals. The second element of financial management is controlling. Controlling allows an organization to ensure that all rules and regulations within the organization are being followed. The third element of financial management is organizing. Organization is important because it guarantees that the organization is working at its best and it is organized while directing the medical office to work and fix problems that may come. The last element of financial management is decision making. All decision relies on information, and evaluation. Decision making works along with the planning, controlling and organizing...
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...Reporting Practices and Ethics Paper Angela Blanks HCS/405 February 12, 2014 Mary Scalf Reporting Practices and Ethics Paper Revenue is important to keep track of to pay expenses and invest back into the business to maintain state of the art technology. Reporting revenue correctly and honestly is management and owners responsibility. Abuse of the system and fraud committed by dishonest practices the government has set up standards of reporting income and expenses. The function of the generally accepted accounting principle is that all companies report revenue using the same methods. Using the four elements of financial management, planning, controlling, organizing, and decision making, businesses can be successful. Using ethical standards of honesty, an organization can expect to remain in business. Generally accepted accounting principles (GAAP) is the standard that determines how accountants conduct reports (Kennan, 2014). The function of the GAAP is to ensure that companies have the same methods of reporting financial information. The GAAP applies to all financial statements issued to the public for investors to understand how the company is reporting income and expenses (Kennan, 2014). The financial accounting standard boards (FASB) created the GAAP that define the ethical standard practices of companies (Reeves, 2014). Maintaining high ethical standards accountants must maintain confidentiality when reporting financial reports. Accountants must enter accurate...
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...Reporting Practices and Ethics Paper Bryan Luther HCS/405 April 30, 2012 Janine Lewis Reporting Practices and Ethics Paper Financial Management is important in all portions of health care financial planning. Numerous financial decisions are made on a day-to-day basis from all the accounting records and business dealings that occur. Chief financial officers make decisions according to the organization’s fiscal objectives or by using generally accepted accounting principles. Many sources have divided the elements or principles of financial management up into different 10 principles. Baker (2011), on the other hand, identifies four basic principles that are crucial to health care organizations reporting practices: planning, controlling, organizing/directing, and decision making. Initial planning requires financial managers to know the short term and long term objectives of their organization and to create plans for meeting those objectives. Planning is more than the higher management of a health care facility deciding what it wants to accomplish. Effective planners define strategies when planning and seek the input of everyone involved in the process. This ensures everyone supports the plan and understands their roles in executing the plan (Baker & Baker, 2011). To control the finances, the manager guarantees that every part of the organization is following the strategy of the corporation and all of the information has been established. To do this the manager will...
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...Reporting Practices and Ethics Paper HCS/405 March 7, 2016 Reporting Practices and Ethics Paper Generally accepted accounting principles (GAAP) represent the general rules, standards, and practices that are used in accounting. GAAP are required for businesses when reporting financial records. When preparing financial statements, a company’s accountant is mandated to use these principles before they issue these statements to investors and other entities outside of the business. The objective for these standards are to assist in ensuring that ethical accounting practices occur wherein investors and creditors have the confidence that companies are truthfully reporting their financial solvency. In summary, the GAAP are responsible for ensuring that companies ethically record measurements at regular business intervals, prepare and summarize economic information in accordance to ethical standards, accurately measure economic activity, and truthfully disclose information about economic activity. Corporate compliance, ethics, or fraud and abuse Medical fraud and abuse in the healthcare industry is a rampant occurrence that significantly impacts not only healthcare in America but also the entire economy. Fraud and abuse within the healthcare industry can account for approximately 15 percent of annual expenditures. This represents up to $170 billion annually being lost because of fraud and abuse in the healthcare industry. Although the federal government has consistently...
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...Reporting Practices and Ethics Christopher A. Brown HCS/405 July 15, 2012 Michelle L. Thomas Reporting Practices and Ethics The health care environment, in which financial realities and financial ethics play an important role in health services decision making, it is vital that managers at all levels understand the basic concepts of health care finance and how these concepts are used to enhance the financial well-being of the organization. In this paper, we will discuss the four elements of financial management, to include the accepted accounting principles and financial ethical standards. We will provide an example of ethical standards and financial reporting practices. Health Care Financing is a systematic framework for the evaluation of healthcare systems, as well as perform interdisciplinary research focusing on the relationship between economic development and healthcare (Baker & Baker, 2011). Financial Management Health care organizations accommodate services to consumers and also their financial status is also important to providing services. In any organization, financial management is very important toward an organization’s success. Financial management consists of four elements that work toward an organization financial practices and ethical standards (Dye and Sridhar (2008). Four Elements The first two elements of financial management works hand-in- hand are organizing and controlling. Financial managers use four basic financial statements to...
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...Reporting Practices and Ethics Jennifer Randall HCS/405 November 15, 2011 St. John Sturton, MBA, CMRP Reporting Practices and Ethics Hospitals and evolving healthcare organizations face an intimidating financial situation in today’s healthcare atmosphere. “Decreasing revenues, increasing costs, and high consumer expectations present a complex challenge for healthcare administrators and medical directors who must not only manage in today’s climate, but also position their organizations for tomorrow’s storms” (Gale Group, 2004, p. 2). This paper will summarize the four elements of financial management; summarize generally accepted accounting principles and general financial ethical standards; and provide examples from articles that reflect ethical standards of conduct and financial reporting practices. Four Financial Management Elements Planning, controlling, organizing and directing, and decision making are the four elements of financial management. The purpose of planning is for the financial manager to identify the objectives and identify the steps required to achieve those objectives. The purpose of controlling is for the financial manager to review and compare current reports against previous data to ensure the plans, set by the organization, are being followed properly and efficiently. The purpose of organizing and directing is for the financial manager to ensure effective resource use and provide daily supervision. Lastly, the purpose of decision...
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...Reporting Practices and Ethics Paper Ruby Anderson HCS/405 12/15/14 Jennifer Noren Reporting Practices and Ethics Paper Financial reporting practices and ethical Standards in health care Generally accepted accounting principles are shaped by economic and political forces. It follows increased world-wide integration of both markets and politics. Since most market and political forces are driven by reductions in communication and information processing costs makes them remain local for foreseeable future thus making it unclear on how much coverage should actually occur. There is some evidence on which build an assessment of the advantages and disadvantages of uniform accounting rules within a country, let alone internationally. “A deeper concern is that there inevitably will be substantial differences among countries in implementation of IFRS, which now risk being concealed by a veneer of uniformity. The notion that uniform standards alone will produce uniform financial reporting seems naive” (Taylor and Francis online, 2006). Fraud and abuse in health care is unfortunate but also common. Although there is not a precise measure of fraud or abuse it does still exist and can cost tax payers billions of dollars while putting welfare and beneficiaries at risk. According to (Department of Health and Human Services, 2014) Medicare fraud and abuse increases the strain on the Medicare trust fund, where the impact of those losses and risks magnify as Medicare continues to grow...
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