Pratice and Ethics

In: Business and Management

Submitted By mzmarco
Words 1126
Pages 5
Practices and Ethics
Erica Bolden May 5, 2013
HCS/403
Marcia Smith

Practices and Ethics Two major necessities needed to manage a health care organization financially are outstanding ethical standards and reporting practices. Reporting financial data reports is important and information must be accurate and factual. Organizations obtain and maintain financial data to aid in the audits of the amounts, control, and potential uncertainties of cash flows. Keeping the financial data current is important because majority of the time the data contains information about the organization’s equity and economic resources. Developing and analyzing ethical standards carefully allows organizations to stay in compliance with those standards formed for the health care community. Poor ethics and financial planning sometimes effects consumers. According to Nelson (2011), “Basic ethics principles that make up our common morality, including respect for patients, acting in patients’ best interest, avoid bringing harm to patients and treating patients in a fair and equitable manner, serve as the foundation for healthcare values.” This paper will contain a summary of the four elements associated with financial management, generally accepted accounting principles, and general financial ethical standards. The reader will explore Examples from two articles “Ethical Decision making for healthcare Executives” and “Ethics: A foundation for quality” that reflect ethical standards of conduct, financial reporting practices, and the significance of each example.
Four elements of financial Management
The four elements of financial management are planning, controlling, organizing/directing, and decision making. Planning is the methodical manner in which decisions are made according to the goals of an organization both short and long term. Management must supervise and monitor each…...

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