Reporting Practices and Ethics
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- Date Submitted: 09/09/2014 10:48 AM
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Reporting Practices and Ethics
The healthcare environment consists of financial realities that play an important role in health services. The financial managers understand the basic concepts of healthcare finance and how they are used to enhance the financial aspects of the organization. Financial managers have vast responsibilities within the finances of the company. The health care organization uses the four elements of financial management, generally accepted accounting principles (GAAP), understanding financial ethical standards, as well as developing managerial accounting solutions are key aspects of a financial manager (Morley, 2012).
The four elements of financial management properly establish goals for the organization. Planning is where the managers set objectives and determine a course of action for achieving these objectives. Planning helps the organization forecast future objectives. Controlling allows the manager to use the proper steps to establish goals and use proper measures when taking corrective action for situations that may arise. Organizing helps management develop an organizational structure and allow accomplishment of goals and objectives set for the company. Organizing helps the organization have a type of structure to eliminate chaos. Decision making is used throughout the entire process (Baker, 2011). The financial managers make decisions based upon available resources and attain valuable information for organizations. These elements play a vital role when using accounting principles and financial ethical standards.
Accounting principles and ethical standards are guidelines and provisions that serve the financial community in health care organization. Many healthcare organizations use the generally accepted accounting principles (GAAP). They 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 is not...
The healthcare environment consists of financial realities that play an important role in health services. The financial managers understand the basic concepts of healthcare finance and how they are used to enhance the financial aspects of the organization. Financial managers have vast responsibilities within the finances of the company. The health care organization uses the four elements of financial management, generally accepted accounting principles (GAAP), understanding financial ethical standards, as well as developing managerial accounting solutions are key aspects of a financial manager (Morley, 2012).
The four elements of financial management properly establish goals for the organization. Planning is where the managers set objectives and determine a course of action for achieving these objectives. Planning helps the organization forecast future objectives. Controlling allows the manager to use the proper steps to establish goals and use proper measures when taking corrective action for situations that may arise. Organizing helps management develop an organizational structure and allow accomplishment of goals and objectives set for the company. Organizing helps the organization have a type of structure to eliminate chaos. Decision making is used throughout the entire process (Baker, 2011). The financial managers make decisions based upon available resources and attain valuable information for organizations. These elements play a vital role when using accounting principles and financial ethical standards.
Accounting principles and ethical standards are guidelines and provisions that serve the financial community in health care organization. Many healthcare organizations use the generally accepted accounting principles (GAAP). They 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 is not...