Reporting Practice and Ethics Paper

HCS/325

Reporting Practice and Ethics Paper

Working as a financial manager comes with a lot of responsibility; and a lot of standards of practice. Just like physicians and nurses, financial managers of health care organization have a set of rules and ethical guidelines they must follow in their practices. In this paper, I will explain what the four elements of financial management are. There will also be a summary of generally accepted accounting principles (GAAP) and financial ethical standards. Business’s mist follows these standards in order to comply with federal agencies such as the Financial Accounting Standard Board. I will also provide examples from articles that explain how corporations comply with these standards and deal with fraud or abuse.

Four elements of finance management, is the key to good financial management is to be well organized and have good finical discipline. Health care is a business and having a good concept of financial management will help those businesses run smoothly. “The healthcare industry is a service industry; its essential business is the delivery of healthcare services.”(Refaat, 2014) Having a good understanding of the elements of financial management can help to explain the financial management of that service industry.

The first element is planning; planning helps identify the steps that must be taken in order to accomplish the organizations objectives. The second is controlling, this is in place to help ensure that the financial manager makes sure that each organization is following the plan that has been established. The next element is organizing, just as its name suggests, this element helps the financial manager decide how to use resources of the organization to effectively carry out the plan in an organized manner. The last element is decision making, this element is...