Reporting Practices and Ethics

Reporting Practices and Ethics

Tina Marie Gaddie

HCS / 405

August 27, 2012

Ashonta Tharps

Reporting Practices and Ethics

Poor financial planning can lead to the organization losing money that affects investors, customers, and employees. It is important to understand the how to properly run a business off of a health care facility. Financial management is crucial to the success of the any business. Revenue and expenses are very important to health care facilities because it determines the external and internal finances.

In order to effectively run a business office of a health care facility, they must have the skills to manage the finances. These skills necessary are to know how to set a plan, create a workable budget, and then manage the revenue cycles. This is not the end of the necessary components; the manager must be able to put forth the planning, controlling, organizing and directing, and decision making to keep the health care facility running smoothly.

As with anything to being, you start the planning; or to set a goal. If the manager does not begin with a solid plan, although achievable, would be difficult to accomplish. Once the plan has been established, moving to the next step of organizing will help bring to light the actuals goals of the facility.

With the planning and organizing created it is time to put it into effect. With the planning, organizing and directing set, it is now time to begin the controlling phase. During the controlling phase, financial managers make that every department is following the plans that were set forth to ensure the financial goals are met.

Four Elements of Financial Management

* Planning

The first step in financial management is planning. It is the responsibility of the financial manager to first identify the goals of the company. Then it is the financial manager’s responsibility to decide on the appropriate steps that must be taken to accomplish the goals of the company.

* Controlling...