Ethical Standards in Health Care Accounting Essay

As a health c argon manager, on that point is a need to encounter the basic accounting principles and the need to be sufficient to look at a financial report and understand what it says. Without these keys and a good ethical compass, there could be serious consequences and could upshot in loss of revenue, funds, termination, or even prison time. Now this whitethorn seem like an extreme statement, but without using the 4 elements of financial counselling and some good common sense, it might not be a far stretch of the truth. This paper will address the four elements of financial management and how good ethical standards and common sense go out the best results.The Four Elements of Financial ManagementFinancial management is solely put managing the financial aspect of a business. That involves cash coming in and cash going out. There are four elements of financial management which include planning, controlling, organizing and directing, and decision qualification. These four e lements are important and need to be discussed separately. computer programmeningThe purpose (of planning) is to identify objectives and then to identify the steps necessitate for accomplishing these objectives (Baker & Baker, 2011, p. 5). cookery allows a manager to understand what his or her organization is about, or what it wants to achieve. This stage allows a manager to lay out the basic roadmap for what necessarily to happen. This does not meant that this is exactly what will happen, but still it provides a head start point. Creating a plan also requires thought into developing checks and balances. Who will be in charge of what, and who will be watching over whom. Plan to nettle it difficult for person to make unethical decisions. According to jactitate Gallagher, a business ethics and fraud prevention expert unethical behavior(s) that morphs into fraud will always redeem (need, opportunity, and rationalization) at their core (Gallagher, 2009, p.41). Planning helps eli minate the opportunity for fraud.ControllingThe purpose of controlling is to encertain(p) that plans are cosmos followed (Baker & Baker, 2011, p. 5). At this stage managers use reports to see what areas are and what areas are not following their plans. The manager uses reports to ensure that financial targets are being met and that fraud is not occurring. Depending on the size of the organization, there may be many layers of controls put into place. It might be best to have someone that keeps everyone honest, at multiple levels. According to a quote in an oblige in Healthcare Financial Management, every organization ought to have a set of handsomely detailed internal controls that protect its key assets. These controls should be reviewed by external and internal auditors or staff to make sure they are being adhered to (Sandrik, 1993, p. 4).Organizing and DirectingOrganizing is determining how best to use lively resources to achieve the goals of the company or organization. A few examples of this could be whether to have multiple nurses in the pediatric department to daylight when they are requisite in the ER, or whether to keep an ultrasound machine that is rarely utilize in a clinic, when it could best be served somewhere else. Directing is the day to day job of ensuring that resources are organized or designated in the nearly efficient manner.Decision MakingDecision making is done continually throughout the other three elements or stages. Every time something is planned, controlled, or organized, it was because someone made a decision. Remember when making decisions to base them on the four principles of business ethics, autonomy, which assumes every human being is capable of making his or her own choices justice, which requires actions and practices to be fair and nondiscriminatory beneficence, which promotes human welfare and non-maleficence, which ensures egis of individuals from harm (Sandrik, 1993, p. 5).Keeping transparency in a business is a g reat way to keep people honest as well. In July, 2010, The Healthcare Group Purchasing Industry Initiative (HGPII) received gush reviews for it activating a formal process to ensure prompt and fair resolution of supplier complaints and for implementing an Independent Advisory Council to have outside observers make sure they are doing everything possible in terms of ethical standards (Freeman, 2010, pp. 3). endingFinancial accounting might look like pages of numbers or gibberish however they are the key to unlocking income potential, and success. Whether a manager is straightway in charge of the reporting or in charge of something alone different, understanding these reports can help make an organization more efficient, able to offer more services, or even more profitable.