Last July 2012, a new financial fraud came out and hit the news headline, déjà vu, perhaps of other famous scandals, but not. This time a medium size financial institutions, name “ Peregrine Financial Group Inc” accused of shortfall of funds for around $200 million, where its CEO, Russell Wasendorf managed to misstated financial record for over 20 years, and finally in July 2012 filed for Bankruptcy. This particular case raises the questions of the role of controlling agencies , these last two hold a percentage of responsibility in this case. How PFG could managed to forge bank documents and financial record for such a long time, the clear response is the lack of controls and oversight. This has become a major problem over the last financial scandals as well.
Which of the following best describes what is meant by U.S. generally accepted auditing standards? (1) Acts to be performed by the auditor. (2) Measures of the quality of the auditor’s performance. (3) Procedures to be used to gather evidence to support financial statements. (4) Audit objectives generally determined on audit engagements.
Ethical promotion requires pharmaceutical companies to provide exact product facts, without recommending “off-label” use, i.e., promoting a product outside its specified FDA-approved label and guidelines for distribution, handling, etc. (Public). “Off-label promotion can be prosecuted as a criminal offense because of the potential for serious adverse health consequences to patients from such promotional activities” (Public). Even though the practice of “off-label” pharmaceutical promotion is against FDA regulations, in December of 2010, the well-known drug company Abbott and Elan was fined $41MM and $204 MM in two separate cased for utilizing this practice. In addition, AstraZeneca was fined earlier that year $520 MM in a case involving Seroquel XR (Public).
According to Shi & Singh (2012), reports showed that 1 in 3 or 87.6 million Americans were uninsured between 2008 and 2009 under the age of 65. This has contributed to the raise in health care costs. In order to reduce costs, the U.S. health care delivery system needs to have a plan in place to ensure that all of America’s population is insured such as the creation of the Obama Care Plan. The term delivery refers to the provision of health care services by various providers (Shi & Singh, 2012). Providers include physicians, hospitals, clinics, private doctor offices, and other entities.
As the case illustrated, there were dozens of serious and valid red flags that SEC was bombarded with by efforts made from Harry Markopolos. One alternative solution is for SEC to properly review the case itself, along with closely monitoring those assigned and affiliated with the case. From reading the case, it appears that one of the major flaw can be traced back from the audit work that was performed. It’s noted in the case that Bernie Madoff presented a purely fictitious financial statements to SEC for review and nothing alarming was discovered. Furthermore the case stated that there was actually no audit work that was done, and Madoff’s cousin was the sole practitioner conducting the audit.
Its Primary purpose is to ensure quality patient care and managing the cost of that care. Its secondary purpose as defined by the Institute of Medicine (IOM) deals with individual users for education, regulations, policies and public health from data entered, verified, corrected or analyzed directly or indirectly. Homeland Security has recently been added to the list of users, including patient care providers, managers and staff, coders and patients themselves. Patients can make changes as necessary. Other users might include lawyers, employers, law enforcement and researchers.
This paper will discuss the need for CDSS in the health sector particularly on clinical tasks. CDSS can provide support to clinicians at various stages in the care process, from preventive care through diagnosis and treatment to monitoring and follow-up. EFFECTIVENESS OF CLINICAL DECISION SUPPORT SYSTEMS Diagnostic assistance Based on the patient’s data and the system’s knowledge base, CDSS can
Government health care organizations such as Centers for Disease Control and Prevention (CDC) have unique financial structure and financial management strategies to comply with the organizational objectives. For this essay, comparative finacial environment summary of nonprofit hospital, Investorss owned hospital, and the CDC is being discussed. Financial Structure To be useful, the financial structure of any organization must reflect the nature, needs, and mission of the organization. Components of the financial structure therefore vary based on the nature of the organization. Before discussing the comparative summary of financial structures, it is imperative to understand the key components of financial structure common among the nonprofit, for-profit, and governmental organizations.
That means there are 9.4 million uninsured immigrants. The cost of the medical care of these uninsured immigrants is passed onto the taxpayer, and strains the financial stability of the health care community. Arizona serves as a welcome remedy to the current legal policies that mandate that hospital emergency rooms treat illegal immigrants for any and all ailments they report, even if their conditions are routine illnesses or injuries that do not constitute an imminent and life-threatening emergency. It is currently federal law that every emergency room in this country serve whoever walks through the door whether they can pay for the service or not. This includes illegal aliens who often come to the emergency room for something as basic as the common cold or a muscle ache, which results in huge financial losses for both the taxpayer and the hospital.
Critical Incident Medication Errors Seth Molin December 14, 2013 HMGT 320 University of Maryland University College Professor Ben Smith Medication errors are a dangerous and costly event. It is estimated that 1 million medication errors happen each year. Additionally, it is estimated that these errors result in approximately 7,000 unnecessary deaths (Binder, L., 2013, September 3). Jeannell Mansur from the Joint Commission International illustrated that “every hospital patient may be subjected to as much as one medication error each day.” In addition to the risk to patient safety these errors produce additional medical costs of an estimated 3.5 billion dollars a year. It is vital that steps be taken to mitigate this preventable critical incident.