Hcs405 Week 2 Reporting Practices And Ethics

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Reporting Practices and Ethics HCS 405 November 21, 2011 Diana Schilling Reporting Practices and Ethics Reporting practices and ethics are a main part for many successful businesses. This can be a complex challenge for health care managers as they deal with the basic elements of financial management to the complex burdens of ethical compliance and accuracy. This paper will discuss the financial reporting practices and ethical standards in health care, and show how health care reform is changing and making organizations more accountable. This paper will explain the elements of financial management, general financial ethical standards, and will view some corporate scandals involving ethics, fraud and abuse. Financial Management There are four elements of financial management; planning, controlling, organizing and directing and decision making. Each element is based on the purpose of each task. By using these elements it makes the manager’s choices more informed and effective. In the planning stage a manager needs to identify what steps and tasks need to be accomplished for this task. Controlling is when a manager makes certain that a plan is in place and followed by each affected area of the organization. Next would be organizing the staff to make sure each employee has the right skills to work on the plan and making certain that the plans are followed. Next would be organizing and directing and deciding what resources are most effective for the task at hand and how to use these resources. The reason for this is so that the organization runs smoothly and effectively. The last element is decision making and managers must do this after reviewing the choices from the information and the alternatives given in the reports or logs. Decisions rely on this information and that is why it is imperative to have honest and accurate reporting (Baker & Baker, 2011).

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