Staying Relevant Stimulation Answer

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Reporting Practices and Ethics paper | HCS/405 – Louis Eubank | |

Reporting Practices and Ethics
Financial Management This paper will go over the various steps involved in financial reporting practices as well as the ethical standards in healthcare financing. Financial management is a major part of the health care facility running smoothly. There are numerous financial decisions made on a daily basis regarding business transactions and even some accounts (patient accounts, accounts concerning revenue). There are some ethics that those that are managing and reporting financial information should keep in mind. They are often referred to as the generally accepted accounting principles (GAAP). Each organization may have a different way of doing things but they do have to follow the organizations rules as well as the state and federal regulations. We will touch on that shortly. There are four aspects that take place in financial planning/management. I will be breaking down the elements and explaining each step and I will follow suit with the accounting code of ethics.
Elements of financial management:
The four aspects of financial management are: planning, controlling, organizing and directing and lastly decision making.
Planning: This is the first step of the process and it is where the financial managers start to develop a plan with projections in revenue for each area in the facility. This is the area where expectations and goals are set. Employees are provided with a clear picture of what is expected and strategies are put in place to help them reach the goals that have been set.
Controlling: This is an ongoing process where feedback is provided from different areas in the organization regarding the progress towards the goals that were set in the previous planning stage. Goals and guidelines that have been set will be checked against the employees’…...

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