Financial Ethics in Healthcare

Working in healthcare requires an overall ethical compass to keep the law and order. As a healthcare professional, I rely on Consequential ethics, Normative ethics, and Applied ethics to influence my morality. Consequential ethics, one of the theories that center around achieving the greatest good for most of those involved states that the overall benefits should outweigh the risks. Healthcare is an industry that is patient centered. Organizations such as The Joint Commission apply these ethical standards when surveying facilities and hospitals to give accreditation or penalty. The importance of this theory stems from the principles of beneficence and nonmaleficence or do no harm. If a facility is understaffed and has poorly educated workers

A philosophy of an organization helps differentiate themselves from their competitors and set a foundation for future success. It also helps shape an organization by presenting the goals they want to accomplish with specific activities. To improve this, many organizations understand the important of sharing values and goals and realize employee recognition. This helps staff from moving forward toward success of the organizations. Chapter 4 introduces “Codes of Ethics in Health Services.” Code of ethics is a guideline for healthcare professionals to accomplish and serve as a member of a society. Similar to other professions, managers have their own code of ethics in maintaining their duties and responsibilities. They also use the codes for ethical decision-making in dealing with ethical issues. Chapter 5 deals with “Organizational Responses to Ethical Issues.” It provides assistance for managers and organizations in their decision making. It is manager’s duty to figure out the problem and resolve it (Darr, 2011,

What should healthcare professionals do if their ethical values differ from those of their employer? Discuss several options.

The push for ethical practices is hitting financial managers from all angles from patient advocate groups, IRS, regulation bodies, and more. The scrutiny of financial reports has never been more important. One area under the microscope in financial reporting by hospitals seems to be its tax exempt status. The potential for tax misconduct is high and calls into question if hospital should be tax exempt (Valletta, 2005). This area is calling strongly for strict ethical guidelines. Health care organizations operate in a different market segment. Publicly traded organizations need to watch their earnings reports, while the health care sector is concerned with payments, hospital length stays, and admissions. To become more transparent and reduce the chances of unethical behavior some hospitals, including the Mayo Foundation, New York Presbyterian, and Ascension Health post audited financial statements online (Valletta, 2005). In another attempt to curb financial mishaps and abuses the financial statements for the medical industry must be signed off on by CEOs and

I feel that an individual should have a foundation in ethics in relation to health care. It is important because the community puts their trust into health care organizations and professionals. According to Flite and Harman (2013), an organization must have a code of ethics in order to maintain the community’s trust.

A major aspect of health care organization operation is that of financial management. Financial management of health care organizations incorporates ethical standards and proper reporting practices. Financial practices and ethical finance concerns are important to the success of any organization, particularly within the health care industry. The four elements of financial management, generally accepted accounting practices (GAAP), and general financial ethics standards are part of ensuring fair and accurate financial reporting from health care organizations. Examining examples of ethical standards of conduct and reporting standards helps to understand the

The American College of Healthcare Executives (ACHE), has a strong impact on ethical decision making because they focus on the “entire being” of the healthcare professional. For example, in ACHE’s preamble of The Code of Ethics it states, “In fulfilling their commitments and obligations to patients or others served, healthcare executives function as moral advocates and models.” Imagine, when a healthcare administrator recites these few words, he cannot help but acknowledge the depth of his commitment and the high level of morality that is expected from him. Because of the vast number of complex ethical dilemmas that arise, ACHE further promotes the value and importance of strong ethical decision making in ACHE’s Ethics Toolkit. “When the ethical guidelines are not enough, when there is uncertainty about the proper ethical approach, and when there is a need to develop additional

“If you don’t have integrity, you have nothing. You can’t buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing”. –Henry Kravis - The American healthcare system delivers some of the finest care in the world. However, despite the high level of achievement delivered from the American healthcare system, it is afflicted with problems. Ethical issues that occur in the healthcare delivery system are indeed common. Almost every decision that is made in a healthcare organization has ethical implications. These ethical implications are towards the patient, provider and the leader of the organization. Ethics tend to determine which actions will contribute to an individual fulfillment of happiness. Ethics are very powerful and tend to presuppose freedom and responsibility in the organization. In my current place of employment the care of patients is integrated with medical research, which in return allows for the healthcare practices to continuously be studied and improved. As a healthcare leader or worker, decisions will be made when the common good of both the patients and organization must be taken into consideration. As an effective healthcare leader one must practice adhering to the ethical standards and codes of conduct for his or her individual place of employment. According to Rae (2009), there are 7 steps in making moral decisions. The seven

Nurses are constantly challenged by changes which occur in their practice environment and are under the influence of internal or external factors. Due to the increased complexity of the health system, nowadays nurses are faced with ethical and legal decisions and often come across dilemmas regarding patient care. From this perspective a good question to be raised would be whether or not nurses have the necessary background, knowledge and skills to make appropriate legal and ethical decisions. Even though most nursing programs cover the ethical and moral issues in health care, it is questionable if new nurses have the depth of knowledge and understanding of these issues and apply them in their practice

Ethics are rules of conduct and moral principles of an individual which have various origins such as family, culture, and social environment. Given the diversity of people in the healthcare profession and the importance of providing care that is ethically sound

Any member within the healthcare environment may be conflicted with some ethical decisions that have to be made. Ethics committees have been developed, and are required due to the number of ethical issues that present daily within hospitals and other health institutions. These committees are comprised of persons who assist patients, their families, and healthcare personnel in identifying, understanding, and quickly resolving ethical issues. Policies, procedures, and ethic codes are formulated around moral principles of beneficence, autonomy, non-maleficence, and justice.

As a healthcare provider, how do you need to consider your values, beliefs, cultural beliefs, and ethical core as you solve ethical dilemmas?

Everyday, healthcare professionals are faced with ethical dilemmas in their workplace. These ethical dilemmas need to be addressed in order to provide the best care for the patient. Healthcare professionals have to weigh their own personal beliefs, professional beliefs, ethical understandings, and several other factors to decide what the best care for their patient might be. This is illustrated in Mrs. Smith’s case. Mrs. Smith is an 85 year old who has suffered from a large stroke that extends to both of her brains hemispheres which has left her unconscious. She only has some brain stem reflexes and requires a ventilator for support. She is unable to communicate how she wishes to proceed with her healthcare. Mrs. Smith’s children, Sara and Frank have different views regarding their mother’s plan of care. The decision that needs to be made is whether to prolong Mrs. Smith’s life, as Sara would like to do, or stop all treatments and care, as Frank feels his mother would want. In the healthcare field, there are situations similar to this case that happen daily where moral and ethical judgment is necessary to guide the decision that would be best for the patient. The purpose of this paper is to explore and discuss, compare and contrast the personal and professional values, ethical principles, and legal issues regarding Mrs. Smith’s quality of life and further plan of care.

Compare and Contrast the Codes of Ethics for Health Care Executives to the Code of Ethics for Health Educators

Professionals in every field are always confronted with some kind of ethical issues. It has however been noted that these ethical issues become high in magnitude and extent when public officials are involved. Due to the involvement of human life, an industry like healthcare holds ethics in highest regard. Even though these healthcare practitioners are highly trained to deal with issues of these kinds, their decisions can sometimes have a lasting impact on their professional and personal lives (Edwards 2009).