Health Care Financial Management: Reporting Practices and Ethics

Consequently, it become a financial problem where physician sees no improvement in their revenue/profit, and the cost of treatments continue to rise as reimbursement challenges the physician’s charges. There is always a cost to a better health care and coverage, and vast of it comes from taxation. Hospital and physicians function on funding to keep the door open and operating, and majority of the funding are from taxation. For

Having access to quality healthcare is major part of one’s life however the cost of care has been on the rise over the past decades and continue to rise every day due to many situation such

Funding health care is continuously changing. It involves payments going and receiving. Allocating resources that impact funding plays a big factor in how economists view health care funding. This includes the rising demand for quality and accessible health care.

Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive, grow and prosper. The way an organization prepares and reports its financial information and handles its daily operations is in essence financial practices, and in the way it accomplishes this reveals their ethical standards to which they adhere to. This paper will discuss the financial practices, ethical standards, and

I have chosen the topic “Examine the financial characteristics of health care delivery along with managing costs, revenues, and human

On the same level from a patient’s perspective, providers are even challenged with increased costs. Even though insurance is becoming more affordable the money, unfortunately has to be recovered utilizing other

Audit failures are unfortunate for any health care organization and failed audits are due to financial statements falling under lack of

The cost of healthcare is on the rise and the demand for services has increased of required and

Are the financial statements a fair representation of the organization’s financial position? How do you know?

With no ethics come dishonesty, disloyalty, fraudulence, and a host of other bad qualities. These qualities are total opposite of what one would need to possess if they were handling any form of business in the healthcare field, particularly in the finance department. When working with funds it is important to keep morals and ethics extremely high because when no one is looking is really when you’re being tested. Sometimes, humans tend to let financial issues burden them down to the point of giving up. If a person going through a tough time in life was to have access to a large amount of money, it would be imperative that this individual

Accountants, business owners, investors, creditors and employees use four basic financial statements of an organization to determine the financial well-being and future earnings potential of that organization. Financial statements are a key tool in seeing and understanding the past, present and future condition of an organization. What are these financial statements and what do they mean to the reader? Do the financial statements mean something completely different to an investor, creditor, and employee?

Information given by an entity 's financial performance grant users of the financial statements to assess:-

The presence of an external auditor allows creditors, investors or bankers to use financial statements that have been prepared with confidence. Although it does not guarantee the accuracy of a financial statement, it provides users with some reassurance that a company’s financial statements give a true and fair view of its financial position and its business operations. It also provides credibility, where in business, is a major asset. With credibility, the willingness of investors, bankers and others to relate and undertake business projects with a company increases. Credibility is also important to build positive reputations.

Finally, comparability requires the accounting information should be compared with each other. There are two important aspects to illustrate it. On the one hand, compare aspects of an entity at one time and over time. The entity is asked to adopt the same accounting policy unless some special situation. The comparability quality characteristic can help financial report users comprehend the financial condition, opening result and the trend of cash flow easily, and then compare the information during different period. On the other hand, compare with different entities in the same accounting period. In order to help analyzing financial condition and other alteration circumstances of different business easily, the comparability principle require different business adopt the same accounting principle about the same or similar transactions in the same accounting period. Today, comparability is becoming one of the most indispensable and advantageous qualitative characteristics of accounting information (Putra, 2009).

A company prepares financial statement to provide information about its financial position and performance. This information is in turn used by a wide range of stakeholders (such as investors, banks, customers, suppliers etc) in making economic decisions with respect to respective economic interest in the company. Typically, in terms of ownership by investment in shares of the company, shareholders though own the company but do not manage it. Therefore, the shareholder and other such stakeholders to get comfort in taking sound decision need independent assurance from the auditors that the financial statements reflect true and fair view of the company affairs in all material respects. Hence, in order to enhance the level of