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Reporting Practices and Ethical Standards in Health Care Finance

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Reporting Practices and Ethical Standards in Health Care Finance
Ashley Riggs
HCS 405
February 6, 2012
Jay Christensen

Reporting Practices and Ethical Standards in Health Care Finance
Healthcare managers engage in many important roles to create and sustain successful organizations. Managers must understand the crucial elements of financial management and the generally accepted accounting principles. They must also understand, adhere to, and enforce the general financial ethical standards.
Four Elements of Financial Management
Planning
The first step in financial management is planning. It is the responsibility of the financial manager to first identify the goals of the company. Then it is the financial manager’s responsibility to decide on the appropriate steps that must be taken to accomplish the goals of the company.
Controlling
The second step in financial management is controlling. During this phase of financial management, it is the responsibility of the financial manager to ensure that each division of the organization is following the plans was decided. Managers should study current reports and compare them with earlier reports. This will help to decide what division of the organization needs the most attention.
Organizing and directing
The third step in financial management is organizing and directing. During organization, it is the responsibility of the financial manager to decide how to use the resources of the organization most effectively. The resources, such as funds or assets, help the manager to ensure the goals of the company are accomplished. Directing is a day-to-day job providing supervision and assistance. It is the responsibility of the financial manager to ensure the goals of the company are running efficiently by supervising employees and assisting those who need it.
Decision making
The final step in financial management is…...

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