Reporting Practices and Ethics in Financial Healthcare

In: Business and Management

Submitted By JJordan84
Words 1131
Pages 5
Financial Reporting Practices and Ethics in Healthcare
Jeanette Jordan
03/07/16
HCS-405
Prof. Adrian Parker

Abstract
Financial management is a vital part of organizational effectiveness, it is a discipline with a long and respected history. Health care service delivery is a business, and the concept of financial management assists in balancing the inflows and outflows that are a part of the business. The managers within a health care organization will generally have one of three views the financial view, the process view and, the clinical view. Health care managers must of necessity interact with one another. Thus, managers holding different views will be required to work together. So, health care managers who understand health care finance will be able to interpret and negotiate successfully such interactions between and among viewpoints. (Mohamed Refaat, 2016)
There are four elements of financial management planning, controlling, organizing and, decision making. In planning the financial manager identifies the steps that must be taken to accomplish the organization's objectives. Thus, the purpose is to identify objectives and then to identify the steps for accomplishing these objectives. In controlling the financial manager makes sure that each area of the organization is following the plans that have been established. In organizing the financial manager decides how to use the resources of the organization to most effectively carry out the plans that have been established. With decision making the financial manager makes choices among available alternatives. All types of decision making rely on information, and the primary tasks are analysis and evaluation and thus the purpose is to make informed choices. (Mohamed Refaat, 2016)

Role of Financial Management in Healthcare
Managing the finances of any health care business nowadays is like driving a car…...

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