Reporting Practices Paper

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REPORTING PRACTICES AND ETHICS PAPER

HCS/405

June 2, 2014

Reporting Practices and Ethics Paper

In today’s healthcare financial plans it is important to have good financial management. If the financial planning is not done properly then the company will not be able to function efficiently. The accounting records are kept up to date in regards to the guidelines in order to make sure the accounting records are accurate. By doing this, this helps keep track of how a company is doing to make sure that they are aware of where their money is going. This will show whether it is a profit or a loss. This allows the company to change things around so that they are not losing money within the company. Four Elements of Financial Management The accounting department plays a critical role within the medical office. The accounting department is the backbone of the organization and is what allows the organization to operate at its fullest potential. If the accounting department did not exist, it would make the office impossible for any type of company to operate efficiently. There are four elements of financial management which include the following; Planning, Controlling, Organizing and directing and Decision Making. The planning element sets goals and guidelines in order to allow the organization to ensure the future success and accomplishments of the medical office. The controlling is what ensures that all areas within the organization are following the goals and guidelines that were set forth by the planning element. Controlling is the company’s way of following the previous goals and guidelines and also allowing for an opportunity to fix any problems or issues which may arise. Within financial management the organizing and directing is important because this guarantees the medical office is working at its best potential possible and while…...

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