Hcs 350

Topics: Health care, Ethics, Finance Pages: 4 (1086 words) Published: December 2, 2012
Reporting Practices and Ethics Paper
ChristyLynn Kern
University of Phoenix
Health Care Financial Accounting
HCS 405

Financial management is an important aspect to health care financial planning. There are many financial decisions that are made every day and depending on the accounting records and the different transactions that are occurring. Finance management is something that health care organizations need to pay close attention to. The number one priority of a health care organization is to care for patients but, there still needs to be a profit so that the organization can keep caring for patients. For an organization to satisfy patients and staff at the same time finance management needs to be planned out. An organization needs to make sure that the assets, costs, and claims are monitored and never overlooked. Some of the decisions made will be in accordance to the organizations financial objectives but, normally it is in accordance to the generally accepted accounting principles. GAAP

Generally accepted accounting principles or the GAAP are considered to be the main structure for the guidelines of financial accounting. The GAAP also can be considered to be the authority for all the accounting standards. These accounting standards include standards such as, the rules and regulations that the organizations accountant has to follow when coping and summarizing the transactions while preparing the financial statements. Any third parties that may be involved with the reporting must trust that the information being given is without irregularity and without debate. The generally accepted accounting principles are guidelines that have been developed precisely to make sure that financial statements are prepared and presented in a certain way. Organizations that deal with any type of financial data must follow the GAAP standards; this is so that external creditors can view the financial statements without difficulty. Four Elements of Financial Management...
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