Instructor David Moore
Reporting Practices and Ethics
The purpose of this essay is to report on health care practices and ethics in finance. This paper will address topics such as Generally Accepted Accounting Principles (GAAP), corporate compliance, ethics, or fraud, and abuse. This paper will include two articles regarding Medicare fraud in Texas and what the state is currently doing to safeguard the affected population regarding this issue. Finally, this paper will give a detailed summary of the four elements of financial management.
Health care has become a global money making business in today’s tough economy. Revenue generated comes from donations, government funding, and services a health care organization offers, but in some certain aspects of health care greed takes over and unexpecting stakeholders can be taken through the ringer. In a corrupt society bad decision-making of leaders especially in health care can affect everyone within the demographics of that particular hospital. Medicare fraud has brought down many health care professionals and health care organizations because of bad decision-making.
Many health care organizations get into trouble with abusing medicare by charging for services that was never had been rendered. Medicare fraud has cost Americans and the federal government close to a billion dollars. In an article by star telegram dated October 5th 2012 there were 14 health care professionals arrested and charged with medicare fraud in surrounding Texas cities. Apparently these health care professionals were charging medicare beneficiaries for services that were not rendered at the time of care. Some of these services were unnecessary medical services as in section 40.1.4 states in the Centers of Medicare and Medicaid Services medicare processing...