What are two major health care programs that have shaped the history of health care policy? What major events in health care access and delivery since have significantly changed and enhanced health care policy in the United States? What are the three interconnected phases of health policy making?
Hire Writer When in the organizing and directing phase it is important for managers to use the organizations resources and to work on a daily basis to make sure the organization is running smooth and according to plan.
Decisions will always need to be put into action during all four phases of financial management. GAAP financial statements are necessary for financial managers, creditors, and potential investors to make sound economic decisions about the organization.
Without GAAP organizations could decide themselves how to report financial information and what financial information is pertinent. This would not only be unethical financial practices, but make decision making for stakeholders and even management quite difficult. The whole point of GAAP is to make financial reporting uniform to reflect the economic reality of the organization.
This is to ensure that financial managers, investors, creditors and make rational decisions for the organization. The essence of GAAP is reliable, relevant, consistent, and comparable data.
The Department of Health website states there are five financial reporting requirements for public hospitals, which include: The monthly analysis forms the baseline in monitoring the industry by the department.
This information gives the financial reports and shows how the hospitals position to the department. In the annual reports, the FMA detail explanatory notes reports of operations, and financial statements Department of Health, These financial statements contain information such as balance sheets, income statements, and statement of cash-flow.
Annual returns are created in an electronic format, which provide operational and financial information that is not in the annual report Department of Health, This financial information must be on par with the audited annual report. The annual commonwealth aged care reporting gives capital to hospitals in exchange for information on age care services Department of Health, The push for ethical practices is hitting financial managers from all angles from patient advocate groups, IRS, regulation bodies, and more.
The scrutiny of financial reports has never been more important. One area under the microscope in financial reporting by hospitals seems to be its tax exempt status.
The potential for tax misconduct is high and calls into question if hospital should be tax exempt Valletta, This area is calling strongly for strict ethical guidelines. Health care organizations operate in a different market segment.
Publicly traded organizations need to watch their earnings reports, while the health care sector is concerned with payments, hospital length stays, and admissions. To become more transparent and reduce the chances of unethical behavior some hospitals, including the Mayo Foundation, New York Presbyterian, and Ascension Health post audited financial statements online Valletta, In another attempt to curb financial mishaps and abuses the financial statements for the medical industry must be signed off on by CEOs and CFOs.
They must declare under the form that to the best of their knowing this information is correct, or face criminal charges Valletta, Hospitals and all subsidiaries need their information to be accurate or suffer severe consequences.
In this aspect financial managers of hospitals need internal process. These processes that aid management gives them the ability to verify in writing that all of the finances for their organization are accurate and completed. A key to accurate reporting would be the implementation of the four phases of financial management.
In the creation of standardized processes the level of complexity can be reduced, thus ensuring sound financial reporting Valletta, In conclusion the goal of presenting practical financial statements is for proper decision making.
The financial information needs be comprehensive to aid in the evaluation of the organization. Financial reporting should be information about the organizations economic resources. It should provide information on financial performance. It also needs to be useful to the executive body that directs the organization on behalf of the people.
Basic Tools for Non-Financial Managers 3rd ed. Healthcare Financial Management, Department of Health.
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