Essay on "Health Care Accounting"
Essay 3 pages (1004 words) Sources: 2
[EXCERPT] . . . .
They must also maintain an ethical standard that is professionally and socially acceptable.A second component is objectivity, which requires professionals to be objective while avoiding conflicts of interest. In other words, where accountants have a vested interest in a certain company, they should not perform financial services for such a company. Dishonest practices should be avoided at all costs, even in cases where conflict of interest is unavoidable.
The third principle, confidentiality, refers to the privacy of information such as contact information for employees and business associates. Accounting ethics require that this information be kept confidential, unless a court of law orders its release. Professionals should avoid disclosing such information for an unethical or illegal advantage.
The article by Hsiao et al. (2011) focuses on a single-payer system within the health care financing system. This system has created a health care reform principle with the result of significant savings in health care spending with no effect on the quality of health care.
This addresses several of the principles mentioned above, including the accounting principle of more directly matching expenses with revenue. A single-payer system makes this principle much less complex, providing health care accountants with the means to create direct matches while avoiding the costs of unnecessary information and statement generation.
It also addresses the GAAP component of competence. Accounting professionals would need to educate themselves regarding the single-payer system and how to apply accounting principles to adhere to t
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The article by Schott et al. (2010) also addresses very particular principles, focusing on the consequences of Pharmaceutical companies that fund drug trials. The article suggests that, when Pharmaceutical companies fund these trials, the results tend to be in favor of the funding company's drug more often than when such trials are carried out independently.
The GAAP component that is most obviously involved here is objectivity. There is a clear conflict of interest when pharmaceutical companies fund clinical trials involving their own drugs. The tendency is to create falsified results, while also allowing funding from these companies to influence the trials in certain fundamental ways. This is in the interest of the funding companies rather than the public being affected.
Clearly, it is vital to maintain a sense of ethics where health care, financing, and the public interest are concerned. Ethically, human health can never be subordinate to revenue.
References
Hsiao, W.C., Knight, A.G., Kappel, S., and Done, N. (2011). What Other States Can Learn From Vermont's Bold Experiment: Embracing A Single-Payer Health Care Financing System. Health Affairs, Vol. 30, No. 7. Retrieved from: http://hpaa.sph.unc.edu/AdmittedStudents/masters_orient_discuss.pdf
Schott, G., Pachl, H., Limbach, U., Gundert-Remy, U., Lieb, K., and Ludwig, W-D. (2010, Apr.). The Financing of Drug Trials by Pharmaceutical Companies and Its Consequences. Deutches Arzteblatt, Vol. 107, No. 17. Retrieved from: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2872821/ READ MORE
Quoted Instructions for "Health Care Accounting" Assignment:
“• The paper includes articles that address financial reporting practices and ethical standards in health care finance. • The paper addresses financial management of health care organizations and integrates research articles.
o Include a summary of the four elements of financial management. o Include a summary of generally acceptable accounting principles and general financial ethical standards. o Provide examples from the articles that reflect ethical standards of conduct and financial reporting practices. o Explain the significance of each example.
How to Reference "Health Care Accounting" Essay in a Bibliography
“Health Care Accounting.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/health-care-accounting/9390647. Accessed 27 Sep 2024.
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