The Role of Ethics and Compliance in Financial Management- Implications for the Health Industry
Ethics and compliance in finance help healthcare providers ensure that they provide the best possible care to patients while adhering to all applicable laws and regulations (Zelman et al., 2009). In the nursing profession, nurses are bound by a code of ethics that includes provisions related to finances. Billing and coding errors can lead to overcharges for patients or insurance companies, leading to investigations or criminal charges (Sepetis, 2019). By understanding and following ethics and compliance principles, those who work in healthcare finance can help protect both patients and the healthcare organization’s reputation. Ethics also help manage finances when it comes to end-of-life decision-making. These decisions can be difficult, and they often involve financial considerations. Accordingly, ethics and compliance allow nurses to manage resources such as medications and supplies legally and ethically. For example, the American Nurses Association’s Code of Ethics includes provisions related to the procurement of medications and supplies. Nurses can help ensure that patients receive the best possible care while avoiding potential legal problems by adhering to these standards.
Ethics and compliance are important to the health industry overall because they help to ensure that patients receive the best possible care. In the nursing profession, nurses are bound by a code of ethics that includes provisions related to finances. Compliance is vital in the financial management of any healthcare organization (Zelman et al., 2009). In addition, ethical considerations are critical when it comes to end-of-life decision-making. These decisions can be difficult, and they often involve financial considerations. By understanding the ethical implications of these decisions, healthcare providers can make sure that they are acting in the best interests of their patients. For example, when a patient is terminally ill and their family struggles to pay for care, a healthcare provider can work with the family to receive the financial assistance they need. They can also help the family understand the ethical considerations involved in end-of-life decision-making, such as whether or not to prolong treatment. In conclusion, ethics and compliance are essential to providing the best possible care to patients and their families.
References
Sepetis, A. (2019). Sustainable Finance in Sustainable Health Care System. Open Journal of Business and Management, 8(01), 262.
Zelman, W. N., McCue, M. J., Millikan, A. R., & Glick, N. D. (2009). Financial management of health care organizations: an introduction to fundamental tools, concepts, and applications. John Wiley & Sons.
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The Role of Ethics and Compliance in Financial Management- Implications for the Health Industry
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