Health care data standards are the primary information needed for verification from the national health data structure. This information is important because having common values makes it cohesive for clinical and patient safety systems to share data, provide uniform service, report information, and represent the image of the company (Chapter, 2016). Therefore, the standards of financial management will be discussed since this is an important area in health information management and it is a personal career goal.
Financial management involves regular fiscal operations like negotiating contracts, providing cash for expenses like payroll, preserving available cash for unforeseen costs, and providing management with the relevant statistics to budget. In addition, the implementation of the Affordable Care Act has forced health care organizations to have financial managers with the skill to recalculate plans, analyze premium structures, and make changes for future predicaments (Role of Financial Management, 2016). Financial management plays a significant part in the overall success of an organization. Hence, financial management …show more content…
It is crucial to keep abreast with recent issues, keep privileged data confidential, and seek practical balance between the cost and quality of health care (HFMA Code of Ethics, 2016). Also, all financial reports prepared should be signed, dated, and sent to all relevant financial officers to ensure reports are received in a timely manner. In fact, financials reports must be prepared at the end of the month, show a list of expenditures, and ensure audits are provided at least once a year by an independent Certified Public Accountant (Financial Standards Code,
Financial management involves regular fiscal operations like negotiating contracts, providing cash for expenses like payroll, preserving available cash for unforeseen costs, and providing management with the relevant statistics to budget. In addition, the implementation of the Affordable Care Act has forced health care organizations to have financial managers with the skill to recalculate plans, analyze premium structures, and make changes for future predicaments (Role of Financial Management, 2016). Financial management plays a significant part in the overall success of an organization. Hence, financial management …show more content…
It is crucial to keep abreast with recent issues, keep privileged data confidential, and seek practical balance between the cost and quality of health care (HFMA Code of Ethics, 2016). Also, all financial reports prepared should be signed, dated, and sent to all relevant financial officers to ensure reports are received in a timely manner. In fact, financials reports must be prepared at the end of the month, show a list of expenditures, and ensure audits are provided at least once a year by an independent Certified Public Accountant (Financial Standards Code,