HealthSouth

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    Healthsouth Scandal Essay

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    HealthSouth was what seemed to be an ordinary striving medical business. Some would even say it was the most successful in its field , but unlike other corporations, it had a foul secret. All the grand success that HealthSouth was known for was a lie, a mask to hide what was going on behind the scene, hidden from the public eye. A secret so well hidden, that it went unnoticed for years. A secret so large it broke not only the law but several accounting principles. It was the rise and fall of the largest and most victorious corporation in the Health Care Corporate Field; the HealthSouth scandal. During the years 1996 to 2003 it was proven that the American corporation HealthSouth led by its CEO, Richard Scrushy, inflated and created more than…

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    Spire Rehabilitation Hospital is a joint venture hospital with HealthSouth and West Tennessee Health Care. The hospital will be operated by HealthSouth and all employees will be under the HealthSouth umbrella and adopting the HealthSouth mission and vision statements. HealthSouth’s mission is to be the healthcare company of choice for patients, employees, physicians, and shareholders by providing high quality care in the communities we serve. HealthSouth’s vision is to make diversity a core…

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    Healthsouth Case Study

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    HealthSouth is a public company who has been registered under Section 12 of the Securities Exchange Act of 1934 (Title 15, United States Code, Section 781) and is required to file periodic financial reports under Section 13(a) of the Securities Exchange Act of 1934 (Title 15, United States Code, Sections 78m(a) and 78o(d)). In preparing its income statement, HealthSouth deducted the contractual adjustment from its gross revenues to get net revenues, which were reported in the periodic financial…

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    After Healthsouth Essay

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    After HealthSouth publicly became a traded company, their earnings were being escalated falsely. Management was under a huge amount of stress because they did not meet the standards of their business financially. When the company reported their earnings, they overstated them purposely. It fell under, “Income Before Income Taxes.” (Zmuda). Falling under the motivation of the fraud triangle, their sole motive was to meet their financial needs. Since they did not, between the years of 1999 and 2002…

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    The ethical climate at HealthSouth seems to be the ends justify the means. There was a culture of making the numbers at all costs. This focus on the numbers permeated the accounting decisions made at HealthSouth, “Decisions are not made in a vacuum, but in the context of organizational relationships and expectations for behavior.” (Mintz, p. 95) This tone at the top filtered down throughout the accounting organization and made individuals more likely to participate in the fraud that was…

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    CPR Model Of Healthsouth

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    HealthSouth has a robust Human Resource department and invests in human capital. Being a large organization we have the capability to execute many programs that benefit our customer satisfaction, and train employees to manage difficult situations. One such program is our CPR initiative. The CPR program objectives are to build and sustain the communication skills of all HealthSouth employees with a focus on the values of comfort, professionalism, and respect. HealthSouth has a program called…

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    Problem Overview HealthSouth’s former leadership engaged in unethical behavior has placed the company and its stakeholders in a position that has impacted the company’s future viability. The following analysis will provide an understanding of the negative behavior that caused the issues currently faced by HealthSouth and recommendations on the changes necessary to correct the course of the company. Analysis Idealized Influence The leadership by HealthSouth’s founder and former leader, Richard…

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    Healthsouth Case Summary

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    In 1999, Richard Scrushy overstated HealthSouth’s earnings by at least $1.4 billion in order exceed the expectations of Wall Street earnings. During this time investors and lenders were more concerned with revenue than profits. Generally Accepted Accounting Principles (GAAP), stated if policies and procedures were not violated then they are considered legal, and ethically adequate. This allowed HealthSouth to meet expectations of analyst for 40 consecutive quarters, by using creative and…

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    issues related to company executives falsely reporting financial information and practicing poor business ethics. This was passed due to lack of confidence in corporate America, and the demand from people to hold executives accountable for their decisions (Ferrell, Fraedrich, Ferrell, 2015). HealthSouth, one of the largest rehabilitation healthcare providers, was the first company charged under the Sarbanes-Oxley Act. Richard Scrushy and several other executives were indicted for overstating…

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    HealthSouth & Fraud Risk Factors HealthSouth was faced with a number of incentives and pressures that contributed to its fraudulent actions. For instance, the doubling of pretax earnings in 2000 although sales only grew about 3%, management’s commitment to meeting the Wall Street analysts’ expectations, and the significant financial interest and business dealings that the directors had with the company. The financial interest of the directors certainly increased their motivation and drives to…

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