Nov 6, 2017 in Health

Healthcare Finances and Ethics

Although healthcare is considered a business undertaking, it usually faces numerous financial constraints in balancing its mission while maintaining its financial support. The funding or financing of healthcare is extremely different from the funding of other businesses. In a private sector perspective, healthcare receives funding through healthcare insurance firms that are third party organizations (Morrison, 2011). The funding occurs through employer benefits implying that healthcare funding may be deficient during hard economic times. The funding of healthcare varies according to the population thus demonstrating the difficulty in the financial aspects of healthcare. Healthcare has a complex payer system and the providers or payers are the influencers of demand instead of consumers in other businesses (Halamka, 2011).

Stewardship relates to the ethically-driven responsibilities that the healthcare delivery systems have for safeguarding and developing the existing limited resources within the healthcare system (Block, 2009). The limited or borrowed finances are managed or utilized transparently and responsibly (Block, 2008). The O Team balances the healthcare institution profitability with patient care through decision-making. The decisions that O Team makes are oriented towards the mission of the healthcare organization, which is patient care and on the other part revenue generation or profitability (Morrison, 2011).

The O Team is not considered the only groups with the responsibility of generating the budget as a statement of ethics. Other members within the various departments ought to participate and ensure their financial matters are credible or authentic since they are considered accountable. The CEOs ought to validate all the financial statements for their healthcare organizations even though the move is against the regulations (Ashley & O'Rourke, 2002). Health Care Fraud Prevention together with the Centers for Medicare and Medicaid Services serve as organizations endowed with the mandate of monitoring fraud and abuse (Goldman, 2012). Affordable Care Act together with the Small Business Jobs Act are the two acts that the government has utilized to proffer power to CMS for the curbing of the Medicare and Medicaid Service fraud and abuse (Goldman, 2012). 

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