Wk 1 discussion – ethics and compliance
Ethics and compliance in finance are especially important for the health industry due to the large amount of money that is involved in providing medical services. Without proper procedures set up, it could be easy for parties to take advantage of vulnerable individuals or potentially benefit financially from fraud, waste, or abuse. For example, some may attempt to manipulate healthcare data in order to increase their reimbursements while others may try to bill for services which were never performed.
Having clear policies and standards helps ensure that all stakeholders can trust each other which plays a critical role when making decisions regarding treatment plans as well as patient safety. Additionally, having an oversight system in place enables administrators to quickly identify any issues with financial transactions before they become major problems thus allowing them to address these matters accordingly over time.
Therefore, implementing strong ethical protocols along with sound compliance measures within the healthcare field is essential since it ensures that everyone is held accountable while also protecting patients from potential harm moving forward.