HCS 385 University of Phoenix Week 1 Ethics and Compliance Discussion

Write a 175- to 265-word response to the following:

  • Why are ethics and compliance in finance so important in the health industry? What are the compliance considerations? Provide an example.

***Think about the current day economic and financial trends in the market. Why are ethics and compliance in health care finance so important?

Examples Include:

  • Pharmaceutical Cost
  • Mergers & Acquisitions (M&A) in health care
  • Disruption from established players and newcomers (think CVS, WalMart, Haven, Walgreens)
  • Transitions in Payment/Reimbursement Models
  • Provider Shortage
  • Consumerism of health care
  • Virtual or telehealth
  • Increased patient responsibility (high insurance cost/deductibles)
  • Baby Boomers
  • Pricing transparency
  • Electronic Health Records (EHR)
  • Movement of health care service delivery from traditional settings toward more distributed settings

***Keep in mind that ethics is about moral principles that govern a person’s behavior or the conducting of an activity.

Consider compliance issues are the actions or facts of complying with a policy, regulation, and legislation.

Due Monday (20 pts)

Read and respond to at least two of your classmate’s discussion posts. Be constructive and professional with your thoughts, feedback, or suggestions. Peer posts should be equally as substantive in nature as your original post.

Khaki’s two cents:

At the very latest due Monday – you can post sooner and is preferred for gaining the most from our learning together.

6 Tips for success with each Weekly Discussion question:

· Post your original response as soon as possible each week, before Thursday is ideal

· You won’t see other responses from your peers until you post, so again post as early as possible.

· Reply to more than just two peers – let’s move the body of knowledge and understanding forward!

· I typically reply to all students, if I reply to you please circle back to my response – should you reply, doing so counts as “credit” towards the requirement to reply to a minimum of two peers 🙂

· Have fun – learning something new can be challenging and fun at the same time.

· Please make sure you include your citation/reference with your original post to the weekly discussion and provide your citation/reference to subsequent replies to your peers, using APA formatting.

Expert Solution Preview

Ethics and compliance are crucial in the health industry due to the potentially disastrous consequences of unethical behavior. Medical professionals have a duty to provide the best possible care to their patients while ensuring that they do not cause any harm. Failure to comply with regulations and policies can lead to severe legal consequences, including loss of license and imprisonment.

Compliance in finance requires adherence to regulations and policies that govern how healthcare organizations handle finances. The regulations and policies aim to prevent fraud and abuse, ensure that all financial transactions are transparent, and avoid conflicts of interest. For example, under the Stark Law, healthcare providers are forbidden from referring patients to entities with which they have a financial relationship. Violations of the law can result in penalties, fines, and exclusion from Medicare and Medicaid programs.

In the current financial and economic landscape, compliance and ethics are even more critical in the health industry. With the rise of healthcare consumerism, patients demand transparency in healthcare pricing, treatment options, and quality of care. Moreover, the movement towards virtual healthcare and transitions in payment and reimbursement models requires healthcare organizations to adhere to strict ethical guidelines to prevent fraud and abuse.

Overall, compliance and ethics in finance are vital to the healthcare industry’s success, as they ensure transparency, prevent fraud and abuse, and uphold patient trust. Failure to comply with regulations and policies can lead to severe legal consequences, resulting in significant financial and reputational damage to healthcare organizations.

Table of Contents

Calculate your order
Pages (275 words)
Standard price: $0.00

Latest Reviews

Impressed with the sample above? Wait there is more

Related Questions

Healthcare Information Exchange (HIE)

Explore the functionality of the health information exchange (HIE). Both regional and local exchanges can provide benefits to both patients and healthcare providers. Evaluate the

Racial Disparities

 Summarize the major points of the paper and critique it. The final section should be about what you learned from the article. Should follow APA

Ethical Considerations

A strategic plan is a document used to structure and communicate organizational goals. It is also used to mitigate risks and alleviate the potential for

MAH 505 Systems Thinking Diagram Paper

Assignment Instructions Identify the structural, behavioral, and intersectional (relationship) attributes of your current or most recent employer’s organization. Create a detailed diagram that maps the

ACE star model project

Required Article Stevens, K. R. (2013). The impact of evidence-based practice in nursing and the next big ideas. Online Journal of Issues in Nursing, 18(2), https://chamberlainuniversity.idm.oclc.org/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=90012507&site=eds-live&scope=site Aromataris, E.,

The joy luck club

Description The Joy Luck Club (simplified Chinese traditional Chinese pinyin is a 1993 American drama film about the relationships between Chinese-American women and their Chinese

Critical Issues in Public Health

r  M4A1: Current Topics in Public Health: Reaction Paper We’re now halfway through the course. At this point in your learning of current and critical

New questions

Activity 216 2

Interactive Activity week 3rd CASE STUDY: PARENTAL RESPONSIBILITY AND CONSENT Seven-year-old Megan was on a school trip to the Isle of Wight when she slipped

Activity 216 Sam

I’m working on a public health discussion question and need a reference to help me learn. CASE STUDY: PARENTAL RESPONSIBILITY AND CONSENT Seven-year-old Megan was

Don't Let Questions or Concerns Hold You Back - Make a Free Inquiry Now!