HCAD 640 Wk3 D3 – Financial Statements
Financial reporting is critical to the success of any organization because this is how managers and other stakeholders evaluate the sustainability and profitability of an organization.
The healthcare industry accounts for nearly 20% of the US GDP as of 2018 (BEA, 2019). While there is guidance for financial reporting to the respective government agencies, there is no consistency in the development of financial reports among private healthcare organizations.
Discuss the importance of consistent financial reports across all healthcare organizations. Support your statements with research and post your discussion in a few paragraphs.
READ: Week 3 Overview
Ozmeral, A.B., Reiter, K.L., Holmes, G.M., & Pink, G.H. (2012). A comparative study of financial data sources for critical access hospitals: audited financial statements, the Medicare cost report, and the Internal Revenue Service form 990. The Journal of Rural Health, 28(4), 416-424.
https://www.academia.edu/28283545/A_Comparative_Study_of_Financial_Data_Sources_for_Critical_Access_Hospitals_Audited_Financial_Statements_the_Medicare_Cost_Report_and_the_Internal_Revenue_Service_Form_990
ADDITIONAL RESOURCES:
Chapter 3 Gapenski’s Healthcare Finance: An Introduction to Accounting and Financial Management, Seventh Edition
Chapter 4 in Gapenski’s Healthcare Finance: An Introduction to Accounting and Financial Management, Seventh Edition