Explain why healthcare firms need consistent financial reports.
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.
Explain the importance of consistent financial reports across all healthcare organizations. Support your statements with research and post your discussion in a few paragraphs.