Question

Many of the regulations you have read about this week were developed from prior actions within the medical community that warranted changes to be made to protect patients, individuals, investors, and other stakeholders. The Sarbanes-Oxley (SOX) Act of 2002 was born out of several accounting scandals at the time. One of these accounting scandals was HealthSouth Corp., the nation's largest provider of outpatient surgery, diagnostic and rehabilitative healthcare services at the time (Sec.gov, 2003). Discuss the importance of fair and accurate financial reporting in the healthcare industry in a few paragraphs and post this discussion to the discussion forum. Be sure to support your statements through research.

Answer 1

Financial report had major roles in the healthcare industry. According to the statistics of government government pay a larger amount for the development and well being of medical care systems. So the proper utilization of those paid amount should recorded properly.

As we know the Americans spend most of their savings for the maintanence of their health. So healthcare industry consume a larger amount of money to run. A fair and accurate financial report help in maintain the quality of healthcare system and this will promote the health of people in the community and leads to the development of our country.

There are many plans and insurance policies present in the medical care system. The financial reports also include those details too.