Why Ethics and Compliance in Finance Are Important In the Health Industry
Ethics and compliance are pivotal in every health institution. Stakeholders within the health industry should always ensure that they are ethical since ethics is a fundamental basis through which the health industry is founded. The following research will involve an explicit analysis of some of the reasons why ethics and compliance are critical in the health industry. In so doing, the research will unravel the various reasons why ethical practices and compliance to the set rules and regulations is pivotal. Also, the study will unearth the various ways through which the stakeholders within the health industry benefit from ethical compliance.
Ethics and compliance in finance are critical in the health industry since it enables employees to have an environment where all the finances are based on ethical rules. When employees act ethically, then there is a positive impact that transcends across the health institution. The clients will become appreciative of the ethical practices and thereby contribute towards the growth and success of the organization (Harman, 2011).
When ethical guidelines have been established within a health institution, it becomes easier for the institution to solve financial dilemmas, which may arise. Ethics and compliance are also pivotal in the fact that it ensures that a health institution abides by the stipulated auditing frameworks and regulations and thereby averting litigations, which can arise as a result of the failure to abide by those rules. Therefore, financial ethics and compliance are critical in promoting accountability and in the process, ensuring that there is a positive revenue stream. Through financial ethics and compliance, health institutions can avert financial losses in the long-run (Harman, 2011). Financial Ethics and compliance contribute significantly to the success of the health industry.
