Why are ethics and compliance in finance so important in the health industry? Provide an example
They ensure that there is no or minimal conflict of interest among healthcare practitioners. For example, between a vendor and a healthcare practitioner where on is promised an incentive if they use a particular drug even when it is not the best for the patient. Ethics ensure that there is trust when accounting, such that personnel in health do not freelance for competitors and this may look like they want to make the most out of a patient’s illness. Also, ethics ensure that the personnel receiving drugs from a supplier does not receive expensive gifts as it may seem as a bribe for drugs that could be counterfeit. They ensure that there is responsibility in healthcare facilities such that personnel do not double bill or inflate the costs of drugs for their own selfish gains.
Financial ethics ensure that there is a balance between service for patience and charity care such that there is adequate staff who work at reasonable shifts and that they are well and regularly trained. The ethics ensure that there is equal treatment of all patients such that, just because someone influential or wealthy falls ill they are given better and faster medical attention, thus this should be avoided. Compliance ensures that practitioners do not practice fraud, adhere to the law and that financial offenses are detected and action is taken immediately. They ensure that there is regular monitoring and auditing of the healthcare personnel.
Runciman, B. M. (2017). Safety and ethics in healthcare: a guide to getting it right. CRC Press.
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