Ethics in Finance Essay

Document Type:Essay

Subject Area:Business

Document 1

The greatset rule formulated was “do not steal” this was to deter people from taking other individual’s property or violating their rights. In the criminal law theft is considered illegal and people should be prosecuted once they involve themselves with theft. Healtchare principles are an important tenet of service delivery in medical instututions and will be weighed against trasparencey, price elasyicity and impact of total amount paid. Joyce’s case scenario is herein reviewed to determine its ethical and unethical connotation to better understand financial ethics by presenting workable solutions. Unethical Connotations Transparency Looking into the issue of Joyce, it was unethical of the surgery center to present a wrong copy of the hospital bill to Joyce’s insurance company different from what was initially quoted.

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Telling Joyce that the exaggeration of prices is what normally happens as seen in the provided case scenario, shows heightened levels of ethical and moral decay in the healthcare industry. Financial ethics should be highly practiced especially in the current world where ethicality continues to be compromised each day (Hall et al. The careless commenting from the person telling Joyce to ignore the inconsistencies she had noted is unethical. The happening shows that there is some shared interest between the health centre and insurance company in the malpractice, which amounts to revenue to both the insurance company and hospital at the expense of the Joyce. Telling Joyce that the amount charged is paid by her company and she should not complain is disrespectful and utterly unethical.

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For instance, the hiking of price from $1,500 to 2,657 unfairly takes away an extra $1,157 from the patient’s medical insurance cover. The ultimate impact of this doing is that Joyce’s medical cover will fastly deplete prompting her to spend an extra amount in securing another medical cover or request her company to insure her again. The hospital used its autonomy the wrong way because it was to the disadavantage of the patient. Healthcare institutions should be utilitarian when using their autonomy, which means the patient’s interests should be served to the latter. Exploitaion through unfair overpricing is against healthcare conventions and undeservingly steals from a patient’s medical cover which makes him or her vulnerable to future emergencies. The patient is the ultimate reason of the institution’s existence and as such, his or her feedback needs to be considered.

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For example, Joyce’s complaints should have been reviewed by senior personnel if there was that provision, and a prompt decision would have been made regarding the unethical behavior. What clients say has both a domino and ripple effect in the heathcare insustry and should be be treated with extreme concern as well as precision to ensure ethical behavior for maximal efficacy. Ethical Connotations Transparency Technically, the hospital did an exemplary job for Joyce and can be seen through the resounding success of her treatment. Heathcare institutions should show care, concern and compassion to a patient. The change in price can ethically be explained in three ways. The first reason why the charges rose was because of market inflation at the time, the cost of treatment had to increase to meet the new economic conditions.

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When there is inflation pricing of goods and services rise to ensure an equilibrium of liquidty in the economy. The second reason is that logistics and administration fees are usuallly not charged to the patient but the insurance company. The insurance company has the obligation of paying healthcare instutions a certain percentage of the total amount as administration fees. Insurance companies have huge profits because the most of the risks they have insured go unclaimed by the time a cover expires. Making the extra payments to noble facilities like hospitals is not only ethical but life saving. References Castlen, J. P. , Cote, D.  World neurosurgery, 102, 420-424. Hall, M. A. , Orentlicher, D. , Bobinski, M. CRC Press. Siegel, E.  Predictive analytics: The power to predict who will click, buy, lie, or die.

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