Health care had become an overlooked industry in the development of the accounting industry for a comparatively longer period. The industry has a large growth with the realization of the profit motive in organizations through the effort to cut down on costs. Medication costs of workers kept expenses high, and this had an influence on profits, efficiency levels in other departments in an organization. This massive growth has necessitated the need for accounting to manage the sector (Hayanga, 2017). The research identified the challenges of accounting in healthcare and emphasized on several solutions.
Scope of Reflective Journal
This journal analyses the effectiveness of the learning goals through the 12-week period of study in the practical application of theoretical knowledge. It contains details the research process to the finding out of possible solutions for challenges of accounting in the healthcare industry (Kim, 2017). A step by step flow of the research process, the activities performed and findings are highlighted. The journal describes the extent of the challenges identified at large and the solutions thereof. The conclusion contains a recap of the main topic of research in a summary.
Learning Reflections and Analysis
The goal of teaching business research is to enable the learner to get the understanding of the whole process so that one can be able to apply the knowledge to the real world situation. The process had to take deep attention to details of every theoretical knowledge regarding business research, accounting, and the healthcare industry (Liao, 2016). The federal government concerns in factors of tax and regulations affect the sector at large. By taxation and use of laws, the government alters supply and demand of healthcare and the costs of running healthcare organizations. The aim of the research is to provide solutions to the challenge of accounting in the healthcare sector thus reasonable steps were undertaken to keep the costs of conducting it as lower as possible.
Planning is the first step in any research objective. The planning of the research on challenges of accounting in the healthcare was done after the identification of the research question. Sufficient knowledge of the research process was done covering research philosophy, approach, design and the research strategy (Grossy, 2017). The need for the research was established to be the need for standards, accountability, and flexibility in the sector that was growing at a high pace. Record keeping, analysis, and reporting are found to be necessitated as it is in the interest of stakeholders.
Authorities under which the research was to be conducted were sought. The local authorities are to be notified to have knowledge that a research will be done in the area on a particular date and time. Authorities will protect the rights of both the researcher and the public where there is a need. The authorities in organizations involved have to consent that the research is done in their firms. The process of seeking permission is official and written.
Field research was done on the official authorized date. Information was acquired through the sampling process for 75 employees and 3 senior staff as was allocated. Primary data was collected in the field. The firm’s location was reasonably close enough not to cause inconveniences in travel costs and time (Kim, 2017).
After the field process, an in-depth reading revealed secondary data on the main issues that carried some doubt from the field. Secondary data provided analysis tools for analyzing primary data collected. The secondary data answered the research question partly and reduced the scope of review.
It is always ethical to send a vote of thanks after being a conducive environment to carry out the research. The official gratitude of being welcomed and allowed to research was done a week after the field research. It was necessary to create a good rapport with the stakeholders of the involved institutions. Future encounters may be needed, and by expression of gratitude, this is taken care of (Garrido, 2014).
Data analysis involved grouping of related information. Graphs, flow charts and pie charts were the tools used to give a natural understanding of quantitative data (Menon, 2010). Qualitative data had to be presented in tabular form. The expert analysis was consulted on such matters as technology and the law.
The presentation of the results of the study was done after a complete analysis of data. Mounting of graphs and charts together with PowerPoint visuals was done. Key issues required explanation which was done broadly. A Q and A session were open to clarify issues that were not clear.
Copies of the results were sent to the healthcare institution in which the research was conducted stating the challenges of accounting in the industry and their possible solutions. The problems were found to include: the market problem of fraud, change in demand from organizational clients to individuals and the moral problem.
Problems in the industry involved the evolution in types of contingencies such as third party claims and malpractice claims, adoption of technological advancements and the maintenance during the modification, competitiveness in the industry, the problem of accounting principles, and government regulations together with taxation (Escalante, 2017). The final problem found was internal and involved the profitability versus cost issue and record maintenance.
The possible solutions to these challenges required strict adherence to overcome the challenges. All the industry players were encouraged to put a collective effort on solving the problem facing the whole sector. Individual firms have to implement the solutions as a single person. The Australian Accounting Standards Board (AASB), the legislature arm of the government and the Revenue Authority of Australia have equal roles to play to stabilize the healthcare industry.
Storage of information is the final step in any research undertaking. The PowerPoint presentation was stored in an external hard drive at a safe place for backup (Perez, 2017). Scanning of information that was on paper was done to make their backup which was stored in a folder on the computer. Labeling was clear and precise so that no person would mess with it. Labeling will enable easy retrieval as a reference for anyone who may need the information such as the organizations in the industry, learners and researchers in the future (Vimala, 2008).
The solutions to the research problem will tell the effectiveness of research undertaken. The solution will be used as the measure of success in research. Correct application of theoretical knowledge, logical flow of the process, excellent analytical skills and presentation all combined forms the research process (El-Deeb, 2017). The planning of the research is the baseline in which all the requirements will be put in place and help in the concept of time management which is very crucial in ensuring that every area of research is exhausted for complete information to be found. The report on research can be accessed at any time in the school library and can be sent to anyone who wants to use it on request. Sincere gratitude goes to the school administration for their unending support they provided to ensure that this report is put together.
El-Deeb, M., 2017. Towards A strategic management accounting, Framework for Cost Management in Egyptian Healthcare Industry. The Healthcare Industry, 2(7), pp. 275-278.
Escalante, C., 2017. Sustaining a Healthy Farm Labor Force. Issues for Policy Consideration, 1(11), p. 81.
Garrido, R., 2014. Life Changing Decision: Exploring Different Perspectives Of Risk In Care Home Discharge Decision Making. Healthcare risk, 1(46), pp. 35-38.
Grossy, K., 2017. AAAJ Special Forum on" Accounting and Accountability changes in Knowledge Intensive Public Organisations". Caaounting Changes, 1(8), pp. 40-44.
Hayanga, A., 2017. Setting out into Practice: Preparing for the Future, today. Preparing for the Future, 1(4), p. 9.
Kim, J., 2017. Staying Responsible within the Healthcare Industry in the Era of the Responsible Corporate Officer Doctrine. Independent Health Care, revised(14), p. 129.
Liao, M., 2016. Current Controversies. Current Controversies in Bioethics, 1(18), p. 1.
Menon, N., 2010. Productivity of information systems in the healthcare industry. Information systems research, 1(11), pp. 83-92.
Perez, B., 2017. Counterpoint: Are advanced practice professionals more likely to achieve better tobacco cessation results than physicians? No. Healthcare counterpoint, 3(10), pp. 18-21.
Vimala, O., 2008. Implementation on ICT Knowledge Development in Healthcare. ICT in Accounting, 1(14), p. 84.