Conflicts Of Interest Healthcare Administrators Should Try To Avoid
- Accepting A Gift From A Vendor
- Involvement In Hiring A Vendor That Your Family Works For
- Owning Stock In The Company You Work For
- Influencing Purchasing Decisions Based On Companies In Which You Hold Stock
- Accepting A Board Of Directors Position For Another Company
Are there conflicts of interest for healthcare administrators? If so, are there any examples? One might say that conflicts of interest have been a daily news topic as of late, especially with some describing these conflicts of interest as a self-imposed national crisis. In healthcare, conflicts of interest do exist, and here are just five examples of what they can look like.
Accepting A Gift From A Vendor
It should go without saying that one of the biggest conflicts of interest that any healthcare administrator could come across is accepting gifts from vendors. Gifts could come in the form of discounts on products and services, personal favors, and, of course, money. Healthcare administrators need to be careful with gifts from vendors because although many gifts are harmless and could even be allowed by some employers, the implication is that gifts may be expected to return with some favors that only these professionals can provide. This could cause major issues with the healthcare company and can even lead to court trial if laws have been broken.
Involvement In Hiring A Vendor That Your Family Works For
Conflicts of interest don’t cover just you as a healthcare administrator; they also take into consideration your family, particularly if they work in the same industry. For example, if you, in your administrative capacity at a healthcare company, choose to hire one vendor over others and a family member or your spouse works for that vendor, that can be seen as a conflict of interest. Because you are related to that employee and you have chosen that vendor, your decision could be seen as being swayed by familial relationships. If you ever find yourself in this position, recuse yourself from the process.
Owning Stock In The Company You Work For
While many companies allow and even encourage their workers to hold stock in the company, there are times when this can be a conflict of interest. If you are an administrator overseeing a major research project that is being sponsored by the company and you own stock in that company, your work can directly influence the purchase price of that stock. This means that you can choose to influence the stock price based on your actual work in the research project. If you’re not sure if this applies to you and your company, look over the ethics code set forth by your company.
Influencing Purchasing Decisions Based On Companies In Which You Hold Stock
Similar to the conflict stated above, owning stock in a company is not an immediate conflict of interest. However, if you are in a position to influence the purchasing decisions of your healthcare system to buy products and services from a company in which you hold stock, that is a conflict of interest. This is because your senior-level management position and your ability to influence purchasing decisions gives you the power to give more work and more publicity to a company that you already are invested into, which is unfair to other companies who you don’t own stock in.
Accepting A Board Of Directors Position For Another Company
Healthcare administrators often take on other roles, such as volunteer work within their industry. This becomes a conflict of interest if you choose to take on a board of directors role at another for-profit company. This is in direct conflict with your duties at your job because a board of directors role can split your time between your work and your responsibilities outside of work. The truth is that no healthcare administrator should take on a board of directors role if it is not specifically for an NGO that is not in immediate competition with their current employer.
Healthcare is a major industry that can be difficult to navigate, especially for healthcare administrators. There is a fine line between acceptable behavior and a conflict of interest, something that every professional should be well aware prior to joining the field. These five examples of conflicts of interest for healthcare administrators is a great place to start, but administrators will also know that this list is not exhaustive; do your research to make sure you are in compliance with the ethical code of your employer.
