Identification of managerial, financial, legal and ethical Essay

Identification of managerial, financial, legal and ethical implications - Essay Example Ethical Implications: Nurses all over the world are taught ways to minimize the chances of errors, however these errors still occur. Such errors also carry ethical implications and they should be answered properly in order to choose the best course of action. These errors include harm to the patient, whether to disclose important but unnecessary information to the customers and whether or not the healthcare personnel should accept their mistakes. One good solution to this problem is that everything in the healthcare system should be based on patient welfare. Information should only be disclosed to the patient if it is considered that it will benefit the patient, otherwise information should be kept with the healthcare institution and doctors and nurses who have treated the patient. (Nguyen et al. 2010) Financial Implications: Medication errors carry some financial risk and costs also. There are two types of financial costs associated with medication errors. First type of costs is dir ect costs and these are the cost of treatment. The second type of costs is indirect costs. These costs occur to reverse an error or money spent in eliminating the medication errors.