Workshop Three - 3.4 Integrated Strategic and Financial Planning This assignment

Question

Workshop Three - 3.4 Integrated Strategic and Financial Planning This assignment will involve 'Concept Three: Integrated Strategic and Financial Planning' of Best Practice Financial Management.

Concept Three describes the leadership required for effectively integrated planning, the integrated planning process, and the components of a high-quality plan. It presents the organizing principle that should be used throughout the process and takes readers through key process steps. Steps include identifying and selecting strategic initiatives based on solid market data and consideration of risk, estimating capital requirements through a multiyear financial plan that links strategies to capital requirements, determining capital sources, and determining the level of profitability required to close the capital shortfall. It also describes the techniques leaders can use to test the reasonableness of their goals and projections and enhance the effective implementation of the integrated plan. A case study example at the end of the chapter describes one organization's implementation of the best practice planning process

Write a 2-4 page paper discussing the issues and outcomes of Community Hospital Healthcare System (CHHS), giving a brief overview of its initial plans and how those plans were altered after careful evaluation of the facility’s finances. The paper should discuss the various approaches the organization used to develop new goals and reasons for altering its original plans

Explanation / Answer

Community Hospital Healthcare System is among the country's chief skilled treatment and recuperation treatment suppliers. They engage closely eighty thousand individuals, devoted to the supply of high-quality, tailored healthcare to all the patients and inhabitants in their hospitals. The organisation has more than four hundred Expert Nursing Centres and Sponsored or Older Living Communities which are situated in twenty eight states through the country.

Decision Making

The organisational structure of Community Hospital Healthcare System consists of following subsections which are responsible for taking acre of all the operations of the hospital. The following professionals are responsible for their respective functional areas and the department head look after each of the areas.

Board of directors

The board of directors come at the top of the hierarchy and take care of the financial and organisational aspects then the board of the hospital takes the decision which involves the board members or the owner of the hospital. The financial budget and the operational change in the human resource structure has to get approved from the board before the plan is implemented.

Executive leadership

The executive leadership of the hospital comprises of CEO and the department heads. The decision involving their departments has to be approved from the department heads before implementation. The CEO needs to approve of any plan that impacts the entire hospital as a whole.

Quality improvement committee

The people in the quality improvement committee examine and accept or reject the procedures, equipment and professionals according to the regulatory standards and the government accreditations. This team is also responsible to gauge the impact of the plan on the quality of the hospital proceedings after implementation.

Medical staff

The staffs comprise of all the health care professionals and their role in implementation is very crucial as any implemented plan will directly affect the functioning of the medical staff. The staffs are made to walk through the changes done and then they are asked about their views regarding any operational difficulty they might face while following a new plan of action.

Middle management

The middle management comprises of managers taking care of small functional teams in various departments handling individual tasks. These managers are part of decision making process if it is seen that the team they are handling will be directly affected by the implementation of the plan.

Department staff

The department staff is communicated the plan of action if it falls in the purview of their department. This is done by the middle management team handling a specific task which is connected to the change impacting their functioning. The department staffs are asked to convey their comfort level or any problem anticipated by the implementation of the new plan.

Communication

The communication team basically comprises of the public relations professionals and official spokesperson of the hospital. Also, they are responsible for making an integrated communication strategy for letting all the internal and external stakeholders know about the change. Thus, they play an instrumental role in designing the visual and verbal content for effective communication of the plan. Their role in decision making is limited to the understanding of all the aspects of the implementation plan as clearly as possible.

Conclusion

The above paper elucidated the process and people involved in implementation of any change at Community Hospital Healthcare System Corporation. It can be stated as a conclusion remark that change implementation at a multifaceted organisation like hospital is a complex process which requires keep many professionals and other stakeholders in loop.

References

Armstrong, M. (2008).Strategic Human Resource Management: A Guide to Action Fourth edition. United Kingdom, Kogan Page Limited

Aspden P, Corrigan J, Wolcott J, (2004), Patient safety: achieving a new standard for care. Washington, DC: National Academies Press

Committee on the Quality of Health Care in America, Crossing the quality chasm: (2001), A new health system for the 21st century. Washington, DC: National Academy Press

Harteloh PPM (2003), The meaning of quality in health care: a conceptual analysis. Health Care Analysis.;11(3):259–67.

National Quality Forum (2004), National consensus standards for nursing-sensitive care: an initial performance measure set. Washington, DC: National Quality Forum;. p. 40

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