Write a paper that addresses the following: • Articulate the key components of s

Question

Write a paper that addresses the following: • Articulate the key components of strategic planning and financial planning and relate these to the healthcare industry. • Select a hospital and locate its strategic and financial plans (available online), and then carefully examine each plan. • Compare and contrast the hospital’s strategic plan and financial plan. Determine if they are aligned, and then explain your findings. Be sure to identify all private and public sources of income within your paper.

Explanation / Answer

Strategic Planning of Healthcare:

Strategic planning is the systematic and organized process whereby an organization creates a document indicating the way it plans to progress from its current situation to the desired future situation. It is the set of decision-making criteria and the decisions taken and implemented by an organization to definitively and permanently guide its activities and structure.

Strategic planning in healthcare is essential for successful operations, expansions, and profitability. Shifts and changes in the healthcare industry affect virtually every sector including outpatient clinics, acute care hospitals, long-term care facilities, and more . . . an ever-changing demographic and financial healthcare landscape.

Strategic planning in healthcare encompasses a spectrum of activities that all address ones place in the market. It deals with scenarios such as developing new healthcare services, starting a medical practice, or revamping existing patient flow throughout an office. It considers the necessity to prepare for a new demographic landscape due to an aging population and memory care needs. Or it may be strategizing for profitability while preparing for the ongoing roll-out of the Affordable Care Act (Health Reform) … or the next, inevitable change mandated by federal or state law. All of these and more are part of the strategic planning process.

Key Components of Health Care Strategic planning:

Financial Planning of Healthcare:

Financial planning implies deciding what to spend, how to spend and how much to spend according to the funds that are available. Financial planning needs to be done by everyone from individuals to large multi-national corporations. The larger the quantum of funds that one is dealing with, the more the effort required to plan its usage appropriately.

Sound budgeting and financial planning in healthcare organizations is crucial to maintaining service levels and running a sustainable operation. In an uncertain economy, costs can rise faster than revenues – a challenging situation for any management professional. Healthcare managers have additional issues to contend with, such as fluctuating insurance and Medicare reimbursement rates.

Key components of Financial Planning in Health Care:

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