Budgeting And Financial Planning In Health Care Discussion
1 Budgeting and Financial Planning in Health Care Name Institution Course Professor Date 2 Budgeting and Financial Planning in Health Care Importance of the Budgeting Process The beauty of any budget more so in health care is that it aligns the organization’s goals and its strategy. In healthcare, the budget process assists extensively in that it makes the personnel and organization as a whole look at the end game and not necessarily the goal itself (Finkler, Smith & Calabrese, 2020). The budget enables an organization to determine what needs to be done to bring the strategy to fruition (Bindman, 2020)Budgeting And Financial Planning In Health Care Discussion.
ORDER YOUR PAPER HERE
The strategic plan is often denoted as the vision of where the leadership wants the organization to go and is particularly aspirational. It is often a well thought out plan of what needs to be done and the groundwork of how to get there (Finkler, Smith & Calabrese, 2020). The budget acts as a guide in setting up the resources in how the vision will be executed (Bindman, 2020). It ensures that what is needed is available for where the organization intends on achieving be it in the short or long run. It allows the organization to keep its eye on the prize and makes the strategy measurable. By virtue of it being measurable, it then becomes easier to adjust accordingly as and when needed or better still, evaluate it over stipulated time periods. Any hospital worth its salt ensures that it extensively outlines its budget process and aligns it to strategy to ensure completion Budgeting And Financial Planning In Health Care Discussion