What is a strategic financial plan and why is it important?
Topic:
Details: Strategic Financial Planning
Strategic plans are crucial for the survival of the healthcare organization. Gone are the days where simply operating a health facility meant easy profits. In today’s highly competitive, resource-scarce marketplace, healthcare managers must plan effectively in order to realize a return on investment.
Resources to consult: Case Study from weekly readings. A case study in strategic financial planning in health services organizations.
Specific questions or items to address: Address the following items from the case study reading:
1. What is a strategic financial plan and why is it important?
2. Differences and similarities between a strategic plan and a strategic financial plan
3. Summarize the eight steps in the strategic financial planning process
Criteria: In 2 to 3 pages, summarize in your own words the questions as indicated above. Do not merely cut and paste from the readings.
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