Question

how does financial planning and strategic planning influence health care organizations?

Answer 1

Strategic planning is the action plan for running a business over a long period.this plan is committed by senior management to pursue established sets of goals that are developed to promote the company vision and mission.

Financial. Plan is the process of analyzing the financial opportunities of the organisation and selecting opportunities that will provide financial success.

Integrating strategic planning and financial planning the best way for health care organizations to ensure their budget allocations are appropriately targeted to long range solutions.In strategic financial planning in order to ensure that there is along range financial success, annual budget need to analyzed from long term organisational perspective.

The following are steps in the strategic planning goals and the financial planning goals process.

1. Establish a mission and vision statement of organisation.

2. Develop a long range plan that supports the mission and vision of the organisation.

3. Crate plans at each organisational level that integrates the mission and vision.

4. Identify and evaluate the organisation external environment for new opportunities.

5. Develop forecasting for market conditions.

6. Develop a plane based on capital budgeting and

7. Monitor and evaluate the results , reviews as needed.