Best Financial Practice: Strategic Financial Planning Contains
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An important financial practice four our hospital would be developing a 5-year strategic financial plan. “A hospital’s strategic financial plan can be defined as a series of strategic planning policies and decisions. The strategic financial plan also is meant to quantify the tactics surrounding the organizations strategic plan.” (Berger, 2008, p 84 para 3) In order to convert the vision of the strategic plan into motion, there must be a strategic financial plan.” To develop the strategic financial plan the hospital must: (1) analyze its financial position and prior growth patterns, (2) determine the growth in total assets needed for the planning period, (3) defi ne an acceptable level of debt for both current and long-term categories, and (4) assess the reasonableness of the required growth rate in equity (net assets). (Berger, 2008, p 86 para 4)
Explain why each of these practices are important for your healthcare organizations given the current policy and regulatory environment.
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