Explain the differences between financial planning and strategic planning processes. Discuss what four steps should be implemented when developi

Prior to beginning work on this discussion forum,

• Read Chapters 13 and 16 from the course textbook, Essentials of Health Care Finance.

As Cleverley and Cleverley (2018) explain,

For our purposes, a budget is defined as a quantitative expression of a plan of action. It is an integral part of the overall management control process of an organization. Management control is a process by which managers ensure that resources are obtained and used effectively and efficiently while accomplishing an organization’s objectives. (pp. 378–379)

The idea of effectiveness and efficiency as being directly correlated may not always be correct. In other words, a healthcare organization could be extremely effective regarding positive healthcare outcomes for patients, yet, at the same time, the organization may not be efficient in its fiscal actions.

In your initial post,

• Explain the differences between financial planning and strategic planning processes.
• Discuss what four steps should be implemented when developing a financial plan.
• Describe the consequences if financial planning is not aligned with strategic planning.

Guidelines:

• Your main post must be a minimum of 500 words.
• Cite sources, if necessary, using APA style.
• Refer to APA StyleLinks to an external site. for citing within your paper and formatting your references list.
• Use your textbook or other sources as needed.