This is because the compensation policy for high ranking officials, such as the CEO is purely based on the profitability of the company regardless of any losses, in terms of company assets, that are incurred under their tenure. The company has in the last recent years lost a significant amount of assets due to the increasing number of legal and regulatory cases levelled against it.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Organizations that are in the process of preparing strategies for the firm must prepare a financial plan detailing the budget necessary to achieve the strategies.
In addition, in the financial plan the firm needs to include any personnel, the training if necessary, and any equipment that needs to be purchased.
Banner Churchill Community Hospital BCCH is working on a strategy to improve the services provided to the patients within the emergency room and one of the proposals is an expansion of the department.
As part of the strategy development process, a financial plan needs to be developed to allocate budget and resources to achieve the strategy. Elements for expansion of the emergency room Banner Churchill Community Hospital expansion strategy team needs to consider the elements that will affect or influence decision-making processes while preparing a financial Strategic financial planning essay.
Some of the elements to consider are the needs in the community, demographics, whether or not the hospital has the capital required for the costs involved in the expansion among many others.
A feasibility study will be a good tool for leaders to use when preparing a budget for the project. A feasibility study will explain the use of the new expansion, business justification, business plan, economic analysis, facility requirement, and project objectives to address the needs of the community.
Capital expenditure plan and contingency plan BCCH strategic manager and leaders have prepared a capital expenditure plan to explain where the money is invested through each stage of the three-year project.
The increase in salary per employee at the hospital is an average of a 2. The budget presented in Appendix A demonstrates how each stage of the project is finance and the outlay per each phase.
Too often, the master plan scope is not aligned properly with the budget plan, thus the need to have a contingency plan with funds on standby to address such events that can lead to frustration in later stages in the project.
BCCH business model follows the same in the nonprofit healthcare industry. The business does not produce products but it provides services to the patients and the community. BCCH offers a variety of services to the community such as emergency care, maternity care, in-patient, and outpatient care.
In addition, the hospital offers laboratory, radiology, cancer treatment, and orthopedic care among others. The hospital makes a profit in the form of medical insurance reimbursements or cash payments for services rendered to patients.
The expansion will help differentiate the emergency room services from the competition and provide a competitive edge by decreasing the wait times.
Banner Health System is a centralized firm and the hospitals under the organization have to adhere to the policies and procedures in place. This allows for transparency and equality throughput the 28 hospitals.
The strategic manager and leadership team will look at the internal resources such as personnel and equipment to assist in the decision-making of the project. New equipment is needed for the new addition, will it be possible to sell the existent old equipment in the department and use that money to cost some of the new purchase.
During the construction, some of the services will be limited; the organization needs to consider the possibility of moving some of the personnel to other departments if they meet qualifications to perform new tasks.
Conclusion In conclusion, many factors that influence the approvals and denials of projects and a financial plan will present a clear picture of the budget needed to cover the expenses.
The expenses are for the construction of the extension in ER, hiring new staff and the training, and purchasing new equipment and supplies to make the area productive. The team will need to list the elements involved in the project and prepare a budget summary to present to the Board of Directors and the Banner Health capital purchase team.The University of Maryland, Baltimore (UMB) is the state’s public health, law, and human services university devoted to excellence in professional and graduate .
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. Topic: What is the difference between strategic and financial controls? Solution; Strategic control is a process within strategic management. It involves strategic planning, and acting on that plan and controlling the actuate plan. Strategic control mainly involves the implementation and evaluation of .