humber river hospital ontario

ase Study Information A major part of a company's success is planning. Two types of planning companies use are strategie and financial planning. These methods of planning have different focuses and thus are distinct. However, strategic and financial planning has two major links. These links impact how managers approach the planning process overall Integrating strategic planning and financial planning is the best way for health service organizations (HSOs) to ensure their budget allocations are appropriately targeted to long-range solutions. A strategic plan is the result of strategic planning. It is during this process that the organization decides, infinite, simple terms, its place in the world right now, and where it ultimately would like to go. This plan is a commitment by senior management to pursue established sets of goals that are developed to promote the company's vision and mission Strategic planning is essentially the "why" that drives an operation. Once it knows the "why," it can figure out the "how" by outlining the requirements to get there, including where to place financial resources, how to forecast human resource needs, and where to place investments, otherwise known as financial planning, Financial planning is all about allocating finite resources -- such as money, employees, and equipment -- over time, to reach the broad goals set out in strategic planning. Both types of planning involve defining objectives, gathering and analyzing data, implementing the plan, and monitoring the results. Integrating strategic planning and financial planning is the best way for the HSOs to ensure their budget allocations are appropriately targeted to long-range solutions. In strategic financial planning, to ensure that there is long-range financial success, annual budgets need to be analyzed from a long term organizational perspective. Deliverables, Format, and Marking Scheme for This Week's Case Study Please select one of the hospitals/clinics health care centers in Ontario and as a leader, discuss how you integrate the following 8 steps to the hospital clinics/health care centers you selected and result in a long term successful framework for achieving the hospital's mission and vision. This paper will propose a step by step approach to strategic financial planning and its application to the healthcare industry DATA PROPOSED STEPS OF THE STRATEGIC FINANCIAL PLANNING PROCESS: 1. Step 1: establish the mission and vision statement of the organization 2. Step 2: Create a mission and vision statement at all department levels that support the organization's mission and vision 3. Step 3: assess the current performance of the organization and compare it to historical data 4. Step 4: develop a plan based on capital budgets that support the mission and vision of the organization? 5. Step 5: Integrate the financial goals with the strategic goals to ensure compatibility 6. Step 6. Identify and evaluate the organization's external environment of new opportunities 7. Step 7: Develop financial projections based on new opportunities. Assess the risk associated with these new opportunities 8. Step 8: Monitor and evaluate the results, ase Study Information A major part of a company's success is planning. Two types of planning companies use are strategie and financial planning. These methods of planning have different focuses and thus are distinct. However, strategic and financial planning has two major links. These links impact how managers approach the planning process overall Integrating strategic planning and financial planning is the best way for health service organizations (HSOs) to ensure their budget allocations are appropriately targeted to long-range solutions. A strategic plan is the result of strategic planning. It is during this process that the organization decides, infinite, simple terms, its place in the world right now, and where it ultimately would like to go. This plan is a commitment by senior management to pursue established sets of goals that are developed to promote the company's vision and mission Strategic planning is essentially the "why" that drives an operation. Once it knows the "why," it can figure out the "how" by outlining the requirements to get there, including where to place financial resources, how to forecast human resource needs, and where to place investments, otherwise known as financial planning, Financial planning is all about allocating finite resources -- such as money, employees, and equipment -- over time, to reach the broad goals set out in strategic planning. Both types of planning involve defining objectives, gathering and analyzing data, implementing the plan, and monitoring the results. Integrating strategic planning and financial planning is the best way for the HSOs to ensure their budget allocations are appropriately targeted to long-range solutions. In strategic financial planning, to ensure that there is long-range financial success, annual budgets need to be analyzed from a long term organizational perspective. Deliverables, Format, and Marking Scheme for This Week's Case Study Please select one of the hospitals/clinics health care centers in Ontario and as a leader, discuss how you integrate the following 8 steps to the hospital clinics/health care centers you selected and result in a long term successful framework for achieving the hospital's mission and vision. This paper will propose a step by step approach to strategic financial planning and its application to the healthcare industry DATA PROPOSED STEPS OF THE STRATEGIC FINANCIAL PLANNING PROCESS: 1. Step 1: establish the mission and vision statement of the organization 2. Step 2: Create a mission and vision statement at all department levels that support the organization's mission and vision 3. Step 3: assess the current performance of the organization and compare it to historical data 4. Step 4: develop a plan based on capital budgets that support the mission and vision of the organization? 5. Step 5: Integrate the financial goals with the strategic goals to ensure compatibility 6. Step 6. Identify and evaluate the organization's external environment of new opportunities 7. Step 7: Develop financial projections based on new opportunities. Assess the risk associated with these new opportunities 8. Step 8: Monitor and evaluate the results