22 Sep 2022

32

Health Finance: Your Guide to Financial Wellness

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Academic level: College

Paper type: Essay (Any Type)

Words: 384

Pages: 1

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Healthcare institutions play a crucial role in enhancing the lives of any nation’s citizens so that they can be more productive as they play their roles in nation building. However, this noble task is not possible without proper planning to ensure that the population receives the best quality health care services available. The article by Terzic-Supic et al. (2015) emphasizes on the role hospital managers in facilitating strategic planning in order to ensure that their healthcare organizations offer the best healthcare services to their patients. According to Terzic-Supic (2015), there is an increase in demand for training programs for physicians in leadership positions especially on how to use the available financial resources. The study conducted to find out the outcomes of training in strategic planning figured out that exhaustive strategic planning training for the hospital managers enhanced their strategic decision-making in financial matters. This is a requirement considering that health care institutions are finding themselves in an increasingly challenging, complex, competitive context. Additionally, training programs for hospital managers on financial management have positive effects since it improves the managers' ability to come up with a strategic plan which comprises of hospital vision, mission, action plans and strategic objectives.

Strategic planning is usually a vital tool used by many companies and organization including healthcare organizations. Both Terzic-Supic (2015) and Khan (2014) agree that it is considered relevant depending on the unit size and the service differentiation provided by the firm's level. Some of the applicable units include the cardiology department or an electrophysiology unit whose plans should co-exist with those of higher sections. It is good to understand this concept before undertaking any implementation. According to noted scholars, strategic planning is a process that supplies organizations with tools to enhance future thinking, apply the systems approach, set goals and strategies and measure performance (Khan, 2014). There are multiple methods used to help accomplish the planning element which is conceptualized by the six components of strategic planning.

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In conclusion, it is important for companies to have achievable goals. A goal is usually a particular statement that seeks to obtain the desired result within a captured timeframe (Gandolf, 2014) . They usually hold some similarity with objectives, but objectives work with a short time. Tasks achievable to a company keep the actual phenomena. Moreover, action plan/initiatives are crucial aspects as it outlines particular steps in obtaining strategic objectives. It is essential for healthcare facilities to integrate the strategic plan within their field to offer guidance as workers undertaking various activities.

References

Khan, D. A. (2014). Strategic Planning in Healthcare. Healthcare Management.

Terzic-Supic, Z. et al. (2015). Training hospital managers for strategic planning and management: a prospective study. BMC Medical Education, 15 (25).

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StudyBounty. (2023, September 16). Health Finance: Your Guide to Financial Wellness.
https://studybounty.com/health-finance-your-guide-to-financial-wellness-essay

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