Why is it so important for a healthcare organization to develop a five year strategic financial plan not just an annual budget?
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24 Citations | A national strategic plan with specific objectives and an explicit budget are necessary to deal with this shortage and improve the quality of health-care services at PHCCs. |
12 Citations | Strategic financial planning helps utilities adapt to volatile conditions and to plan for future requirements with confidence and assurance. |
| So called ‘strategic planning’ really amounts to strategic programming , designed to operationalize the strategy an organization already has, rather than to give it a strategy in the first place. | |
5 Citations | 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. |
11 Citations | Making a 5-year plan makes sense only if your develop robust scenarios of possible future conditions you will face. |
Open access•Journal Article 10 Citations | In fact, Taub remarks that a company with over 3000 employees spends on an average, $3.1 million to produce a strategic plan, with little return.2 Strategic planning is a “set of organizational processes for identifying the desired future of the organization and developing decision guidelines”3 and provides a map for how an organization will achieve its objectives and goals. |
Open access•Journal Article 4 Citations | Effective strategic planning can help healthcare organizations better plan for the future and understand when change is needed. |
5 Citations | In strategic financial planning, in order to ensure that there is long range financial success, annual budgets need to be analyzed from a long term organizational perspective. |
| The four regression models used showed that the training program had positive effects (p < 0.001) on the ability to formulate a Strategic Plan comprising the hospital mission, vision, strategic objectives, and action plan. This study provided evidence that training for strategic planning and management enhanced the strategic decision-making of hospital management teams, which is a requirement for hospitals in an increasingly competitive, complex and challenging context. | |
Open access•Journal Article 10 Citations | In addition to the obvious benefit of creating a strategic plan for the organization, the process itself, if done well, is powerful in team building and creating the necessary buy-in and enthusiasm for future change and action. |
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