Role of planning and budgeting in the finance function of healthcare organizations
Introduction and Alignment
Planning and budgeting play a critical role in the finance function of all healthcare organizations. In fact, you could argue that planning and budgeting are the most important of all finance-related tasks.
Upon completion of this assignment, you should be able to:
Explain the role of planning and budgeting in the finance function of healthcare organizations.
Read: Chapters 4 & 6 in your textbook
Review: The Nuts and Bolts of Budget Planning
Writing the Monograph
A Primer on Hospital Accounting and Finance
Assignment Write a 2-page (not including title or reference page) monograph examining the role of planning and budgeting in the finance function of healthcare organizations. Ensure the following points are addressed:
What is the planning process and how is it used in healthcare organizations?
What is the role of budgets in healthcare organizations?
Would you advocate a top-down or bottom-up approach to budgeting? Explain your rationale.
Why do managers at all levels need to be familiar with the organization’s strategic plan?
Why are the details of both (1) planning for the immediate future and (2) ensuring that current performance is consistent with organizational goals through the control process important?
Include a minimum of two peer reviewed supporting resources beyond the article.