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A major activity of the strategic financial planning process is an assessment of the organization's external and internal environments
A major activity of the strategic financial planning process is an assessment of the organization's external and internal environments. The external environment of most healthcare organizations is quite complex, and an environmental analysis must include surveying the international, national, regional, and local environments for changes that may occur in a variety of areas including the economy, regulation, technology, and health status of populations. Failing to thoroughly and correctly assess even one of these domains could lead to major problems for the organization.
To prepare for this Discussion:
Identify one example of an event that has changed the operations of your organization or an organization with which you are familiar. If you are not currently working in a healthcare organization (HCO), you may choose a case study from a reliable source from which to work.
Review this week’s Reading and Learning Resources.
Post a cohesive response to the following:
Assess the current role of the strategic financial planning and analysis (SFP&A) as a key function is to provide accurate, timely financial analysis and advice to the leaders of the organization. What are the Value-Added Contributions that can be obtained from aligning the organization overall strategy to financial planning?
Expert Solution
Role of the strategic financial planning and analysis (SFP&A)
Finance involves the managing of an organization's funds. Every organization has a financial manager his responsibility is to manage the organization's funds. Financial management manages the organization's funds through costs like telephone bills, payroll expenses, purchase of hospital equipment, and expansion of hospital projects (Chang et al., 2020). Covid 19 has affected me as a UnitedHealth group of companies employee. The organization no longer allows people to go to work as usual. We go with shifts, and if you are working from home, then it means that you got to work through virtual technology.
Financial management is a critical competency in an organization. The primary role of this post is to manage the organization's money and risk that's are associated with it in a way that helps the organization achieve its financial objective. When an organization has a stable, robust, and reliable financial strategy, it will provide better healthcare to its clients. This department helps raise funds for their expenditures and gives advice on sources of finance which involves things like loans or using their capital to finance their projects. If they decide to borrow a loan, they may consider the benefit of the investment; the loan might be either short or long term. Moreover, the finance department may also consider other risks and how the loan will be serviced.
They also help the organization in the evaluation and planning of their activities in day-to-day activities; to make sure the financial effectiveness is attained and the overall operation of the healthcare organization runs smoothly. The organization may be able to plan for its future events smoothly. For instance, when an organization realizes that they have a small space for emergency rooms and lose clients to their neighboring hospital, they may consider expanding their emergency room. They help the healthcare make a wise decision on extending the healthcare and where to invest in attracting more patients into their organization.
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