Financial planning is a key element in the implementation of the strategic plan to ensure organizational objectives are met. The objective of this paper is to continue to develop the overall strategic plan for Civista Mecial Center as they plan to implement a cardiac rehabilitation program. The projected budget will be discuseed along with financial assumptions and capital expenditure planning. The budget will be summarized and the projected budget for phases I and II will be included.
Focus of the Program
The cardiac rehabilitation program at Civista Medical Center (CMC) will be supervised by professionals with the aim of helping people recuperate from cardiac events, surgery, and cardiac procedures. The program will be designed to provide education and counseling services. Program goals are met through a multi-faceted approach with many program components including patient education, counseling, behavior changes, and exercise. The program is considered a secondary prevention schememe offeretd to patients after hospitalization. The hospital is currently facing scarce resources and the decision to implelent the program depends on many variable includeing the cost and cost-effectiveness of the program.
This financial plan will aim to estimate the costs of the cardiac rehabilitee program. Interventialnal costs related to wages will account for the number of healthcare professionals needed to implement and maintain the program. Staffing figures will be mulitipled by the average annural awage in each personnel category so to inlcued personnel costs such as pension, benefits, and vacation allowances. Hardware requirements will be included in operational expenditures along with pharmaceuticals.
Strategic Plan
Strategic ...
... middle of paper ...
..., physiciancl therapy, physician oversight, exercise physicologists, and respoiratory therapists.
Financial planning is a key element in the implementation of the strategic plan to ensure organizational objectives are met. The objective of this paper was to continue to develop the overall strategic plan for Civista Medical Center as they plan to implement a cardiac rehabilitation program. The projected budget was discussed along with financial assumptions and capital expenditure planning. The budget is summarized and the projected budget for phases I and II are as follows.
Budget Overview
Phase I (6 MONTH PERIOD)
Staffing Requirements
Quantity
Salary
Hours
Hourly Rate Total
Physician Advisor
Registered Nurse
1
2 $120,000
$60,000 70
1040 $57
$28
$3990
$58,240
A strategic planning process is developed from a SWOT analysis (Harrison, 2010). When a nurse begins to plan strategically, this entails organization, adjustment and management to strengthen operations within the healthcare organization (Nelson-Brantley & Ford, 2017). Due to an ever-changing environment within a health
In addition to this business plan, we must also address the financial issues plaguing this organization. To illustrate some of these issues lets look at some of the trends here at OCB and within our Industry: For example, OCB’s clinic operations profitability in 1990 was 60%, and now in 1996 our profitability is only 37%, which is down 23 percentage points! We can blame some of this on rising costs of overhead, consumables, etc, however this is happening as the industry as a whole is growing 5% annually, and as our customer base, largely senior citizens, population is growing at almost 1% as year. We should be capitalizing on these industry trends, however, as you all know, not all the trends work in our favor. For example, our lifeblood, the Insurance company’s managed care organizations, and government healthcare reimbursement programs shows a downward trend of allowable payments for our services (DRGs) For example in 1995 the DRG price of ...
With the added income generated from the continuous process improvements Dr. Martin has additional strategic plans. One strategic goal of Dr. Martin’s is carrying out a major renovation in the waiting and examination areas. With his floor plan modified, he wishes to expand his clinic into a 3-physician group and if possible rent out some space to physical therapist in order to generate some more income. This will also be achievable through the additional profits that he will get from the implementation of EHR system i.e. through more customer retention due to improvement in the patient
The scientific journal I selected discusses the cardiac disease, congestive heart failure. In this article registered nurses and doctors came together to talk about a new way to improve patients functioning lifestyle while battling with this awful disease. Discovering that with the new healthcare system the readmission rates of patients with congestive heart failure, there was something more they could do to improve the outcome of the medical setting in which these patients are being treated.
In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
Strategic management has many purposes like designing a formal system of strategic management the role of strategic planning within the strategic management. ...
Wilson, P., Edgett, J., & Porter, G. (1986). Rehabilitation of the cardiac patient: Program organization. In Austin, D., & Crawford, M. (p323). Therapeutic Recreation: An Introduction. New Jersey: Prentice-Hall.
With the constant changing and progressing in the healthcare field, it is important to have a strategic plan, strategic planning is a systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. Initiatives in
...he operating margin, cash on hand, and days in accounts receivable as these have been major factors. The new system being put in place for the materials management system should be closely monitored, as it will determine the adaptability of the department. The reformation of the Governing Board can be justified through the successes or failures it creates while going through the restructuring process. It will be important to get feedback from employees and the CEO to see if conflicts arise. The new physical therapy center will continue to be monitored to see if revenues are as high as thought with the expansion of this facility. Overall, it will continue to be a process of monitoring, reevaluating, and gathering appropriate data to determine if the strategic plan being implemented is continuously seeking the values, mission, and vision of the Coastal Medical Center.
Bryson, J. (1988). A strategic planning process for public and non-profit organizations. Long Range Planning (21). 73-81.
This reference provides a detailed analysis of strategic planning in the healthcare field. It includes factors such as various scenarios it can be applied to, how to achieve success through deliberate planning, various benefits of strategic planning and results of failing to plan properly. I have chosen this reference because it will help me understand how the strategies are developed in healthcare organization and the ways to make it more effective.
The concepts strategic management is critical for organization success as they asset in formulating the foundation of company core businesses.Strategic planning is essential for organizational performance to accomplish organization goal and objective. In this essay, the organizational context of KKF evaluated. This document focuses on how recommended strategic plan can be implemented for King Khalid Foundation (FFK). This paper will provide specific strategic procedures to be followed by King Khalid Foundation (FFK).
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.