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Understanding Flexible Budgets/ Strategic and Financial Planning
Course Text:
Cleverly, W., Song, P., & Cleverley, J. (2014
). Essentials of health care finance (7th ed.). New
York: Jones & Bartlett
1. Read from the text, Essentials of health care finance:
o Chapter 13: Strategic Financial Planning
? This chapter focuses on the major concepts involved in strategic financial planning including key financial policy targets, 10 requirements for effective financial planning and the steps involved in developing a financial plan.
o Chapter 16: Management Control Process
? This chapter focuses on the concept of management control and how budgeting is used as part of it. Budgeting process and major types of budgets are also described.
o Chapter 18: Financial Mathematics
? This chapter discusses the concept of time value of money. Concepts such as future value, present value and annuity are explained.
Article
1. Zero Based Budgeting. Retrieved from http://www.wrh.on.ca/Site_Published/wrh_internet/RichText.aspx?Body.QueryId.Id=18389&LeftNav.QueryId.Categories=267.
o This is a report of the 2008 executive committee report for Windsor Regional Hospital.
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Recommending Resources
Article
1. Pam Pohly’s net guide. Retrieved from http://www.pohly.com/admin_finance.html.
o This web page provides many valuable resources for CFOs, health care finance directors, accountants, business office managers, practice managers, compliance officers and billers through different links.
o
1.
Read Assignment 1 in Chapter 16 and answer the following questions:
o What are the Understanding Flexible Budgets
roles played by a budget and how many budget types are available?
o Under what conditions is a flexible budget likely to be more effective than a forecast budget?
2. Strategic Planning and Financial Planning
Read Chapter 13 and answer the following questions:
o What is your understanding of strategic planning and financial planning?
o What if financial planning is not aligned with strategic planning? What are the consequences? You are encouraged to select a healthcare organization to answer these two questions
