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Integrating financial and strategic planning.

V C Pivnicny

    Health Care Strategic Management
    |August 7, 1989
    PubMed
    Summary

    Hospitals need to integrate strategic and financial planning to address profitability and liquidity issues. This article outlines a process and organizational framework for this integration, also discussing potential obstacles.

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    Area of Science:

    • Healthcare Management
    • Financial Planning
    • Strategic Management

    Background:

    • Hospitals are experiencing increasing financial pressures, including concerns about profitability and liquidity.
    • Effective strategic and financial planning are crucial for hospital sustainability.
    • Current planning processes may be siloed, hindering optimal decision-making.

    Purpose of the Study:

    • To describe a process for integrating strategic and financial planning in hospitals.
    • To identify an ideal organizational framework that supports integrated planning.
    • To discuss the obstacles encountered during the integration of these planning functions.

    Main Methods:

    • The article proposes a conceptual framework for integrating strategic and financial planning.
    • It outlines a step-by-step process for implementation.
    • It reviews common challenges and barriers to integration.

    Main Results:

    • An integrated planning process can enhance hospital financial performance and strategic alignment.
    • A supportive organizational structure is essential for successful integration.
    • Key obstacles include resistance to change, data integration issues, and lack of executive sponsorship.

    Conclusions:

    • Integrating strategic and financial planning is vital for hospitals facing financial challenges.
    • Adoption of a defined process and appropriate organizational structure can overcome integration obstacles.
    • Successful integration leads to improved financial health and strategic positioning for healthcare organizations.

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