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The finance-strategy relationship.

D G Smith¹, J R Wheeler

¹Department of Health Management & Policy, School of Public Health, The University of Michigan, Ann Arbor 48109-2029, USA. deans@umich.edu

Journal of Health Care Finance

|January 17, 2002

Summary

This summary is machine-generated.

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Health system finance leaders integrate financial strategy using balanced scorecards and investment analysis. Key strategies include divestitures and increased outsourcing to optimize operations.

Area of Science:

Healthcare Management
Health Economics
Financial Strategy

Background:

The strategic role of the finance function in health systems is evolving.
Effective integration of financial planning with organizational strategy is crucial for success.

Purpose of the Study:

To explore how health system finance functions are integrated into strategic decision-making.
To identify common strategic financial practices within healthcare organizations.

Main Methods:

Discussions and interviews with Chief Financial Officers (CFOs) in health systems.
Analysis of strategic tools such as balanced scorecards and investment evaluations.
Examination of core competencies and enterprise management.

Related Experiment Videos

Main Results:

Integration of finance into strategy is facilitated by balanced scorecards and strategic investment analysis.
Common practices include divestiture of investments in health plans, physician practices, and long-term care facilities.
There is a notable increase in outsourcing activities within health systems.

Conclusions:

The finance function plays a pivotal role in shaping and executing health system strategy.
Strategic financial management involves both divestment of non-core assets and adoption of outsourcing models.
CFOs are key in navigating these strategic financial decisions for organizational viability.