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Joint resolution blending finance and strategy
Jason H Sussman1, Mark E Grube
1Kaufman, Hall & Associates, Northfield, Ill., USA. jsussman@kaufmanhall.com
Summary
Disconnected strategic and financial planning hinders healthcare organizations' access to capital. Chief financial officers (CFOs) must integrate these processes for successful, analysis-based decision-making and long-term financial health.
Area of Science:
- Healthcare Management
- Financial Strategy
- Organizational Planning
Background:
- Strategic and financial planning are often siloed within healthcare organizations.
- This disconnect impedes integrated, analysis-based decision-making.
- Lack of integration limits long-term access to capital.
Purpose of the Study:
- To highlight the critical need for integrating strategic and financial planning in healthcare.
- To emphasize the role of Chief Financial Officers (CFOs) in this integrated approach.
- To underscore the impact of integrated planning on capital access.
Main Methods:
- Conceptual analysis of planning processes in healthcare organizations.
- Review of financial and strategic management literature.
- Case study examination (implied, not explicitly stated in abstract).
Main Results:
- Disconnected planning leads to suboptimal decision-making.
- Integrated planning is essential for securing sustainable capital.
- Active CFO involvement is a key determinant of success.
Conclusions:
- Healthcare organizations must bridge the gap between strategic and financial planning.
- CFOs are pivotal in fostering an integrated planning environment.
- Successful integration ensures financial viability and access to capital.