Partnering with finance: a successful model for collaboration.

Area of Science:

• Healthcare Finance
• Philanthropic Studies
• Organizational Strategy

Background:

• Hospitals face increasing community health needs and declining operating surpluses.
• Banner Health sought innovative solutions to fund essential capital projects.
• Traditional funding models were insufficient to meet growing financial demands.

Purpose of the Study:

• To describe the integration of philanthropy into strategic financial planning.
• To outline the development of a collaborative model between finance and philanthropy.
• To establish a common language for performance measurement in healthcare fundraising.

Main Methods:

• Philanthropy was recognized as a formal revenue source within the hospital system's financial planning.
• A new collaborative framework was established between hospital finance departments and philanthropic organizations.
• Performance metrics were developed to ensure effective and accurate measurement.

Main Results:

• Fundraising goals were increased to unprecedented levels to support capital projects.
• Philanthropy became an integral part of the hospital system's strategic financial planning.
• Enhanced collaboration led to improved performance measurement and financial integration.

Conclusions:

• Integrating philanthropy into financial planning is a viable strategy for healthcare organizations facing financial challenges.
• Effective collaboration and standardized performance measurement are crucial for successful philanthropic integration.
• This model supports the expansion of healthcare services and capital development through strategic fundraising.