Budgeting and Course Reflection
Why are planning and budgeting so important to an organization’s success? Reflect back on the topics covered in the course. Describe on 250 words which topic you found to be most important to health care financial management and why?
On two different paragraph Give tour personal opinion to Armine Martirosyan and Genesis Mariano
Hello Professor and class,
Planning and budgeting play an important role in all finance-related tasks. For healthcare managers, planning is the most important to prepare the overall process for the organization’s future. During the planning process, it is essential to review the current operations of the organization and determine what needs to be improved operationally for the future. Budgeting is a critical component of financial success. Budgeting is the offshoot of the planning process (Gapenski, 2012).
I found capital budgeting to be the most important topic to health care financial management because it is the most critical decisions that health care managers must make. Effective capital budgeting allows the organization to identify its financing needs and sources in advance. Capital budgeting will help in my future to have a better understating of financial principles. As healthcare managers, we must understand that many factors that may impact the operating budget and capital budget decisions.
Good luck everyone with your future endeavors!
Gapenski, L. C. (2012). Healthcare Finance : An Introduction to Accounting and Financial Management (Vol. 5th ed). Chicago, Ill: Health Administration Press. Retrieved from http://search.ebscohost.com.libauth.purdueglobal.edu/login.aspx?direct=true&db=nlebk&AN=516239&site=eds-live
With management control, planning and budgeting are very essential. “Planning consists of developing the objectives (the work required to achieve the organization’s goals), timetables, and performance standards needed to implement the organization’s strategy and assigning individual accountability for results. Budgeting involves identifying, prioritizing, acquiring, and allocating the resources needed to carry out the plan” (Three Sigma, 2002, para.2). Any organization will need these two principles in becoming successful. Correct planning and forecasting out in what the company needs in staff, equipment, materials, money, and also planning to fix any issues under any circumstance should arise is just a base in the business as well as fulfilling the companies goals and their main mission. Budgeting is just as important as money should be allocated to certain areas at a certain time to be able to sustain itself for the allotted period. Prioritizing is essential with budgeting as one can sort out what is more important to invest in as well as what will benefit the company the most.
One topic I found to be important to health care financial management is the cash flow analysis chart. Learning how to read the chart, comparing it from the previous years numbers, and understanding all of the terminology with it will be advantageous in the future when needing to use this type of analysis. As an aspiring health care administrator, learning everything we have learned in the past nine weeks with finance will give us a better understanding and give us the tools for us to be successful in the real world.
Three Sigma, Inc. (2002). Planning and Budgeting. Retrieved February 14, 2019, from http://www.threesigma.com/planning_budgeting.htm
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