I have to respond to the following statements of my classmates. Please provide 75-100 words to each statement with a reference to each if applicable.
posted by Jasmine W. at Mar 18, 2015, 2:22 PM
Last updated Mar 18, 2015, 2:22 PM
I would think that quality is always in the forefront when doing the financial planning process; beginning, middle, and end. When planning on what organization funds will be used for, the persons in charge of that would want to make sure that any new equipment or renovations have good quality. The same can be said about us when we plan a budget of a certain amount of funds to get a new vehicle. We want that vehicle to be in top notch condition with features we want. Healthcare organizations look at vendor’s most used items and ask about the quality. Sometimes they have to settle for something that is second best quality because the premium quality things are very expensive. So the quality of something also has to deal with how much the organization is willing to pay for it.
Not only does including quality in the financial planning help give the organization good services and equipment, it also puts them at a competitive advantage (Hunger and Wheelen, 2007). The resources bought of high/moderate quality will have customers looking to that particular organization as a good place to do business instead of the competitors. Customers feel safe and would recommend these services to others.
posted by ALESHA FLOYD at Mar 18, 2015, 9:28 AM
Last updated Mar 18, 2015, 9:28 AM
I think quality enters the financial planning process from the very beginning, because quality should already be a focus of the facility and financial planning is a part of the facility’s existence. In creating the financial plan the integrity of the facility needs to be thought of as the cuts and budgets are thought of and in doing so must remember that quality of care is important. So in the planning of the facility’s finances, not only do the planners need to be realistic, but they need to create a plan to best serve the facility’s finances. The financial planning is a part of the strategy to earn revenue, invest appropriately for the facility’s best interest, and create a plan to financially support the facility’s new programs, services, and/or new equipment. Having a strategic plan is significantly related to a higher profit margin.” (Kaissi, Begun, & Nelson, 2008, p. 204).
If quality was not important and the plan was quickly put together without much thought or effort, then most likely not only will there be errors but also may not benefit the strategic plan of the facility. The strategic plan is to move the facility in the future so it does not diminish in patients and funding which will lead to the closing of its doors. Putting effort into the creation of the financial plan will ensure that the new ideas of the strategic plan are possible with appropriate budgeting and allocation of finances to support it.
posted by TENISHA RIVERS-HILL at Mar 17, 2015, 7:19 AM
Last updated Mar 17, 2015, 7:19 AM
There are many public health programs and services that should be implemented even if they do not show profit. I work for the local health department which is a not for profit agency. My agency conducts annual community assessments and uses the results of the assessments to apply for government fundings and grants to implement programs that would benefit the local community.
One community assessment indicated there was a large prevalence of children having high levels of lead in their system. The majorities of the homes in the area are over one hundred years old and still are contaminated with lead based paint. The health department has secured a grant to conduct home screenings of children who have been identified with elevated levels of lead via physician requested lab results or screenings conducted at the WIC office. Once children have been identified, the dwelling where the child resides undergoes renovation to remove lead contaminated surfaces (ie. windowsills, baseboard, new windows, installing new plywood, and applying fresh coats of paint). Although this program does not incur any profits it is necessary for the community’s health. Reducing lead in homes will not profit the health department directly but will potentially reduce healthcare costs because the child is more likely to not suffer from lead related health issues in the future. The lead program also boosts the community’s economy because staffs are hired by the health department to implement and manage the program and the health department contracts local businesses to conduct the renovation projects.
posted by JANELL ALSTON at Mar 18, 2015, 8:24 PM
Last updated Mar 18, 2015, 8:24 PM
Organizational sustainability is often misunderstood to mean primarily financial sustainability. That misconception occurs because, when an organization becomes unsustainable, the symptoms of that problem show up in the finances. However, organizational sustainability or the surviving or even thriving of an organization depends on much more than effectively managing the organization’s finances. Just like the sustainability of individuals and families, there are many complex and dynamic dimensions that must be sustainable in organizations, as well. However, in an organization, there are some primary dimensions that, if they are managed well, will ensure the sustainability of the organization. If an organization is trying to do far too much, it will likely not have enough resources, including not enough money to do what it wants to do. One of the most important considerations to have is a realistic vision and goals for the organization. If these are not realistic, then many of the other activities in the organization will not be realistic, as well. The solution is not to keep trying to get more money. If your organization does not have high-quality products, services and programs, then customers’ and clients’ participation will eventually decline as will funding. That’s why it’s so important to do a few things very well, rather than a lot of things not so well. The solution is not to keep trying to get more money to offset deficits. The solution is to pick which products, services and programs you can do very well, do them and keep proving your strong results.