How to allocate limited capital resources is perhaps one of the most difficult decisions hospital executives have to make. Demands for new equipment, renovations and maintenance and the need for new service lines and facilities all come with some merit. The trick is determining which request will generate the best return for the organization.
Integrating strategic and financial planning is the best way for health care organizations to ensure that they are spending money wisely. Too often, projects get approved only to be shelved because the money isn't available. And, hospitals need an accurate vision of their community and the needs and wants of their customers before embarking on costly expansions and new services.
It is a dynamic process: Just as budgets must be updated yearly, strategic plans must be reassessed to ensure that the organization's assumptions and projections are on track. It is important that plans remain up-to-date or the organization risks costly, unnecessary expenditures or may miss out on a good opportunity.
A thorough planning process incorporates strategic planning, financial and operational planning and capital allocation. FRG Consultants have years of experience in preparing strategic financial plans for hospitals and health systems of all types and sizes.
To learn more about how FRG can assist you with Strategic Financial Planning contact Matt Nelson at firstname.lastname@example.org or directly at (214) 675-8403