Financial Management for Health Care Planners
On-Demand | 24/7 Access
Health care organizations operate like any business and rely on strong financial management. The process works best when finance and strategic planners’ systems are aligned. In this course you will learn:
- The importance of financial acuity in health care and how to strategically address financial planning in a time of disruption.
- How to build stronger a relationship with the finance department
- Ways to leverage the interdependence between strategic and financial planning
- All of these elements are critical to a health care organization’s success.
The following modules will be covered in this online course.
Module 1: The Competitive Landscape: Preparing for the Future
The disruptive health care environment puts new pressures or organizations’ financial well-being: they need to perform at a top level of efficiency at a time when volume and payment are under pressure and expenditures are growing faster than revenue. At the same time, they need to begin making unprecedented investments in transforming for a future that requires a new digital platform and involves extraordinarily large new competitors. This presentation shows the new level of integrated strategic-financial planning that will be necessary—one that defines the performance needs of today and establishes the financial boundaries and scenarios for successfully staging investments for the future.
- Changing competitive landscape: entrance of large new competitors focusing on outpatient and telehealth
- Imperatives of health care transformation in the now, near, and far
- Now: Improve cost structure, assess scale, identify trapped capital, identify capabilities needed for the future
- Near: Map financial plan that times shift of investment from strategies for the “now” to strategies for the “far”
- Far: Achieve system that differentiates on cost and access, develop transformative health care delivery platform
- Process of identifying strategic priorities for new capabilities, matching priorities to financial needs, and timing shift of financial resources to those new capabilities
After this session, attendees will be able to:
- Identify new capabilities for health system transformation
- Identify the financial parameters for achieving new capabilities
- Describe how to time the shift of resources toward new strategic priorities
Presenter: Jeffrey B. Kilpatrick
Module 2: Building a Stronger Relationship Between Strategic and Financial Planners
Effectively leveraging the interdependence between strategic planning and financial planning is critical to a health care organization’s success. However financial planners and strategic planners often have different educational and experiential backgrounds, speak different languages, and are separated organizationally.
A strategic plan is only as good as a leadership team’s ability to successfully implement the key initiatives outlined in the document. And a strong financial component that includes capital and operational investments, impact on annual operating expenses and revenues, and overall return on investment is essential to ensure sustainability and long-term success. This session will focus on the important working relationship between strategic planners and their counterparts in finance, who provide critical insights and information necessary for successful planning.
- Describe and implement short- and long-term strategies for building strong relationships with the finance team
- Establish a clear path for inclusion of finance professionals at multiple stages of the planning process
- Better relationships between Finance and Planning are at the heart of successful planning processes and plan implementation
- Finance’s involvement in the planning process must be effectively choreographed to achieve desired results
Presenter: Burl Stamp
Module 3: Integrating Strategic and Financial Planning
Effectively leveraging the interdependence between strategic planning and financial planning is critical to a health care organization’s success. Fiscal policy and the financial plan should frame the parameters for strategic planning and the strategic plan should enhance the organization’s financial position. This is a long-term dynamic relationship. However financial planners and strategic planners often have different educational and experiential backgrounds, speak different languages, and are separated organizationally.
- Understand the role of financial planning and fiscal policy in strategic planning,
- Highlight components of strategic and market-based planning that serve as cornerstones to effective and trusted business plans to enhance the organization’s financial position,
- Through case examples, describe key financial analytic concepts for the strategic planner to more effectively engage and work with their financial planning colleagues.
Presenter: Thomas R. Miller, PhD, MBA
Module 4: Case Study
We’ve all read the statistics - 70% of new, large scale strategic initiatives fall short of their goal. Why does this happen? One of the primary reasons is that the plan and the initiatives were not adequately resourced in order to assure successful execution. The solution is to integrate strategic planning with financial planning (ISFP), a process that requires a unique collaboration and true partnership between strategic planning and finance. The Jefferson Health strategic planning team will share the three year journey to create, implement and refine the ISFP process, along with our successes, challenges and lessons learned.
Presenter: Monica Doyle and Heather Prasad
Discounted group rates are available for 3 or more participants from an organization. Contact SHSMD for more information.