Hospital Strategic planning

Hospital Strategic Planning
Name
Institution Affiliation
Abstract
The flow of cash in every organization is very important, and it determines whether there is progress that occurs in that organization. Some of the important factors that should be looked into by the management are the strategic planning of the hospital are, for instance, the hospital should ensure that are limited leakages that are experienced on the finances that are poorly used in the organization. For that matter, the organization should be much concerned with the important factors that are beneficial to the firm. The organization should also ensure that it pleases the employees by providing them with better salary payment to act as a motivating factor for them to work as required of them. And also the hospital should spend most of their capital on acquiring the qualified physicians who can offer the best services to the patients hence attracting most patients to the hospital and the result in good cash flow in the hospital.Key words: Cash flow, Planning, leakages, Motivate.
Cash flow in the hospital setting has been very limited. The limitation of the cash flow in the healthcare setting is as a result of the orders and purchases made in advance for the materials that are used in the hospital and other forms of mismanagements. And since the level of cash inflow does not match the cash outflow that had occurred, for instance, the number of those who are undergoing medication are fewer, and they pay very little as compare to the amount that has been used, there exists a crisis of cash flow in the hospital.

The application of the hospital strategic planning can, therefore, be used to solve these challenges that the hospitals are going through in several ways.
Some of the ways that can be used to solve the mess being experienced in the health care are through the optimization of the funds from the referrals of physicians and other orders. Since there is competition for the patients to be treated, the patients would prefer a hospital where there are adequate physicians to take care of them than on those where they have to wait for long before they are medicated. This, therefore, makes it important to optimize on the physicians’ referrals. The other factor that should be looked is the reduction of the revenue leakages that is made out-of-network (DePool-Lee & Harriague, 2000). The over-expenditure on some activities that are less important has resulted in a lot of wastage of finance in the hospital thereby resulting in a great challenge to recover from these funds. For instance, the hospital might use a lot of cash on salary increments to the physicians and other employees without putting into consideration the sources to get the cash to recover the already spent. With proper strategic planning in the hospital, however, the management will be able to minimize these unnecessary expenses for the better growth of the organization and to have an appropriate budget put in place.
The other factor the hospital strategic planning will put in place is the reduction of the underpayment and also denials. The organization should not be involved in denials of the expenditures that are made by the management. All the management is expected to be accountable for any financial misuses and losses in the firm (DePool-Lee & Harriague, 2000). And also the organization should not be involved in the underpayment of the employees such as the physicians and other subordinate staffs. When there is good pay for the physicians, for example, they will be very vigilant and willing to deliver their best to the patients and whenever there is the high quality of service being offered to the patients, most of them will be attracted and will come for treatment in that particular hospital. Most of the patients prefer hospitals where there is the high quality of service being offered.
Some of the sources that will be used to carry out this research include the use of the observation of the way the physicians are working in their places of work and the zeal they have towards the work that they do. I would also involve the management in interviews and some forms of questionnaires for the employees to see the exact factor the result in the low cash flow in the firm (DePool-Lee & Harriague, 2000). I would also check the financial books of record to confirm the validity of the information that I have acquired through interview and questionnaires I made.
Reference
DePool-Lee, M., & Harriague, J. (2000). Improving a Health System’s Cash Flow Management. Isixsigma.com. Retrieved 18 January 2018, from https://www.isixsigma.com/new-to-six-sigma/dmaic/improving-health-systems-cash-flow-management/