Objectives:

After completing this module, students should be able to:

Explore the implications of strategic management on quality healthcare.
Assess the strategic planning process and pertinence to current healthcare business.
Compare and contrast the budgetary process with the rolling forecast process.
Identify behaviors in strategic management that cause erroneous or inappropriate results.
Apply the principles of strategic planning to the development of a budgetary model.
Predict issues and trends that will influence and impact the role of the case manager

Readings:

Leger, M. & Dunham-Taylor, J. (2018). Health care financial management for nurse managers: Merging the heart with the dollar (4th ed.). Boston: Jones & Bartlett. (Chapters 9 and 10)
Module 7 focused on the strategic management process that includes situation analysis, strategic formation, strategic deployment, and strategic management— which encompasses measurement, evaluation, and performance improvement. Directional strategies, mission, vision, values, goals, and objectives provide needed processes for the organization to define and to implement in order to achieve the desired outcomes. Strategic management includes performance measurement, which were elaborated on in this module. Measurement of key financial, quality, market, and operational indicators provide management with an understanding of performance in relation to established strategic goals and graphically displays a snapshot of the institution’s overall health. Module 8 outlined some common tools and techniques that are useful, such as cost- benefit analysis, break- even analysis, and forecasting models.

Lastly, this module presented another budget strategy: case management. According to the American Nurses Credentialing Center, case management is a dynamic and systematic collaborative approach to providing and coordinating health care services in a defined population. It is a process to identify and facilitate options and services for meeting individuals’ health needs while decreasing fragmentation and duplication of care, enhancing quality, and achieving cost- effective clinical outcomes. Key certifications available to nurses and present trends that integrate and coordinate care and increased use of information technologies concluded this module

Discussion Question:

Which ratios would you consider most important in the daily and monthly operation of the organization? Why? If you were analyzing an organization’s ability to borrow money, which ratios would be most helpful?

APA

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