MHA 612 Financial & Managerial Accounting?

Posted :

Sep 10, 2025

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Prior to beginning work on this discussion forum,

Read Chapters 13 and 16 from the course textbook, Essentials of Health Care Finance.

As Cleverley and Cleverley (2018) explain,

For our purposes, a budget is defined as a quantitative expression of a plan of action. It is an integral part of the overall management control process of an organization. Management control is a process by which managers ensure that resources are obtained and used effectively and efficiently while accomplishing an organization’s objectives. (pp. 378–379)

The idea of effectiveness and efficiency as being directly correlated may not always be correct. In other words, a healthcare organization could be extremely effective regarding positive healthcare outcomes for patients, yet, at the same time, the organization may not be efficient in its fiscal actions.

In your initial post,

Explain the differences between financial planning and strategic planning processes.
Discuss what four steps should be implemented when developing a financial plan.
Describe the consequences if financial planning is not aligned with strategic planning.

Guidelines:

Your main post must be a minimum of 500 words.
Cite sources, if necessary, using APA style.
Refer to APA StyleLinks to an external site. for citing within your paper and formatting your references list.
Use your textbook or other sources as needed.

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Step 1: Understand the Core Task

You are being asked to compare financial planning and strategic planning in healthcare, explain the steps in financial planning, and analyze the consequences of poor alignment between the two.

Step 2: Begin with an Introduction (1 paragraph)

Define both financial planning and strategic planning.
Explain their importance in healthcare organizations.
Briefly state that the post will cover differences, steps, and consequences.
📖 Resource: [Essentials of Health Care Finance by Cleverley & Cleverley]

Step 3: Differentiate Financial vs. Strategic Planning (2–3 paragraphs)

Financial Planning: Focuses on budgets, revenues, costs, forecasting, and ensuring resources are allocated efficiently.
Strategic Planning: Focuses on the long-term vision, mission, goals, and how to remain competitive while improving patient outcomes.
Highlight differences in scope, time frame, and purpose.
📖 Resource: Harvard Business Review – Strategic vs. Financial Planning

Step 4: Discuss the Four Steps of Developing a Financial Plan (2–3 paragraphs)

Explain clearly with examples:

Assessment of the current financial situation → Reviewing revenue, expenses, and resource use.
Goal setting → Determining short- and long-term financial objectives aligned with organizational needs.
Developing strategies and budgets → Creating a budget, cost-control measures, and investment strategies.
Monitoring and evaluation → Ongoing review to ensure the plan stays relevant and adaptive.
📖 Resource: American College of Healthcare Executives (ACHE) – Financial Planning

Step 5: Analyze Consequences of Misalignment (2–3 paragraphs)

If not aligned, an organization may:
- Achieve strong clinical outcomes but run into financial losses.
- Invest in areas that don’t support long-term goals.
- Struggle with sustainability, staffing, or technology upgrades.
- Face reduced competitiveness and patient dissatisfaction.

Step 6: Write a Conclusion (1 short paragraph)

Summarize key points.
Re-emphasize why aligning financial and strategic planning ensures both quality patient care and financial stability.

Step 7: Cite Sources in APA Style

Use in-text citations after paraphrased or quoted material.
End with a reference list (APA format). Example:
- Cleverley, W. O., & Cleverley, J. O. (2018). Essentials of health care finance (8th ed.). Jones & Bartlett Learning.

📖 Resource: Purdue OWL – APA Style Guide

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