Your company's CFO begins the preliminary work of developing the organization's financial plan for the upcoming year. Recently, there have been several articles in the newspaper regarding the state's need to cut its healthcare budget. There have also been rumors in the community that the state Medicaid budget may be reduced, including those eligible to enroll in government-funded health plans. Over the past year, there have been Board discussions regarding diversifying and opening healthcare facilities that provide services to various populations other than Medicaid recipients.
Compose a memo to the CEO regarding your department's preparation for next year's financial plan. In the memo, address the possible issues surrounding next year's forecasting including the management structure that could be considered for next year's financial plan.
Objective: Discuss methods for planning, forecasting, and managing healthcare finances.
The response addresses the queries posted in 813 words with references.
//In this memo, we have focused on financial forecast of the upcoming financial year. In this memo, we have also discussed the possible issues surrounding next year's forecasting. It also includes the management structure that could be considered for next year's financial plan. //
Date: October 6, 20xx
Subject: Next Year's Financial Plan
Possible issues surrounding next year's forecasting financial plan.
Financial plan of the Company
Planning is a process, by which management determines how an organization should move from its current position to its desired position. Through planning, management strives for the right person, at the right place, at the right time, doing right things. Planning helps in determining the current needs, so that future needs could be met. A number of issues must be considered before undertaking financial planning. Health-care budget is the main issue while doing financial planning of any organization. There are several rumors in the market that the state's Medicaid budget would be reduced and would include all those people that are eligible to enroll in government funded health plans. There have been several discussions regarding opening and diversifying health care facilities other than Medicaid recipients. Diversifying into the health-care facilities requires a well developed planning effort on the part of the organization. Financial forecasting ...
The response addresses the queries posted in 709 words with references.