Verybest Hospital
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Verybest Hospital is a sub-acute facility outside of Santa Rosa, New Mexico. The hospital operates an emergency room and has 75 beds that are generally at full capacity. Up until two years ago, the hospital was consistently profitable. Since then, profit margins have declined.
Verybest's Board of Directors' future vision is to raise the target profit, expand the facility size, and increase the amount of beds and emergency room spaces offered by the hospital. You are a staff member in the Finance Department, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.
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Healthcare organizations obtain revenues through multiple funding sources. Unlike consumer products, healthcare organizations do not rely on the consumers of their services as the primary sources of revenue.
Identify two sources of revenue that may assist you in the financial forecasting for the organization. In addition, explain the grant-writing process and list two grant resources that can be included as additional revenue to ensure the success of Verybest Hospital's financial future.
Objective: Identify sources of funding for health care organizations and the role of the grant-writing process.
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The response addresses the queries posted in 838 words with references.
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The response addresses the queries posted in 838 words with references.
// Financial forecasting is an integral part of implementing strategy in the organization. This paper is concerned with the financial forecasting process in the Verybest hospital. In order to deal with the paper like this, first, we will provide a short introduction which would be followed by discussion on Grant writing.//
Financial forecasting is a prior step of planning process in the organization, which includes procurement of financial resources, setting target profits, decides sources of revenue. Grant writing process is a term used to place all the information in accordance with the guideline of the individual who is providing the funds. The process provides a systematic way of identifying the sources for raising funds. The process undergoes various stages such as identifying need, documentation of information, which consist of organization's mission statement, list of accomplishment, previous fund raiser, financial statement of the firm etc. Further, the process involves staff assessment for delegation of the responsibility. Lastly, in the process, research is carried out for the fund sources and a profile of each of the fund raiser are created and then, he is approached (Carter, 2009).In order to assure credibility of the fund raiser, detailed information is collected from the previous grantee ...
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- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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