Answer for HCA 620 Search the GCU Library on the following topic: Strategic Planning. Many strategic plans contain financial data Re: Topic 5 DQ 2

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Strategic planning addresses the short-term and long-term goals of a business. The information contained in the strategic plan thus strives to explain the manner in which a business is going to achieve these objectives. In a strategic plan, the financial data essentially entails the description of the equipment, materials, resources, and activities necessary to achieve the objectives of a company. Therefore, in the present class’s business plan, several pertinent information from the strategic plan may be incorporated into the business plan (Barasa,  Molyneux, English, & Cleary, 2015). The amount of labor as related to physicians and surgeons has already been calculated. Therefore, in the business plan, information related to the total costs of hiring and maintaining the personnel will be included in the expenses of the plan’s balance sheet.

Moreover, the identification of the cost as mentioned above will precede the creation of a budget. The functionality of the strategic planning tool as used in business plan has a value-chain analysis that entails activity based costing. The above tool will make the healthcare organization to determine its major costs using the balance sheet methodology. Therefore, the strategic plan helps a company to conduct future projections (Arend, Zhao, Song, & Im, 2017). Utilizing the information contained in such undertakings, the business plan for the organization will use the assessment to not only plan but also predict the future. As such, the financial information will help the health care organization to help control its financial performance. Therefore, it is possible to use the information from the strategic plan to make a business plan so as to control the finances of an organization in a strategic manner.

References

Arend, R. J., Zhao, Y. L., Song, M., & Im, S. (2017). Strategic planning as a complex and enabling managerial tool. Strategic Management Journal, 38(8), 1741-1752.

Barasa, E. W., Molyneux, S., English, M., & Cleary, S. (2015). Setting healthcare priorities at the macro and meso l

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