Abstract
Integrating strategic planning and financial planning is the best way for health service organizations (HSOs) to ensure their budget allocations are appropriately targeted to long range solutions. In strategic financial planning, in order to ensure that there is long range financial success, annual budgets need to be analyzed from a long term organizational perspective. This paper will propose a step by step approach to strategic financial planning and their application to the healthcare industry and how the integration of these processes will result in a long term successful framework for achieving the HSO’s mission and vision. Cleveland Clinic will be discussed as an example of an HSO that has successfully utilized strategic financial planning.
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