Nr533 Week 3: Process of Budget Preparation
Nr533 Week 3: Process. After exploration of the types of budgets and the processes for their development at your institution. How and from whom is input into the budgets acquired and used? Where does control of the budget lie? What influence do unit and midlevel managers have on the various kinds of budgets?
Nr533 Week 3: Process Answer
In the realm of healthcare, Gatenby, Rees, Truss, Alfes, and Soane (2015) assert that healthcare organizations play a pivotal role, consuming a significant portion of national health budgets and serving as critical platforms for delivering key interventions.
Understanding how these institutions prioritize their budgets and the factors influencing resource allocation is, therefore, paramount. In my healthcare institution, budgetary decisions are crafted by a collaborative effort involving unit managers at all levels and financial controllers possessing extensive expertise in financial management.
Their responsibility encompasses planning healthcare budgets to ensure the facility’s effective and efficient operation. In the dynamic landscape of financial planning, healthcare finance leaders are tasked with managing volatility, uncertainties, and risks, as financial planning evolves from a function-focused task to an integrated financial and operational planning approach that considers the entire organization.
References:
Gatenby, M., Rees, C., Truss, C., Alfes, K., & Soane, E. (2015). Managing change, or changing managers? The role of middle managers in healthcare quality. Work & Stress, 29(3), 246-264.
