Read and study 'Concept Three: Integrated Strategic and Financial Planning' in Best Practice Financial Management.
Concept Three describes the leadership required for effectively integrated planning, the integrated planning process, and the components of a high-quality plan. It presents the organizing principle that should be used throughout the process and takes readers through key process steps. Steps include identifying and selecting strategic initiatives based on solid market data and consideration of risk, estimating capital requirements through a multiyear financial plan that links strategies to capital requirements, determining capital sources, and determining the level of profitability required to close the capital shortfall. It also describes the techniques leaders can use to test the reasonableness of their goals and projections and enhance the effective implementation of the integrated plan. A case study example at the end of the chapter describes one organization's implementation of the best practice planning process. (Kaufman, 2006, p. xiii)
Write a 2-4 page paper discussing the issues and outcomes of Community Hospital Healthcare System (CHHS), giving a brief overview of its initial plans and how those plans were altered after careful evaluation of the facility's finances. The paper should discuss the various approaches the organization used to develop new goals and reasons for altering its original plans.