Posted: March 16th, 2022
Budgeting is an essential component in maintaining the finances of an organization, especially within the healthcare industry. Healthcare administrators must be adept in financial skills in order to maintain their organizations and to meet the new demands of the changing healthcare laws. “Budgeting is the process of converting the operating plan into monetary terms” and are “a control standard against which superiors can easily measure the performance of subordinates” (Nowicki, 2015, p. 281). Once strategic and operational plans are completed, an extensive budgetary plan should be devised, including accounting and informational systems that contain an organizational structure to ensure financial responsibility and assist management with budgetary…show more content…
This approach is beneficial for areas that change rapidly but can be difficult to implement because of the large time commitment to develop, increased anxiety with staff members, and other administrative and communication requirements (Nowicki, 2015). For organizations that have limited budgets and staffing, this approach could be problematic to implement.
Comprehensive – Comprehensive budgeting integrates all budgets for the organization into one large methodology (Nowicki, 2015). Seeing as many organizations utilize a top-down approach with budgeting, a comprehensive approach would be maintained by senior management while junior management would focus on performance instead of budgetary issues.
No matter the design approach, all of management should understand the concepts of the budget and monitor performance. Ultimately it is the responsibility of the CEO, CFO, and/or senior management to monitor and evaluate if the organization is maintaining the budget through operations. The board of directors should review the organization’s budget for the year, oversee major expenditures, and ensure that strategic goals are being met by the organization. With the combined approach from all of management and the board of directors, a suitable budgetary plan can be implemented to ensure the efficiency of the organization and accomplishment of strategic
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