Assessment and Leadership Skills Plan MHA FPX 5012 Assessment 3 Attempt 1 Financial Leadership

Hello all, my name is Srinivasarao Variseri and today I will present my leadership plan for improving the financial strategy and
condition of our organization. The current financial leadership planning report will analyze and communicate a leadership plan to
address financial gaps within our healthcare organization. Financial targets in organizations are never easy to manage. Leaders are
important people who play a crucial role in managing and planning adequate finances of hospitals. In Home Health Agency,
financial goals always play a part in influencing leadership preferences. The hospital needs to create internal benchmarks with
respect to available financial resources and try hard to maintain a fiscal clinical balance in the organization. In the light of the
previously conducted analysis of PEST and SWOT analysis of the hospital, in the financial leadership planning context, this report
will identify two vital financial targets for the healthare organization for the nursing department for understanding performance
management and enhancement.

MHA FPX 5012 Assessment 3 Attempt 1 Financial Leadership

Financial Targets and Performance Indicators and Measurements

The goal of the organization is to analyze the financial leadership strategies using the information from the SWOT and PEST
analysis. According to Cabral and Oram (2019), healthcare finance key performance indicators KPls include financial and
quantitative measures and statistics which can help the hospital’s financial leaders to efficiently plan the financial performance of
the organization and set realistic goals (Beitz, 2019). Our nursing department first should enable finance leaders to determine the
service lines or the revenue generation areas. Using an observation of these areas, the operational and financial improvement can
be made possible. The Key Performance Indicators (KPIs) are used to measure the quality of effectiveness of activities in the
financial areas of the nursing department. The organization uses key performance indicators that are derived from the national
framework.

Strategic financial planning is the best way for the hospital to ensure that budgets are allocated adequately and the hospital gains
long range financial success. The following steps are recommended by () as a part of financial planning goals and targets for Hope
Medical Center.

. Formulatine a holistic mission and a vision statement

. Create plans in the nursing department which integrate with mission and vision of the organization.
. Evaluate and analyze the external environment of the organization for new opportunities
. Develop a robust plan that resonates with the capital budget

These goals mean that after evaluating the financial performance of the organization, the leaders will analyze the company’s
current performance with the past data and develop financial projections. This will help to better assess the financial status of the
hospital and will help the leaders to integrate their strategic goals with financial objectives (Cabral, 2019). For achieving these goals,
the steps will be taken to ensure an adequate financial planning such as assessing the risks associated with these new
opportunities. The financial target is to invest $10 million on the construction of new premises. The major expenses of the
organization and the purchase for the year 2022-2023 are expected to be $450 million. To promote education and nursing
leadership and financial education, almost $25000 will be invested in the next three months. Moreover, the company also assumes
that the assets will pay for themselves by generating more revenues by external funds receipts.

The donors have contributed almost $30 million in the past; therefore, in-patients’ admissions are supposed to be stable at 142, 00
annually. Finally, for the home and community-based services, fewer resources are required with lower costs and operating
expenses to balance the budget (Gresh et al., 2021). Setting performance goals according to performance indicators by increasing
total revenue by $750, 00 in the next calendar year. The goal of the nursing department is to obtain as much revenue such as 70%
from only in-patient visits yearly. The KPI is to reduce the turnover rate of 10% to 3% in the next one year. The computer and the
tablets for nurses are set to be 80% available for the nurses.

Gaps in Financial Targets Vs Performance or Goal Attainment

The year-to-date financial performance of the organization is different from the desired goals described in the above section. The
provision of nurses with computers and tablets is only 55% that is significantly