Assessment Traits Benchmark
Assessment Description
The purpose of this assignment is to discuss considerations when developing the budget for a business plan.
Create a presentation for your stakeholders regarding your funding needs in order to compete for budgetary allowance. In 12-15 slides (not including title and reference slides), address the following information:
- Analyze the funding requirements needed to implement your business plan. Address both known expenses and potential hidden expenses.
- Discuss ethical financial practices and describe why your budgetary needs are sustainable based on principles of corporate responsibility.
- Discuss the impact finances have on structural and organizational models of health care. Explain how this directly relates to your business plan.
- Describe how your business plan will directly benefit the organization’s strategic plan.
Include comprehensive speakers’ notes on each slide with substantive information.
Consult a minimum of three peer-reviewed resources.
Refer to the resource, “Creating Effective PowerPoint Presentations,” located in the Student Success Center, for additional guidance on completing this assignment in the appropriate style.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are not required to submit this assignment to LopesWrite.
Benchmark Information
This benchmark assignment assesses the following programmatic competencies:
MS Health Administration – Health Care Quality and Patient Safety; MS Health Administration
3.2 Describe financial impacts on comprehensive structural and organizational models of health care.
5.4 Demonstrate sustainable and ethical financial practices based on principles of corporate responsibility.
How to solve
GCU Benchmark Budget Presentation
Introduction:
Developing a budget for a business plan requires careful consideration of various factors to ensure financial stability and sustainability. This includes understanding the funding requirements, both known and potential hidden expenses, as well as incorporating ethical financial practices based on principles of corporate responsibility. Additionally, it is essential to recognize the impact finances have on the structural and organizational models of healthcare and how they directly relate to the business plan. Lastly, the business plan should align with the organization’s strategic plan to maximize benefits. In this assignment, we will address these key aspects through a detailed presentation to stakeholders.
Answer:
When analyzing the funding requirements needed to implement the business plan, it is crucial to consider both known and potential hidden expenses. Known expenses include costs such as equipment, personnel salaries, marketing, and facility rental. However, it is equally important to account for unforeseen expenses such as regulatory compliance, unexpected maintenance or repairs, and legal contingencies. By conducting a comprehensive assessment of potential hidden expenses, we can determine a more accurate and realistic budget.
Ethical financial practices play a significant role in ensuring the sustainability of our budgetary needs. We adhere to principles of corporate responsibility by prioritizing transparency, accountability, and fairness in financial decisions. Unethical practices like misrepresentation of financial information or engaging in fraudulent activities not only harm the organization’s reputation but also impede its financial stability. By consistently upholding ethical financial practices, we can maintain the trust of our stakeholders and foster long-term sustainability.
The impact of finances on the structural and organizational models of healthcare is substantial. Financial resources determine the organization’s capacity to acquire state-of-the-art technology, attract and retain skilled professionals, and expand services to meet the changing needs of the community. Adequate funding enables the implementation of innovative healthcare delivery models, such as telemedicine, patient-centered care, and integrated care systems. These financial considerations directly influence the success of our business plan as they determine the organization’s ability to adapt and thrive in a dynamic healthcare environment.
Our business plan is aligned with the organization’s strategic plan, ensuring direct benefits to the organization. By leveraging financial resources efficiently, we contribute to the strategic goals of the organization, such as improving patient outcomes, increasing market share, and enhancing the overall quality of care. Our business plan focuses on initiatives that support strategic objectives, such as implementing evidence-based practices, optimizing resource utilization, and fostering collaboration among healthcare providers. These aligned efforts maximize the organization’s capabilities and position it for long-term success.
In conclusion, developing a budget for a business plan involves careful consideration of funding requirements, ethical financial practices, the impact on structural and organizational models of healthcare, and aligning with the organization’s strategic plan. By addressing these aspects, we ensure financial stability, sustainability, and direct benefits to the organization. Through effective budgeting, we can support the success of our business plan and contribute to the overall growth and advancement of healthcare services.
