please respond to the following discussion post as a peer making a comment. “A healthcare organization’s budget is the overall estimation of the revenue and expenses within a specified timeframe (Syntellis, n.d.). Financial factors and strategic planning go hand-in-hand, thus, the organization’s budget can affect the development and execution of a strategic plan. Since a financial department can assign monetary values to various activities that are related to strategy and yield projected sale revenues and operating expenses which shows how these factors are linked to the budgets (Moseley, 2017, pp.517). Moseley (2017) comments that finance and strategy collaboration will require delicate and synergistic interplay (pp.520). If the strategic plan fails, then there will be a negative impact on the organization’s budget. The financial overview, status, or balance will guide strategic implementation when the team works collaboratively with the strategic planners.
REFERENCESMoseley, G. B., III. (2017). Finance in Strategic Planning. Managing Health Care Business Strategy 2nd Edition. (pp.511-568). https://bibliu.com/app/#/view/books/9781284081114/…Syntellis. (n.d.). Healthcare and Hospital Budgeting: A Complete Guide. https://www.syntellis.com/guide-to-healthcare-and-hospital-budgeting#:~:text=What%20is%20a%20budget%20in,operating%20costs%20and%20capital%20equipment.REPLYGM
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