Strategic Plan Part III Financial Plan of Health Care Organization Term Paper

Strategic Plan Part III Financial Plan of Health Care organic law selected in part 1 and 2 - Term Paper ExampleFinancial planning provides ejection of expected expenses and income aimed at establishing the project feasibility. Financial planning helps eliminate doubts regarding the success of projects through the provision of feasible information regarding financial income and expenditures.The Bayshore hospital financial plan aims at establishing the costs for initiating the intended changes following look of a strategic plan. Numerous elements are considered in developing the financial plan to enhance incident accuracy of the provided estimations. The financial plan could be divided into two main(prenominal) sections of expenses and income (Ireland, 2006). Though these figures have been estimated, these predictions take on market based values of item costs. Utilisation of market based costs should ensure penny-pinching of the estimated budget to actual figures during operati on. The budget presented here is an expansion project concerning diagnostic imaging project, intended for presentment into the hospital. These each(prenominal)ocations can, therefore, be identified as departmental allocations for the diagnostic imaging department.The expenses section of this financial plan includes all the expected activities that shall involve the use of capital of the United States available at the disposal of the hospital. During the initial stage, a capital outlay of 2.5 million shall be invested into the purchasing of equipment and setup of the essential amenities necessary for undertaking the required diagnostic procedures. This shall become the overall project capital investment.Salaries of employees to be hired have been considered as the main expense. Salaries constitute the largest section of the budgetary allocation. Within this financial plan, they constitute 65% of the revenue collected from the project. 4% Salary increments are expected to be imple mented during the third year, hence increasing