Healthcare spending is at top of mind across a broad spectrum of stakeholders. Developing budgets especially capital spending plans is a critical part of running a hospital effectively. Capital expenditure planning is how you spread out the costs of important upgrades, renovations, healthcare construction projects, and other big-ticket items.
In your current organization (or in other organizations that you may have worked for in the past, healthcare or not), how are funds allocated for projects? Create a discussion post that addresses the following questions:
· Does your company have a set capital spending plan for the year or are projects evaluated as they arise?
· How are projects prioritized?
· What criteria (think capital budgeting rules) is used for evaluating projects?
· Are the criteria consistent across all expenditures? If not, do you think this creates any challenges when comparing projects?
· Do you feel your organizations capital budgeting planning function is adequate to improve your organizations overall improvement? If so, why do you feel this way? If not, what could be improved upon?