There are a few complex things management has discovered related to strategy planning of this operating budget. The lack or risk sharing practices and innovation is a vital issue because it hinders the growth of innovative solutions related to technology. The important considerations are hospital’s policies which impact the mission and competition (Smith & Hasan, 2019). For example, the firm must emphasize on enhancing the overall governance structure; this strategy can improve financial management and can help to use a centralized innovation budget. This budget can be a blessing for the whole firm to reduce the technological expense. In each department, the hospital must improve the overall service quality of the firm to enhance patients’ experience.
Moreover, the evidence by literature also shows that artificial intelligence (AI) for improving the home-based delivery services is also a crucial aspect of growth. This one year budget should incorporate the opinion of experts to predict the cost targets and revenues (Ho, 2018). Moreover, nurses should also improve their Inter professional communication to improve data sharing and reporting processes. The enhanced communication and collaboration of nurses and doctors with financial experts will surely help the organization to quickly share their innovative idea related to digital innovation projects. This will help the firm to create a sustainable competitive advantage for the organization.
Finally, the approach must be accurate and reliable. The Next Generation of Budgeting for Healthcare (2020) report shows that AI use and budgeting is a good combination rather than using a traditional approach. This means that they must recruit new nurses who are better familiar with advanced technology containing multiple skills in handling and caring the healthcare patients. The goal of this firm is to focus on the wellbeing of patients as well as on the enhancement of hospital’s infrastructure. This means that the hospital should spend costs wisely and hire new nurses who can have skill in using the electronic medical records (EMR).
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