Healthcare Policy and Budgeting Practice

Vocabulary-style flashcards covering the fundamentals of communication barriers, stakeholder engagement, budgeting cycles, and healthcare policy making based on lecture notes.

Barriers to communication

Include hierarchical issues, language differences, and cultural diversity.

Stakeholder engagement strategies

Approaches that include informing, consulting, and empowering stakeholders.

Unfavorable variance

Occurs when earnings are less than the planned or expected amount.

Budgeting cycle

A continuous process that serves as a financial plan for a year.

Secondary stakeholders

Parties that do not generally engage in direct transactions with a company but are influenced by its activities.

Healthcare policy

A technical, social, economic, and political tool that influences the financing, delivery, and quality of care.

Implementation

The $4^{th}$ step of the policy making process.

Budgeting

The process of translating strategic goals into financial targets.

Budget

A quantitative expression of a financial plan.

Primary stakeholders

Stakeholders involved in direct transactions, such as hospital administrators.

Stakeholder analysis

A process crucial for building support and reducing risk; the $3^{rd}$ step is developing strategy.

Cash budget

Tracks the timing of cash inflows and outflows to ensure liquidity.

Investors

In the power interest matrix of policy making, they are characterized by high power and medium interest.

Digital communication

A category of communication exemplified by materials such as an email.

Preparation stage

The stage of the budgeting cycle involving the assessment of the previous year’s performance and future needs.

Resource allocation

The process of assigning and managing assets in a manner that supports an organization's strategic goals.

Financial viability

A condition that must be maintained while satisfying clinical safety according to the stakeholder's perspective for budgeting.

Power-interest matrix (Patients)

A grid where patients are typically identified as having high interest but low power.

Regulatory policy

A type of policy that includes licensing requirements as a primary example.

Healthcare advocacy

A strategic tool used to protect patient rights and public health interests.