February and March each year is when leaders budget for the next fiscal year as well as continue to assess what their longer term plans are for each of their departments and what that may mean for planning. During our last Leader meeting, accounting handed out the deadlines of when things such as a list of minor equipment needed to be purchased for next fiscal year needs to be turned in, what capital purchases they are considering for future years, how their service agreements may be changing for the upcoming year as well as what staffing will look like in their department. Each leader also considers what growth they may see in revenue for those departments that care for patients. It is a lot of information and not necessarily a process that most enjoy.
A budget is not only a requirement for our facility but a budget is needed as a road map of where we are going and what it takes to get there. The leaders at Iowa Specialty Hospitals and Clinics approach the budget much like how a sports team approaches their athletic season - what does each player on the team need to do and how do we work together to be successful. Even though it can be a daunting task, the leaders of our organization always amaze me on how they pull together to do what is best for our patients, providers and staff even during the budgeting process.
Just as a budget is a road map for businesses it is also useful in your personal life. I wish I would have remembered this when planning our daughter’s wedding. Without a budget you often pay the price and we are paying the price for this wedding.
Until next time……