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Claudia
Hello Everyone,
- How the Strategic Financial Planning process is similar or different from general healthcare strategic planning process?
The main purpose for a Strategic Plan is to continue a business to growing long term, says Niles, this has evolved in management implementing the vision and mission in the financial strategic planning in healthcare (2010) When the goals are aligned with the organizations mission and vision is creates a target for all to have the same mindset and approach. The steps are different when were are looking at the strategic planning process. Niles mentions 6 steps for Financial Planning yet the Strategic Financial Planning has 8 steps. Just initially the first step with financial is evaluating performance and strategic financial first establishes and/or revises the mission and vision of the organization.(2010) The example of The Cleveland Clinic is clearly indicating the plan works in healthcare due to its changing processes regardless of what the economy may be possible be experiencing. In addition since the missions and vision is involved in the planning process that promotes staff engagement.
- Write about the data and information necessary for successful financial strategic planning. Who is responsible for the collection, processing, and conclusions of this data and information?
Data collection serve is essential when planning and determining the approach on how to reach goals. Niles says a business must place patients first, safety, and the quality in healthcare. It must also generate new ideas on how to grow the business like becoming a teaching hospital and providing a safe working environment. A way of accessing all these areas is through metrics that data can provide results to make educated business decisions. Historical data, research market and external environment, know the competition, and monitor while evaluating are highly important in the strategic plan.(Niles, 2010) Involved are management leaders, data analyst, and business development are some of the roles of those whom process that gathered information to make decision.
- What are the consequences of using flawed evidence in decision making and strategic planning process?
Consequences when using flawed evidence will only lead to a failed strategic plan with many losses to the organization. As an example of having correct evidence, The Cleveland Clinic, in 2008 even with economic difficulties, the decisions made allowed them to maintain growth during difficult times. They research and with the right data decision were made accordingly to cut, remove, or add services as needed by restricting the budget and not filling nonessential staff. (Niles, 2010)
Reference:
Niles, N. (2010) A Case Study In Strategic Financial Planning In Health Services Organization. Journal of Business Cases Studies. September/October 2010, Vol. 6, No. 5
YOMI
- How the Strategic Financial Planning process is similar or different from general healthcare strategic planning process?
Both strategic planning processes involve analyzing data and information to develop long-term goals and objectives for the organization. However, financial planning specifically focuses on the financial resources needed to achieve those goals and objectives. This includes projecting future revenue and expenses, analyzing costs, and creating budgets to ensure financial stability and sustainability.
In contrast, general healthcare strategic planning encompasses a broader range of considerations, such as patient care, quality improvement, technology and infrastructure, staffing and personnel, and community engagement. It involves developing strategies to improve overall organizational performance and achieve desired outcomes.
- Write about the data and information necessary for successful financial strategic planning. Who is responsible for the collection, processing, and conclusions of this data and information?
According to Niles (2010, the data and information required for successful financial strategic planning include historical financial data, industry trends, external analysis to assess direct
competitors, projections for future revenue and expenses, demographic shifts, and other factors that may impact the financial performance of the organization.
The finance department and financial analysts are typically responsible for the collection, processing, and analysis of the data and information required for financial strategic planning. They use financial management tools and techniques such as financial modeling and scenario analysis to draw conclusions and make recommendations to the leadership team. The finance department also works closely with other departments, such as operations, marketing, and human resources, to ensure that the financial strategies align with the overall organizational goals and objectives.
- What are the consequences of using flawed evidence in the decision-making and strategic planning process?
Using flawed evidence in decision-making and strategic planning can have serious consequences for healthcare organizations, both financially and operationally. Flawed evidence can lead to inaccurate projections, unrealistic goals, and ineffective financial strategies, which can result in financial instability, decreased patient satisfaction, and lower quality of care.
References
Niles, N. J. (2010). A Case Study in Strategic Financial Planning In Health Service Organizations. Journal of Business Case Studies. Vol 6: 5
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GLEN
When I think of current technologies with the potential for ethical abuse, AI and AI powered chatbots, like ChatGPT, are the first things that come to mind. Since our classmate Logan Sanders made a solid post regarding AI, I will focus on chatbots.
I have a co-worker who used ChatGPT for a coding class he was in. With the right inputs, ChatGPT was able to provide him 95% solutions for coding assignments. To me, that is a rather large quality of life improvement from an emerging technology. Conversely, ChatGPT has been used to write some very potent malware that operates in such a way, that it can circumvent a lot of cybersecurity measures (Ropek, 2023). That presents a large ethical red flag. Systems like ChatGPT are supposed to have limits on what they can be prompted to do. The chatbot is not supposed to write malicious code, but it was essentially bullied into writing the code by researchers (Ropek, 2023).
Chatbots are trained on data from all over the web, massive amounts of data (Johnson, 2023). Since this data comes from all types of sources, the chatbot is potentially exposed to prejudices and biases right from the start. For this reason, great care has to be taken when feeding information to the chatbot. Additionally, the programmers need to ensure there are certain stop measures in place to prevent false information from spreading. Yet, even with those measures in place, chatbots can “hallucinate” data. Bings ChatGPT powered search engine even went as far as saying that “running was invented in the 1700s” and, in 2023, tried to convince a user that the year was still 2022 (Johnson, 2023).
If hallucinations to this degree are possible, what type of misinformation could a chatbot spread? And what would be the ramifications of that misinformation? Sure, something trivial as the date running was invented will have no impact on society as a whole, but what if someone turns to a chatbot in a time of need? Lets say medical advise “what to do if a cut wont stop bleeding?”. If the chatbot replies, “step 1 – use a tourniquet”, then someone is likely to suffer great physical harm due to an AI’s “hallucination”. Physical harm aside, lets revisit the malware. If a chatbot can be tricked into writing malware, what extent could that malware be used? Could it be used to facilitate crypto currency theft? Hack into a bank accounts? Or infiltrate a critical system controlling some part of our nations infrastructure, such as a railway switching station and cause a train wreck?
I do acknowledge that this is somewhat of a “doom and gloom” approach, but it is definitely something to be considered as these technologies are being made public. There are some positives to these chatbots, like the coding I mentioned earlier. These chatbots are feed immense amounts of information, so they can be extremely insightful for the skilled user. Microsoft has announced the integration of AI powered features into Microsoft Office that can do some exceptional things. Like building a Powerpoint based on a Word document, building pivot tables in Excel, taking notes on Teams meetings, and more (Warren, 2023).
In a recap, the potential for good is just as prominent as the potential for nefarious acts when it comes to AI powered chatbots. These systems are only going to become more powerful and become relied on with increasing frequency in the future. Which makes it imperative for this to be done correctly, because one day, these chatbots could directly or indirectly cause harm to a user or third party.
Johnson, K. (2023, February 16). Chatbots got big-and their ethical red flags got bigger. Wired. Retrieved March 20, 2023, from https://www.wired.com/story/chatbots-got-big-and-their-ethical-red-flags-got-bigger/
Ropek, L. (2023, January 20). Chatgpt is pretty good at writing malware, it turns out. Gizmodo. Retrieved April 15, 2023, from https://gizmodo.com/chatgpt-ai-polymorphic-malware-computer-virus-cyber-1850012195
Warren, T. (2023, March 16). Microsoft announces copilot: The AI-Powered Future of office documents. The Verge. Retrieved April 15, 2023, from https://www.theverge.com/2023/3/16/23642833/microsoft-365-ai-copilot-word-outlook-teams
CLYDE
Biometric recognition is one new technology that could be used unethically. According to the Gartner article, “Biometric recognition is poised to become a ubiquitous technology that can unlock smartphones, authorize payments, or identify passengers at airports,” there are reservations regarding the moral implications of biometric identification, particularly with regard to privacy and possible abuse.
For instance, the use of facial recognition technology in mass surveillance and its potential to support racial biases have both drawn criticism. According to a Big Think article on new technologies, “Facial recognition algorithms have a history of being biased against people of color, leading to inaccurate and discriminatory results.”
In addition to these issues, there is also the risk that biometric information, like fingerprint or iris scans, will be misused and used for evil if it is obtained by unauthorized parties. The Gartner article mentions “If a biometric identifier is stolen, it cannot be replaced, unlike a password or credit card number.”
It will be crucial to address these ethical questions and make sure that the technology is applied responsibly and openly as biometric recognition technology develops and spreads throughout society.
References:
Dickinson, K. (2021, May 31). 10 emerging technologies that will change our world. Big Think. Retrieved April 15, 2023, from https://bigthink.com/the-future/10-emerging-technologies-change-world/
Nguyen, T. (2023, January 19). 4 emerging technologies you need to know about. Gartner. Retrieved April 15, 2023, from https://www.gartner.com/en/articles/4-emerging-technologies-you-need-to-know-about
