Foundation for Strategic Planning
The Coastal Medical Center (CMC) board of trustees presumes multiple roles which entail the most important of fiduciary and head of corporate governance of the institution. According to Harrison (2010), the CMC trustee board execute the role of stipulating the financial objectives of the health facility. The board keeps the account and ensure that the capital allocated to different projects are used efficiently. The board governs financial performances in details as well as enhancement of creditworthiness of the departments. CMC board states the objectives that guide, review and align the management of every financial plan (Culica, & Prezio, 2009). Finally, the financial statements ate the end of each fiscal period undergoes the verification and certification of the board.
The fiduciary responsibilities of the board comprise the duties of loyalty, care, and obedience to the healthcare facility. The board has an absolute obligation to the healthcare facility as well as the patients to ensure a harmonious environment in the hospital. CMC board works towards the development of policies, guidelines and implementation of procedures to ensure that the institution delivers quality services. The board continually adopts appropriate measures and standards to provide quality care and also contributes to the improvement of the hospital status and procedures such as open-heart surgery (Harrison, 2010). For example, the board has a policy of granting a chance to have a free medical care to some of the patients who meet the stated requirements. Besides, it eradicates all unnecessary activities in the hospitals that lead to the hospital incurring extra cost.
When individual elements in a board miss, they result in failure of the board and the whole institution in general (Culica, & Prezio, 2009). The board may be unable to meet their roles and duties to the facility and patients. For instance, when mismanagement of funds occurs, the institution performance decreases. It indicates lack of loyalty and obedience to the hospital and patients. Financial auditing is one common practice that brings out such missing elements of the board. Funds embezzlement amounts to the ousting of the board members involved in such evil practices. Besides, the board members need to undergo training to improve their skills in management. Also, prospective candidates for board membership should be well vetted. The facility can develop a program and principles that guide the board in decision making.
1. Culica, D., & Prezio, E. (2009). Hospital board infrastructure and functions: the role of governance in financial performance. International journal of environmental research and public health, 6(3), 862-873.
2. Harrison, J. P. (2010). Essentials of strategic planning in healthcare. Health Administration Press.
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