Read the following scenario, then draft a 3–4 page business memorandum to Linda Hoff, Stanford’s CFO. In your memo, codify your findings and interpretations from the horizontal and vertical analyses and the level of alignment in the company’s fiscal management and its strategic direction. Include an Excel spreadsheet as an attachment to the memo. In this memo you will:
Review the year-over-year variances contained in the audited Stanford balance sheets and income statements for fiscal years 2015–18 in the Week 5 Assignment Spreadsheet [XLSX]. You’ll be expected to pay particular attention to the negative variances (color coded in red) that you believe to be potentially the most impactful to Stanford.
Speculate as to the reasons for the negative variances.
Examine the common size balance sheets and income statements looking for abnormally low or high ratios based on what you know about the line item and what you observe in the data for the other fiscal years.
Look for patterns in the line items over the three-year period and identify any unusual findings that may need to be examined further.
Assess the alignment of the organization’s fiscal management to the strategic direction of the firm. Fiscal management is based on your horizontal and vertical analyses. The strategic direction is based on the vision, mission, and strategic priorities of Stanford.
The purpose of this assignment is to familiarize you with financial statements, the need to align the financials and the strategic direction of the firm, and the process of performing horizontal and vertical analyses of a company’s balance sheets and income statements.
You’re a health care administration fellow at the prestigious Stanford Healthcare. You have been rotating through the various departments over the past nine months and now you have the honor of working under the mentorship of Chief Financial Officer Linda Hoff.
Stanford Medicine includes Stanford Healthcare, Stanford Children’s Hospital, and Lucile Packard Children’s Hospital Stanford. This organization uses an integrated approach to strategic planning, which incorporates jointly agreed upon strategic priorities from its various entities. It also ensures a high degree of congruence in strategic focus by each entity. Before outlining the strategic priorities for Stanford Medicine, it is important to note that a firm’s directional strategy comprises three discrete yet interwoven components: vision, mission, and goals (or, in this case, priorities). Armed with this knowledge, you have familiarized yourself with the vision, mission, and priorities of Stanford Medicine. Below is what you found. When examining a company’s financials, it is prudent to keep the directional strategy of the company in mind. After all, in order to advance many strategic priorities, which include fulfilling the mission and positioning the organization to achieve its vision for the future, proper management of the firm’s scarce resources is vital. Failure to properly manage the financial performance of the organization can compromise the company’s ability to maintain a competitive advantage in the marketplace.
Precision Health: Predict. Prevent. Cure. Precisely.
We will heal humanity through science and compassion by leading the biomedical revolution in precision health.
Improving Human Health Through Discovery and Care.
Through innovative discovery and the translation of new knowledge, Stanford Medicine improves human health locally and globally. We serve our community by providing outstanding and compassionate care. We inspire and prepare the future leaders of science and medicine.
A collaborative endeavor involving the entire community, the Stanford Medicine integrated strategic planning process yielded a framework that is human centered and discovery led, focused on three overarching priorities for our enterprise.
By enhancing our strengths and achieving our goals in these priority areas, we will amplify our preeminence and remain uniquely positioned to lead the biomedical revolution in precision health, ensuring our continued ability to guide health care through significant global changes.
Provide a highly personalized patient experience.
Ensure a seamless Stanford Medicine experience.
Amplify the impact of Stanford innovation globally.
Deliver human-centered, high-tech, high-touch care and revolutionize biomedical discovery.
Lead in population health and data science.
Accelerate discovery in and knowledge of human biology.
Discovered here, used everywhere: advance fundamental human knowledge, translational medicine, and global health.
Ensure preeminence across all of our mission areas.
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