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 Financial
Planning
To ensure financial solvency, financial
planning is implemented that includes an
annual budget, expense and revenue reports,
attention to long-term solvency and ongoing
services, and identifies actions to be taken
in the event a deficit or significant change
occurs. A sound financial plan should assure
the prudent use of monetary resources and
enhanced financial performance of the organization.
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 Fiscal Policies and Procedures
As additional evidence to determine fiscal stability in terms of internal controls, CARF requires fiscal policies and procedures, including internal control practices.
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 Risk Management Plan and Practices
It is a common practice among behavioral health organizations in today’s litigious and ever-changing environment to develop a Written Risk Management Plan in order to manage hazards and reduce the severity of loss. Certainly having an established Written Risk Management Plan makes good business sense. Possessing a written plan also provides staff members with information and knowledge about the organization’s risk exposure and steps it is taking to reduce risk. Typically the organization’s Fiscal Director, Quality Improvement Manager, Corporate Compliance Director, or legal counsel carries out risk management functions.
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