Reference no: EM133336218

In 2007, nearly $8 trillion simply vanished when the housing market crashed. The Great Recession was felt globally. In short, before 2007, most people felt that healthcare was immune from the larger ups and downs of the economy. They erroneously believed that people needed to eat (grocery stores) and people got sick (healthcare) and as such both would survive what was thrown their way. As history will tell, healthcare was not immune and suffered significantly as a result. However, even in the worst of the downturn, there were those healthcare organizations that were doing very well. The difference - budgeting.

Does healthcare do better with long term-based budgets, short term-based budgets, or if both are needed? Additionally, address the suggested time frames for each one of the aforementioned budgets (e.g., 5 years for long term, 2 months for short term, etc.)