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Imagine speaking with a leader of your choice who has experience with creating and managing budgets, learn about that person’s approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets.
Must be well-versed in the fundamentals of health care economics. A firm understanding of these concepts is essential in order to examine national trends and diverse health care organizations.
You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year’s operating budget. Consequently, you have decided that you need to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight.
Capital and operating budgets each play a major role in the financial expenditures of nursing units.
What is the purpose of each type of budget?
How does managing these two types of budgets differ?
What financial management techniques are common to both types?
Reflect on your experience with either type of budget.
How have one or the other of these two budgets affected the provision of care in your organization or unit?
Conduct an interview with your site supervisor, or other nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current or previous role. Explore the following topics in your interview:
Their experience managing an operating budget.
Their approach to managing productivity within the parameters of the budget.
Their approach to oversight of the appropriate use and availability of equipment and supplies.
The experience of managing a capital budget.
How managing a capital budget differs from managing an operating budget.
Their application of finance principles to fulfill the organization’s mission and goals.
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
Compare the process of managing an operating budget to that of managing a capital budget.
Describe the process of allocating resources for labor, equipment, and services.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Evaluate the nurse leader’s approach to budget management.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style.
Format your analysis using APA style.
Be sure to include:
A title page and reference page. An abstract is not required.
Appropriate section headings.
A minimum of five properly formatted citations and references.
Your analysis should be 3–5 pages in length, not including the title page and reference page.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Evaluate a nurse leader’s approach to budget management.
Competency 3: Develop a capital budget.
Compare the process of managing an operating budget to that of managing a capital budget.
Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
Describe the process of allocating resources for labor, equipment, and services.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
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