- Interview a leader of your choice who has experience with creating and managing budgets, and write a 3-5 page analysis of your findings from the interview.
Introduction
Note: Complete the assessments in this course in the order in which they are presented.
Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.
nces. - Your analysis should be 3–5 pages in length, not including the title page and reference page.
- Portfolio Prompt:
- RUBRIC
-
Competencies Measured
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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Mentor Interview
Kelsey Fleet
Capella University
NURS-FPX6216 Advance Finance and Operations Management
Lacey Bass
January 8, 202
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Mentor Interview
Mentor Interview
Working at a level III NICU in a small community with limited healthcare access can be
a long-term facility for micro preemies that are born. Phoebe Putney Memorial Hospital offers
acute care, emergency services, surgical care, oncology, obstetrician, pediatric and maternal fetal
medicine care. The Neonatal Intensive Care Unit (NICU) is a lockdown unit consisting of 70
beds. The NICU is home to micro preemies, premature infants, full term infants, small
gestational age (SGA) and large gestational age (LGA) newborns. Jennifer Hill, the nursing
manager for NICU and transport nurse, is my interviewee.
Managing an Operating Budget versus Capital Budget
There are two kinds of budgets associated with the NICU, capital and operating.
Depending on the expenses occurring in the NICU, they can be classified as capital or operating.
The operating budget consists of the finances needed to keep the NICU running such as salaries,
fixed costs, incentive bonus, holiday pay, and educational training. Items such as renting or
buying new isolettes, milk warmers, and cooling machines are included in the capital budget.
Jennifer alongside central staffing controls more of the operating budget, due to nurses being
called off or needed based on the acuity. Every day the charge nurse for night and day shift
assess the operational budget based on the patient to nurse ratio.
Hypothermia therapy in the NICU is used to prevent Hypoxic Ischemic Encephalopathy
(HIE) in neonates. The mortality and morbidity of neonates with hypoxia ischemic
encephalopathy (HIE) have been demonstrated to decrease when whole-body cooling is
administered within six hours after birth and sustained for 72 hours (Sinha et al., 2018). Jennifer
met with the head Neonatologists, director of Women and Children’s Department, Chief Nursing
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Office, and finance department to discuss the need of transitioning from sing Blanketroll II
cooling device to using Tecotherm Infant Cooling System. Currently there are only 3 Blanketroll
II devices in the entire unit, including 1 that is stored in the stimulation lab for education
purposes. There has been a recent increase in the number of neonates qualifying for whole body
cooling. The cost of purchasing more infant cooling systems is above a thousand dollars and due
to the increase in usage, management approval is needed. A healthcare organization has a capital
budget that is distinct from its operational budget, which it utilizes to plan investments for its
long-term asset needs in the future (Liesching, 2021). The purchase of these cooling systems will
fall into the capital budget category. The capital budget plan will cover the cost of the additional
equipment, expenses associated with maintenance, and the cost of providing education and
training to staff. Jennifer will evaluate what each budget need once more information related to
training cost and the number of cooling systems required are obtained. Jennifer will also evaluate
the need of having cooling systems implemented on the transporter to initiate the whole body
cooling process early on during transports.
The Process of Allocating Resources for Services, Equipment, and Labor
Allocating resources include deciding which department or staff members will receive
money, materials, and additional training. Considering the cost of the resources, who is affected
with the decision, and the concern of patient safety will affect the decision of the resources being
allocated. Jennifer is aware of the decision to purchase additional whole body cooling systems
may take away the monetary allocation for other equipment in the NICU. Jennifer is also taking
into consideration the extensive brain damage that may result from the delay of initiating whole
body cooling in patients who met the criteria for potential hypoxic ischemic encephalopathy,
known as HIE. When deciding on the allocations of resources, Jennifer has to take in
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considerations of the needs of NICU II. NICU II is a step down unit for infants that are learning
to eat and grow before being discharged.
Jennifer plan the budget with NICU II needs in mind. NICU II sometimes require the
need of additional staff from other departments, which can affect the department’s budget. When
planning the next year budget, Jennifer has to budget for the cost of supplies including the ones
with the most usage, the need for new equipment, the trend of acuity and the need of additional
staff. Jennifer stated that they have done well with preparing this year’s budget based on the
trend of last year budget and preparing for the next year.
An Effective Approach that Contributes to Planning for Profitability and Fiscal Success
Jennifer is very strategic about the process she takes to develop the department’s budget
and financial planning that is necessary. Jennifer must have a strategic plan to determine the
future objectives, a strategy implemented to achieve the fiscal goals, and assess if the plan was
successful at the end of the fiscal year. For sustainable management in healthcare, strategic
management is becoming more and more crucial. The rising complexity, dynamics, and
uncertainty of the system’s regimes, as well as the resulting requirement for long-term strategic
thinking, are the main causes of this (Huebner & Flessa,2022). Jennifer must take into
consideration the cost of purchasing additional cooling systems and the training needed for staff.
The whole body cooling process is complex and sometimes may require more than one nurse,
which has to be considered for the budget. Jennifer developed a strategy to have a plan in place
for every two years and to adjust the plan as needed annually. Policymakers have a strong
justification to control healthcare costs given the limited capacity of the government and the
economy to continue supporting high healthcare growth and the understanding of these
inefficiencies (Stadhouders et al.,2019).
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It is important to have a comprehensive budget in place based on the needs of the
organization. Staying on track with the budget and making sure resources are allocated requires
communication between the managers and various stakeholders of the organization. Along with
the charge nurses assessing the budget for patient acuity, the team leader is also involved with
keeping track of supplies to make sure the department is within budget. Most organizations
require strategic planning and budgeting to prepare for the future and ensure patient safety.
Assessment of Nurse Leader’s Approach to Budget Management
Jennifer is able to take on the duty of budgeting by being strategic, comprehensive
planning, realistic goals in mind, and careful planning. She achieves this by making sure the
safety of the newborns is always considered, the wellbeing of the employees and being firm
about the financial management of the NICU. The NICU is home to many expensive pieces of
equipment that if maintenance is required there are different departments in place depending on
the type of equipment. By taking this into account and the average staffing needs, there is rarely
deviation from the budget. If there is deviation from the budget, it is due to the patient acuity and
staffing required. It is the duty of the nurse manager to be aware of the department’s financial
needs.
Jennifer assures that the hospital’s most recent updated software makes it easier to review
the financial section of the unit. Jennifer is able to frequently monitor any deviations from the
budget and may be alerted depending on the type of deviation. This allow her to respond to any
changes or take any necessary changes. The infant’s families receive surveys after discharge and
this is used to assess the satisfaction of the patient’s family experience during their stay.
Allocation of resources can be used for the areas identified on the patient surveys. In terms of
competitiveness, knowledge resources are unique in the majority of industrial industries.
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However, they can still influence population health, increase organizational efficiency, and
enhance decision-making processes in the health sector (Alfiero et al., 2021).
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References
Alfiero, S., Brescia, V., & Bert, F. (2021). Intellectual capital-based performance improvement: a
study in healthcare sector. BMC Health Services Research, 21(1), 1–15.
https://doi.org/10.1186/s12913-021-06087-y
Huebner, C., & Flessa, S. (2022). Strategic Management in Healthcare: A Call for Long-Term
and Systems-Thinking in an Uncertain System. International Journal of Environmental Research
and Public Health, 19(14). https://doi.org/10.3390/ijerph19148617
Liesching, T. N. (2021). The Basics of Healthcare Economics, Finance, and Budgeting for the
New Physician Leader. Physician Leadership Journal, 8(6), 38–44.
Sinha, R., Venkatnarayan, K., Negi, V., Sodhi, K., & John, B. M. (2018). The Effect of Whole
Body Cooling in Asphyxiated Neonates with Resource Limitation: Challenges and
Experience. Journal of Clinical Neonatology, 7(1), 7–11. https://doi.org/10.4103/jcn.JCN_59_17
Stadhouders, N., Kruse, F., Tanke, M., Koolman, X., & Jeurissen, P. (2019). Effective healthcare
cost-containment policies: A systematic review. Health Policy, 123(1), 71–79.
https://doi.org/10.1016/j.healthpol.2018.10.015
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Interview a leader of your choice who has experience with creating and managing budgets, and write a 3-5 page analysis of your findings from the interview. Introduction
·
·
Note: Complete the assessments in this course in the order in which they are presented. Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets. For this assessment, you will speak 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. Nurse leaders 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. At the organizational level, health care economics operate in a manner very similar to other competitive industries and businesses. Within any organization, regardless of size, nurse leaders must understand the purpose and complexity of building a solid budget. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defending a budget to meet those needs.
·
Note: Complete the assessments in this course in the order in which they are presented. Preparation 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. Like many nurses, you have had little or no direct experience with the budgeting process and realize that financial management is not one of your strengths as a leader. 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. As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment. 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?
· MSN PROGRAM JOURNEY The following is a useful map that will guide you as you continue your MSN program. This map gives you an overview of all the steps required to prepare for your practicum and to complete your degree. It also outlines the support that will be available to you along the way.
·
MSN Program Journey
.
· The following resources are required to complete the assessment.
·
APA Style Paper Tutorial [DOCX]
. Use this template for your interview analysis.
· Requirements Interview 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.
· Analysis
Note: The requirements outlined below correspond to the grading criteria in the assessment scoring guide. Be sure that your written analysis addresses each point, at a minimum. You may also want to read the
Guiding Questions: Mentor Interview [DOCX]
to better understand how each criterion will be assessed. 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.
· Additional Requirements Format your analysis using APA style.
· Use the APA Style Paper Tutorial [DOCX] linked above. 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.
·
Portfolio Prompt:
·
·
RUBRIC
· Competencies Measured 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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