Write a 3-5 page executive summary that justifies the operating budget you prepared in Assessment 2.
Consider the operating budget you developed in Assessment 2.
RUBRIC
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Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Design an operating budget that incorporates variances or discretionary spending.
Outline a strategic plan that ensures profitability and fiscal success.
- Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Present a plan to meet staff productivity goals, while staying within budget parameters.
- Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
Justify equipment and service costs.
- Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Analyze department, unit, or project alignment with an organization’s mission and goals.
- 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 suppo
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Budget Negotiations and Communication
John Foscolos
Capella University
NURS-FPX6216: Adv Fin & Operations Mgmt
Dr. Georgena Wiley
July 2022
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Budget Negotiations and Communication
A medical facility’s ability to succeed relies heavily on the planning and maintenance
of its budget. Effective service delivery and high-quality care depend on effective teamwork
and contact between diverse healthcare divisions. This essay discusses how to communicate
effectively about budgetary control to raise the caliber of medical care provided in Cascade
Hospital. A few of the initiatives include assuring financial productivity and growth,
increasing staff performance while staying within budgetary constraints, and supporting the
inclusion of material and service costs in the institution’s budget.
Strategic Plan to Ensure Profitability and Fiscal Success
Cascade Health’s capacity to deliver high-standards, secure healthcare services will
help to strengthen its profitability and financial performance. The patient will choose Cascade
Health Facility above other medical facilities if they receive high-quality care in the coming
years. Additionally, a study analysis reveals a correlation between better hospital profits and
increased patient contentment levels. The study found that American institutions that offered
top-notch patient experiences earned net profits of a minimum of 50 percent more than those
that only provided acceptable patient satisfaction (Jha et al., 2017). A contented customer is
more inclined to have a favorable impression of the whole medical center. A disgruntled
patient is likely to exhibit complacency and even force the professionals to invest additional
time in settling unnecessary disputes.
Medicare fines medical facilities for high levels of 30-day rehospitalization, which are
a sign of the quality of treatment. Clinical investigations show that specific care changeover
procedures lower readmission rates. The frequency of rehospitalization will be essential when
looking into measures to make the healthcare institution more viable. Keeping the frequency
of rehospitalization as low as possible is ideal for the institution. Although the degree to
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which rehospitalizations are avoidable is still fiercely contested, hospitals have primarily
concentrated efforts on enhancing care transformation as a plan to minimize preventable
readmissions. This is because they are now aware of the clinical and social complexity of
patient populations who are most susceptible to readmission (Pugh et al., 2021). Amidst this,
the poor coordination between inpatient and outpatient treatment continues to be a problem
for United States care systems. Several trials have used simple, multiple, and complicated
strategies to ease care changeover and subsequently lower hospitalizations. The most efficient
procedures, including educating patients, prescriptions reconciliation, discharge planning, and
follow-up phone calls, have been compiled via comprehensive evaluations of this research.
The doctor at the hospital usually repeats clinical history and assessment of patients
who have been sent from inpatient to the outpatient clinic without any issues. Nevertheless, it
is frequently seen to be unnecessary to duplicate lab or diagnostic imaging. A typical
instance of overutilization is unnecessary replicated testing, which accounts for
approximately 21% of overall laboratory tests. In addition to raising healthcare expenses,
performing unneeded tests can harm the clinical diagnosis by producing more misleading
results (Vrijsen et al., 2021). A fundamental improvement in laboratory test usage is the high
rate of multiple examinations, a considerable amount of which is probably unnecessary.
Economic benefits and better patient care may result from eliminating the hardship of
pointless follow-up tests. Therefore, implementing the system will be a priceless instrument
for raising revenue for the healthcare institution. Health institutions must also be aware of
their income cycles to identify possibilities and limitations. Making judgments that establish
the standards for resource distribution need the data. Identifying bottlenecks also requires
knowledge of revenue cycle effectiveness. Fiscal data visual representations can help make
the revenue cycles more obvious.
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Additionally, healthcare institutions want to use effective IT-based solutions like
Clinical Decision Support Systems. Utilizing clinical decision support systems (CDSS) may
change processes and enhance clinical results, lowering work burden and enhancing quality
(Skyttberg et al., 2018). This will enable the business to generate a profit and boost client
contentment. Notably, firms use efficient technology to cut back on pointless diagnostic
procedures while retaining high standards of care. Effective technology also assisted
healthcare institutions in reducing drug mistakes, which raise costs when the medications
need to be reordered.
Achieve Staff Productivity within Budget Parameters
The correct procurement in healthcare institutions should be part of a strategy to
increase staff efficiency while adhering to financial constraints. The period that caregivers
lose looking for supplies like drugs, injectables, and vitamins is estimated to be around 7% of
their total time. Nursing staff members in certain institutions may even work 20 percent of
the time, which negatively impacts on medical institutions (Pronovost et al., 2019). The lost
time adds to discontent and exhaustion by causing wasteful expenses, patient danger, and
disdain for the nursing practice. The doctors should have indications signaling the delivery of
the drugs from the drugstore to fix the issue.
Making high-risk drugs subject to computerized double-checks should be another
tactic. When giving high-risk medications like insulin, nurses perform a double check.
According to the recommendations made by the Institute of Safe Medication, these steps are
essential. The personal double verification, meanwhile, takes up much of the caregiver’s
effort as they have to divert another nurse from their present duty, providing minimal safety
to the medical staff. Additionally, most nurses do not adhere to the standards, raising
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questions about the approach’s efficacy (Pronovost et al., 2019). Electronic checking helps
nurses work more efficiently and spend less time treating patients.
Reducing the amount of human paperwork is another way to increase staff
productivity. Manual recordkeeping raises human risks, exhaustion, and efficiency. Manual
documentation presents risks, exhaustion, and inefficiency. Additionally, useless and risking
loss of information is manual documenting. The issue is now being solved by employing
writers to tackle the paperwork challenges. This approach is less effective and significantly
more expensive. Alternatively, the medical center should collaborate with IT firms and EMR
suppliers to allow automated recordkeeping (Skyttberg et al., 2018).
Justification of Equipment and Service Cost
The planned rollout of a modern telehealth application will impact Cascade Health’s
devices and operating expenditures in the budget. New gear and ICT equipment are necessary
to function with the most recent technology. The technique will also require the purchase of
pertinent software. The servicing charges should cover both the new machines and the
existing ones.
Analysis of the Project Alignment with the Hospitals Missions and Objectives
The process of bringing together components of a firm’s or system’s interior and
exterior contexts is known as alignment (Lundmark et al., 2021). The objective of this
approach of interconnecting is to align objectives, initiatives, processes, mindset,
requirements, or leadership, to maximize likelihood of attaining intended goals. The objective
of Cascade Hospital is to provide unwavering health standards and patient-centered care
while utilizing cutting-edge technology to provide excellent clinical results. By integrating
telehealth, the hospital’s care teams will guarantee coordination and continuity of treatment
even after discharge or a transition in treatment, leading to patient satisfaction and patient-
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centered care. Additionally, having cutting-edge technology like CT scanners and dialysis
machines guarantees optimal treatment delivery.
Conclusion
The efficient operation of current technology and apparatus, such as CT scans and
dialysis units, is essential for enhancing clinical outcomes by delivering top-notch medical
care. The telehealth technology advancement is crucial for achieving the hospital’s financial
performance and increased profit targets. Many people will afford medical care due to the
advanced technology, and patient experience will rise due to better results. These initiatives
will aid the organization in fulfilling its objectives and transforming into a premier provider
of high-caliber healthcare.
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References
Jha, D., Frye, A. K., & Schlimgen, J. (2017). Evaluating variables of patient experience and
the correlation with design. Patient Experience Journal, 4(1), 33-45.
https://doi:10.1371/journal.pone.0219124
Lundmark, R., Hasson, H., Richter, A., Khachatryan, E., Åkesson, A., & Eriksson, L. (2021).
Alignment in implementation of evidence-based interventions: A scoping review.
Implementation Science, 16(1). https://doi.org/10.1186/s13012-021-01160-w
Pronovost, P., Sapirstein, A., & Ravitz, A. (2019, March 26). Improving hospital
productivity as a means to reducing costs. Health Affairs: Leading Publication of
Health Policy Research &
Insight. https://www.healthaffairs.org/do/10.1377/hblog20190321.822588/full/
Pugh, J., Penney, L. S., Noël, P. H., Neller, S., Mader, M., Finley, E. P., Lanham, H. J., &
Leykum, L. (2021). Evidence based processes to prevent readmissions: More is better,
a ten-site observational study. BMC Health Services Research, 21(1).
https://doi.org/10.1186/s12913-021-06193-x
Skyttberg, N., Chen, R., & Koch, S. (2018). Man vs machine in emergency medicine – a
study on the effects of manual and automatic vital sign documentation on data quality
and perceived workload, using observational paired sample data and questionnaires.
BMC Emergency Medicine, 18(1). https://doi.org/10.1186/s12873-018-0205-2
Vrijsen, B. E., Ten Berg, M. J., Van Solinge, W. W., & Westerink, J. (2021). Redundant
laboratory testing on referral from general practice to the outpatient clinic: A post-hoc
analysis. BJGP Open, BJGPO.2021.0134. https://doi.org/10.3399/bjgpo.2021.0134
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Introduction
Note: Complete the assessments in this course in the order in which they are presented.
Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today’s numerous constraints on funding and a highly competitive environment, the ability to win support for your budget proposals hinges on being able to present a compelling argument based on well-documented needs, accurate financial information, and a justifiable business case.
This assessment provides an opportunity for you to examine the mission and goals of a health care organization, in order to justify a budget proposal. A persuasive argument requires thoughtful justification and rationale for the expenses required to support your proposal. A proposal that supports the organization’s mission and goals strengthens your argument and is much more likely to get you what you need.
In every health care organization, dollars are scarce and the budget process is carefully scrutinized at every level. Nurse leaders must be business-savvy. They must be able to make a compelling case for why every budget line item and every dollar on a budget supports the mission and goals of the unit and the organization. This means that nurse leaders must be able to think in terms of the
business of health care and be able to present a business proposal or plan with thorough and thoughtful justification and rationale for expenses. The business plan should present accurate, factual data and costs, and should also be concise and clearly organized.
Note: Complete the assessments in this course in the order in which they are presented.
Preparation
The financial department has reviewed your unit’s operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.
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.
The financial department has reviewed your unit’s operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.
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.
How would you justify your budget to executive leaders?
· How would you link your budget to the organization’s goals and objectives?
· How would you propose to meet productivity goals while staying within budget?
The following resources are required to complete the assessment.
·
APA Style Paper Tutorial [DOCX]
. Use this tutorial for your executive summary.
Requirements
​
Note: The following requirements correspond to the grading criteria in the assessment scoring guide. Be sure that your executive summary addresses each point, at a minimum. You may also want to read the
Guiding Questions: Budget Negotiations and Communication [DOCX]
to better understand how each criterion will be assessed.
Write an executive summary of the operating budget you prepared in Assessment 2 that makes a compelling case for why funds should be allocated for your budget.
· Outline a strategic plan that ensures profitability and fiscal success.
· Present a plan to meet staff productivity goals, while staying within budget parameters.
· Justify equipment and service costs.
· Analyze department, unit, or project alignment with the organization’s mission and goals.
· Write clearly and concisely, using correct grammar and mechanics.
· Integrate relevant and credible sources of evidence to suppo
rt your assertions, correctly formatting citations and references using current APA style.
Additional Requirements
Format your summary using APA style.
· Use the APA Style Paper Tutorial [DOCX] to help you in writing and formatting your summary. 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 summary should be 3–5 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
· Competency 1: Design an operating budget that incorporates variances or discretionary spending.
· Outline a strategic plan that ensures profitability and fiscal success.
· Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
· Present a plan to meet staff productivity goals, while staying within budget parameters.
· Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
· Justify equipment and service costs.
· Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
· Analyze department, unit, or project alignment with an organization’s mission and goals.
· 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 suppo
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Formatting
Title Page
Citation
Outline
