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NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Student Name

Capella University

NURS-FPX 6216 Advanced Finance and Operations Management

Prof. Name

Date

Budget Negotiations and Communication

The operating budget stands as a crucial element in the realm of business acquisition management. The nursing leader shoulders the responsibility of both crafting and overseeing the budget while ensuring comprehensive management of all aspects within the facility. This assessment centers on the development and negotiation of a budget tailored for a 35-bed hospital servicing an elderly population with a staff equivalent of 20 members, many of whom opt for part-time employment. The focal points of this assessment revolve around justifying and communicating the proposed budget, with a particular emphasis on two key dimensions: staff retention and patient-centered care. The budget justification delineates a strategic plan aimed at enhancing fiscal profitability, bolstering staff productivity, rationalizing equipment and service costs, and forging a nexus to fortify both the budget and the organization’s overarching objectives.

Strategic Plan for Profitability and Fiscal Success

In formulating the current budget, a needs analysis underscored staff retention and patient-centered care as primary imperatives. The strategic objective entailed augmenting staff retention and patient-centered care through a SWOT analysis, which furnishes a pragmatic assessment of the organization and its milieu, while delineating current organizational conditions and internal capabilities (Gharachorloo et al., 2021). The blueprint of this plan aimed to furnish nursing leaders with a directive to prioritize their needs and operationalize accordingly.

  • Employee Retention Strategies: The plan initiates with discourse on strategies for employee retention, focusing on retaining existing staff and recruiting new talent. The objective here is to heighten satisfaction levels by implementing performance appraisals and offering competitive compensation packages to underscore their value within the organization. Enhanced employee retention significantly ameliorates clinical outcomes as motivated staff exhibit heightened diligence, consequently fostering superior patient-centered care (Panda & Sahoo, 2021). The plan predicates upon augmenting salaries, offering compensation for overtime, and instituting performance-based increments to bolster staff retention—an area of paramount concern within the organization.

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

  • Promotion of Patient-Centered Care: Subsequently, the plan accentuates the significance of patient-centered care by advocating for the implementation of an integrated system conducive to patient engagement, encompassing measures such as patient feedback surveys and fostering a culture characterized by empathy and individualized care. Elevating care management hinges upon cultivating a patient-centered ethos that prioritizes attentive listening to patient concerns, nurturing innovation, and upholding service quality (Kwame & Petrucka, 2021). Implementation of patient-centered care entails healthcare improvement initiatives, encompassing areas such as hospital-acquired infection mitigation, readmission reduction through hygiene management, and addressing patient grievances.
  • Training Initiatives: Training emerges as another pivotal concern confronting the organization, with deficiencies in this realm impinging upon care standards and exacerbating turnover rates owing to staff dissatisfaction. Robust training initiatives stand poised to empower newly recruited and seasoned staff alike, bolstering their proficiency and fostering cross-functional collaboration aimed at managing infection rates and optimizing patient outcomes.

However, the strategic planning for fiscal success is beset by uncertainties stemming from market volatility and economic fluctuations, which may impact the quantum of budgetary allocations earmarked for change initiatives. Furthermore, other salient considerations encompass the dynamic nature of industry trends, regulatory compliance imperatives, and the ramifications of technological advancements on care standards.

Plan for Staff Productivity Goals

Given that patient-centered care hinges significantly upon staff productivity—wherein motivated staff engender an environment conducive to collaborative learning and patient-centric care—it becomes imperative to safeguard against diminished productivity, which heightens infection risks and compromises care quality (Kara Ferris et al., 2021). To this end, measures aimed at enhancing staff productivity are delineated as follows:

Feedback Mechanisms: Instituting feedback mechanisms facilitates the solicitation of insights and perspectives from staff, thereby affording insights into the challenges they confront. Given the correlation between low staff retention and workload burdens, it becomes imperative to heed feedback and augment workforce numbers to rectify imbalances in the nurse-to-patient ratio, thereby enhancing staff productivity through workload distribution.

Stakeholder Engagement: Facilitating stakeholder awareness pertaining to shifts in operational paradigms—such as performance appraisals, revamped salary structures, and workload optimization—serves to foster a sense of belongingness among staff members. Additionally, scrutinizing workload patterns to pinpoint areas necessitating improvement, such as optimizing patient flow, task allocation, and staff scheduling, stands to enhance staff retention.

Progress Monitoring: The efficacy of any plan hinges upon the adoption of a modus operandi characterized by continuous modification and evaluation. Accordingly, to effectuate meaningful changes, it becomes imperative to institute a feedback loop that affords staff the opportunity to acclimate to changes iteratively.

Alternative approaches such as outsourcing and mandating overtime were eschewed on account of their impracticality. Outsourcing, while potentially lowering labor costs, carries concomitant risks vis-à-vis compromised care quality and staff morale owing to job insecurity. Similarly, mandating overtime risks exacerbating fatigue and job dissatisfaction, precipitating compliance lapses, and straining the employer-employee rapport.

Justification of Equipment and Service Costs

Effective budgeting of essential utilities and expenses is instrumental in fostering operational efficacy and judicious resource allocation. Post-employee salaries, compensation, and appraisals, one of the primary expense categories comprises utilities, medical supplies, and medications, necessitating substantial budgetary allocations. Adroit resource allocation empowers businesses to optimize budgetary outlays and channel resources toward areas yielding maximal impact (Xi et al., 2023). Moreover, the allotment earmarked for medical supplies encompasses technology, machinery maintenance, and medication provisioning—indispensable components underpinning patient-centered care.

Conversely, with regard to services, expenditures relating to hygiene management, maintenance, and training assume prominence owing to their pivotal role in curbing turnover rates and fostering patient-centered care. Adherence to stringent policies governing service maintenance holds the potential to engender revenue generation, underpinning research attesting to the efficacy of investments in service and equipment maintenance in bolstering patient-centered care and staff morale (Edgman-Levitan & Schoenbaum, 2021).

Link Between the Organization’s Mission and the Project

The project endeavors to harmonize with the organization’s overarching mission—to furnish patient care and foster inter-professional collaboration to augment care provision for the elderly demographic. The current project seeks to bolster financial performance while foregrounding staff retention and patient-centered care. The budget blueprint is crafted to engender enhanced patient interactions within the hospital milieu and elevate satisfaction levels by espousing patient-centered care principles. Likewise, the budget prioritizes curtailing turnover rates by incentivizing staff retention through appraisals and compensation packages. Research attests to the nexus between financial stability and strategic planning aimed at ameliorating patient care (Dennis, 2019), thereby underscoring the pivotal role of budgetary efficacy and precision in empowering hospitals to focus on facets such as employee retention, training, and development—further buttressing the efficacy of patient care initiatives.

Conclusion

In summation, the current assessment is predicated upon efficacious budget management to fortify financial viability and elevate care standards within the organization. Strategic planning emerges as a linchpin in this endeavor, guiding each step and ensuring alignment of the budget with profitability imperatives. Concurrently, staff productivity stands as a pivotal focal point, with feedback loops, stakeholder engagement, and progress monitoring serving as instrumental levers for enhancing productivity. Ultimately, the budget is intricately interwoven with the organization’s overarching mission, foregrounding the imperative of providing patient-centered care.

References

Dennis, C. (2019). Strategic planning—A health system operational perspective. Journal of Hospital Management and Health Policy, 3(0). https://doi.org/10.21037/jhmhp.2019.10.03

Edgman-Levitan, S., & Schoenbaum, S. C. (2021). Patient-centered care: Achieving higher quality by designing care through the patient’s eyes. Israel Journal of Health Policy Research, 10, 21. https://doi.org/10.1186/s13584-021-00459-9

Gharachorloo, N., Nahr, J. G., & Nozari, H. (2021). Swot analysis in the general organization of labor, cooperation and social welfare of east Azerbaijan province with a scientific and technological approach. International Journal of Innovation in Engineering, 1(4), 47–61. https://doi.org/10.59615/ijie.1.4.47

Karaferis, D., Aletras, V., Raikou, M., & Niakas, D. (2022). Factors influencing motivation and work engagement of healthcare professionals. Materia Socio-Medica, 34(3), 216–224. https://doi.org/10.5455/msm.2022.34.216-224

Kwame, A., & Petrucka, P. M. (2021). A literature-based study of patient-centered care and communication in nurse-patient interactions: Barriers, facilitators, and the way forward. BMC Nursing, 20(1), 158. https://doi.org/10.1186/s12912-021-00684-2

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Panda, A., & Sahoo, C. K. (2021). Work–life balance, retention of professionals and psychological empowerment: An empirical validation. European Journal of Management Studies, 26(2/3), 103–123. https://doi.org/10.1108/EJMS-12-2020-0003

Xi, Y., Ding, Y., Cheng, Y., Zhao, J., Zhou, M., & Qin, S. (2023). Evaluation of the medical resource allocation: Evidence from China. Healthcare, 11(6), 829. https://doi.org/10.3390/healthcare11060829

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication