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NURS FPX 6216 Assessment 2 Preparing and Managing an Operating Budget

Student Name Capella University NURS-FPX 6216 Advanced Finance and Operations Management Prof. Name Date Preparing and Managing the Operating Budget Healthcare management involves continuous efforts to enhance the quality of care through effective planning, organization, and evaluation within organizational settings. Nursing leaders play a crucial role in overseeing operational budgets, improving staff and patient satisfaction, and fostering innovation and empowerment within their teams (Brennan & Wendt, 2021). Successful budget planning and allocation require a blend of business acumen, understanding of healthcare management, and resource allocation expertise. Research indicates that equipping nursing leaders with business skills enhances their effectiveness, allowing them to navigate complexities, make informed decisions, and deliver patient-centered care (Alsadaan et al., 2023; Sonmez-Cakir & Adiguzel, 2020). This integration of business knowledge enables leaders to drive innovative changes while prioritizing staff and patient needs, thereby improving clinical outcomes. Effective nursing management not only enhances patient outcomes but also boosts morale and productivity organization-wide (Specchia et al., 2021). This article examines the preparation and management of an operating budget for a 35-bed hospital with 20 full-time equivalent employees, focusing on staff retention, patient-centered care, and fiscal responsibility. Operating Budget An operating budget outlines an organization’s anticipated expenses and revenue for a specific period, guiding financial operations. In a healthcare setting, this budget typically includes costs such as medical supplies, staff salaries, training, and technology maintenance, alongside revenue sources like patient care fees, research grants, and charitable funds (Abdulsalam & Schneller, 2019). The proposed operating budget aims to enhance staff retention and patient-centered care by strategically allocating resources. It spans one year, divided into quarters for ongoing analysis and adjustment. Emphasis is placed on initiatives such as performance reviews, bonuses, and telehealth integration to improve staff retention, while infrastructure upgrades and enhanced medical supplies aim to enhance patient care. Table 1 (a):  Budget category and the Expense per year (USD$) Budget Category  Expense Per Year (USD $) Staff Salaries  800,000 New hiring  300,000 Compensation of Budget 200,000 Appraisal and bonuses  300,000 Assessment funds  100,000 Medical supplies  200,000 Medication  400,000 Research and training  300,000 Maintenance of Technology 150,000 Hygiene management  200,000 Total expense  2,950,000 Table 1(b) Budget Category and the Revenue per Year (USD$) Category  Revenue Per Year (USD$) Patient care  900,000 Research grants  350,000 Charitable Funds  900,000 Medical aids  700,000 Staff retention  500,000 Total Revenue  3,350,000 Budget Creation and Design Budget creation involves meticulous planning and analysis, incorporating insights from previous trends and organizational goals (Nilsen et al., 2020). SWOT analysis helps identify internal strengths and weaknesses, as well as external opportunities and threats, informing budget allocation. Data gathered from need assessments and SWOT analysis inform budget allocation, ensuring alignment with organizational objectives. Investments in staff retention, patient-centered care, and training and development are prioritized, with regular monitoring and evaluation to track progress and adjust as needed. Strategic Plan and Evaluation Criteria A strategic plan is developed to align budgetary goals with organizational objectives, focusing on staff retention and patient-centered care. Initiatives such as competitive compensation packages and patient engagement strategies aim to achieve these goals (Kwame & Petrucka, 2021). Evaluation criteria include measures of staff satisfaction, patient feedback, and clinical quality indicators, ensuring ongoing assessment and adjustment to optimize budget performance. Flexibility is maintained to address unforeseen challenges and opportunities. Conclusion In conclusion, effective preparation and management of an operating budget are essential for healthcare organizations to achieve their objectives. By prioritizing staff retention and patient-centered care, and employing strategic planning and evaluation, nursing leaders can drive positive outcomes and enhance organizational success. References Abdulsalam, Y., & Schneller, E. (2019). Hospital supply expenses: An important ingredient in health services research. Medical Care Research and Review, 76(2), 240–252. https://doi.org/10.1177/1077558717719928  Alsadaan, N., Salameh, B., Reshia, F. A. A. E., Alruwaili, R. F., Alruwaili, M., Awad Ali, S. A., Alruwaili, A. N., Hefnawy, G. R., Alshammari, M. S. S., Alrumayh, A. G. R., Alruwaili, A. O., & Jones, L. K. (2023). Impact of nurse leaders behaviors on nursing staff performance: A systematic review of literature. INQUIRY: The Journal of Health Care Organization, Provision, and Financing, 60, 004695802311785. https://doi.org/10.1177/00469580231178528  Brennan, D., & Wendt, L. (2021). Increasing quality and patient outcomes with staff engagement and shared governance. OJIN: The Online Journal of Issues in Nursing, 26(2). https://doi.org/10.3912/OJIN.Vol26No02PPT23 NURS FPX 6216 Assessment 2 Preparing and Managing an Operating Budget 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  Nilsen, P., Seing, I., Ericsson, C., Birken, S. A., & Schildmeijer, K. (2020). Characteristics of successful changes in health care organizations: An interview study with physicians, registered nurses and assistant nurses. BMC Health Services Research, 20(1), 147. https://doi.org/10.1186/s12913-020-4999-8  Sonmez Cakir, F., & Adiguzel, Z. (2020). Analysis of leader effectiveness in organization and knowledge sharing behavior on employees and organization. SAGE Open, 10(1), 215824402091463. https://doi.org/10.1177/2158244020914634 Specchia, M. L., Cozzolino, M. R., Carini, E., Di Pilla, A., Galletti, C., Ricciardi, W., & Damiani, G. (2021). Leadership styles and nurses’ job satisfaction. Results of a systematic review. International Journal of Environmental Research and Public Health, 18(4), 1552. https://doi.org/10.3390/ijerph18041552 Weyman, A. K., Glendinning, R., Costa, J., O’Hara, R., Roy, D., & Nolan, P. (2023). Should I stay or should I go? NHS staff retention in the post COVID-19 world: Challenges and prospects. https://doi.org/10.5281/zenodo.7611656  Wong, K., Chan, A. H. S., & Ngan, S. C. (2019). The effect of long working hours and overtime on occupational health: A meta-analysis of evidence from 1998 to 2018. International Journal of Environmental Research and Public Health, 16(12), 2102. https://doi.org/10.3390/ijerph16122102 NURS FPX 6216 Assessment 2 Preparing and Managing an Operating Budget