Economics and Financial Management for Nurses and Nurse Leaders Essay

Your staff have come to you with several requests for new equipment for the nursing unit. How would you go about determining what is the most important request? What next steps would you take in regards to the operational budget and these requests? Economics and Financial Management for Nurses and Nurse Leaders Essay.

Course 1 DQ 2

Your staff have come to you with several requests for new equipment for the nursing unit. How would you go about determining what is the most important request? What next steps would you take in regards to the operational budget and these requests?

Determining the most important requests for the budget expenditure can be a difficult process as there are many needs yet funds are limited so that only some of the activities can be undertaken. In fact, there is a need to prioritize spending by making determinations about how best to use the available funds. The first step in the process involves seeking input from key persons who may have a viable rationale for the needed new equipment and awareness of nonessential areas where expenses can be cutback or scaled down without negatively impacting the organization. Getting the key personnel to offer their opinion is important for getting their buy-in thereby offering some support and making the budgetary process smother (Penner, 2013). The second step involves eliminating the non-necessities by assigning low priority to the non-essential items so that there are fewer ‘must haves’ to be accommodated. This helps in ensuring lean operations and shoring up the budget. Economics and Financial Management for Nurses and Nurse Leaders Essay. The third step involves prioritizing projects over individual items. This helps in keeping critical projects in place and ensuring their success. The fourth step involves favoring the expenditures that generate revenue. This is important for ensuring that the organization’s income is not negatively affected. The final step involves considering the short-term and long-term implications of any changes to the budget. For instance, if the old equipment still works without affecting production then there would be no need to get new equipment. However, if the old equipment is outdated and slow thereby reducing the quality and productivity, then getting the new equipment would become a priority. Following these steps is important for determining what items to include in the budget (Rambur, 2015).

ORDER A PLAGIARISM -FREE PAPER NOW

References

Penner, S. (2013). Economics and Financial Management for Nurses and Nurse Leaders. Springer Publishing Company, LLC.

Rambur, B. (2015). Health Care Finance, Economics, and Policy for Nurses: A foundational Guide. Springer Publishing Company, LLC. Economics and Financial Management for Nurses and Nurse Leaders Essay.