Operating Budget For a Hospital Unit Assignment

Prepare a 10 page operating budget for a hospital unit.

Introduction
Note: Complete the assessments in this course in the order in which they are presented. Operating Budget For a Hospital Unit Assignment

Sound financial management is essential to the fiscal well-being of all health care organizations, and the nurse leader plays an important part. Consequently, the preparation and effective management of operating budgets is a critical skill for nurse leaders. The budget guides leaders in optimizing the use of resources, and because nurses are closest to patients, they understand very well what it takes to operate on a daily basis and provide safe, high-quality care. Operating Budget For a Hospital Unit Assignment

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This assessment provides an opportunity for you to develop an operating budget for a health care unit. Keep in mind, staff is a large part of this budget and is often hard to control.

Numbers on a budget sheet or report are only numbers. Nurse leaders are major decision makers who must be informed and able to make data-driven decisions, often in a very limited amount of time. Financial analysis consists of the organization and presentation of data in a meaningful and relevant format that enables analysis, comparison, and synthesis. Operating Budget For a Hospital Unit Assignment

Note: Complete the assessments in this course in the order in which they are presented.

Preparation
You are the nurse manager of a 35-bed hospital unit with 20 full-time equivalent (FTE) staff. You have been given the task of getting the budget under control. Several people have recently left the unit, and you have been working to fill those open positions. Your staff work scheduled overtime and many sign up to work extra shifts. Your unit serves an older population, as well, and has incurred expenses associated with this group of patients. Operating Budget For a Hospital Unit Assignment

Note: Remember that you can submit all of, or a portion of, your draft to Smarthinking for feedback, before you submit the final version for this assessment. However, be mindful of the turnaround time of 24-48 hours for receiving feedback, if you plan on using this free service.

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. Operating Budget For a Hospital Unit Assignment

What major sections would you include in an operating budget?
What are your primary sources of budget information?
Would you include nice-to-have items in your budget? Why or why not?
What factors, such as organizational objectives, policies, and competition for funding, might affect the development and management of an operating budget?
The following resources are required to complete the assessment. Operating Budget For a Hospital Unit Assignment

APA Style Paper Tutorial [DOCX]. Use this tutorial for the written portion of your operating budget.

Requirements
Note: The following requirements correspond to the grading criteria in the assessment scoring guide. Be sure that your budget addresses each point, at a minimum. You may also want to read the Guiding Questions: Preparing and Managing an Operating Budget [DOCX] to better understand how each criterion will be assessed. Operating Budget For a Hospital Unit Assignment

Prepare and submit an operating budget for your hospital unit.

Prepare the operating budget.
Note: Assemble your budget figures in a table, using a format of your choice. You may use either Microsoft Word or Excel to create your budget table.
Explain how the budget was designed and created.
Develop a strategic plan.
Develop an approach to ongoing budget management.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using current APA style. Operating Budget For a Hospital Unit Assignment
Additional Requirements
If you use Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.

Format your budget narrative using APA style.

Use the APA Style Paper Tutorial [DOCX], linked above, to help you in writing and formatting your document. Be sure to include:
An APA-formatted title page and reference page. An abstract is not required.
A minimum of five properly formatted citations and references.
Your budget should be 10 pages in length, not including the title page and reference page. Operating Budget For a Hospital Unit Assignment
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

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Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: Operating Budget For a Hospital Unit Assignment

Competency 1: Design an operating budget that incorporates variances or discretionary spending.
Prepare an operating budget.
Explain how a budget is designed and created.
Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Develop an approach to ongoing budget management.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Develop a strategic plan.
Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support budget data and information, correctly formatting citations and references using APA style. Operating Budget For a Hospital Unit Assignment

Guiding Questions
Preparing and Managing an Operating Budget
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Preparing and Managing an Operating Budget assessment. You may find it useful to use this document as a pre-writing exercise, an outlining tool, or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assessment. This document is a resource to help you complete the assessment. Do not turn in this document as your assessment submission. Operating Budget For a Hospital Unit Assignment
Preparing the Budget
Prepare and submit an operating budget for your hospital unit.
Prepare the operating budget.
• Have you clearly identified the major sections of the budget?
• Does your budget cover a one-year time period?
• Does your budget adhere to standard formatting conventions used in health care settings?
Explain how the budget was designed and created.
• What assumptions, if any, underlie your budget?
• What was your process for determining line items and cost center codes? Operating Budget For a Hospital Unit Assignment
• Did you allocate funding for labor and equipment costs?
• Have you determined staffing requirements and calculated workload?
• What are your equipment needs and associated, ongoing expenses?
• What are your primary sources of budget information?
• How up-to-date and reliable is the data?
Develop a strategic plan.
• Examine the mission of your organization or unit.
o Is your budget in line with the mission? Operating Budget For a Hospital Unit Assignment
• How are executive leaders likely to react to your budget?
• Does your budget include nice-to-have items?
Present a plan for ongoing budget management.
• Consider the various factors affecting your budget, such as organizational objectives, policies, and competition for funding.
• Explain how you will:
o Limit staff overtime. Operating Budget For a Hospital Unit Assignment
o Manage non-productive time and expenses, such as education or paid time off to obtain certifications.
o Manage ongoing expenses related to supplies and equipment.
Present budget data and information clearly and accurately.
• Express your main points succinctly, using correct grammar and mechanics.
• Proofread your budget to eliminate errors in your data and information.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style. Operating Budget For a Hospital Unit Assignment
• Is your supporting evidence clear and explicit?
• Integrate relevant evidence from at least five scholarly or professional sources.
Submission Reminders
• Have you clearly outlined the major components of your budget in an easy-to-read format?
• Have you adequately described your budgeting process?
• Do you have a strategic plan that supports the organization’s or unit’s mission? Operating Budget For a Hospital Unit Assignment
• Have you explained how you will approach ongoing budget management?
• Have you presented your budget data and information clearly and accurately?
• Are your claims and conclusions well supported by at least five sources of credible evidence? Operating Budget For a Hospital Unit Assignment

The Following must be included:
1. Prepares an operating budget, and identifies knowledge gaps, unknowns, missing information, unanswered questions, or areas of uncertainty where further information could improve the budget.
2. Explains how a budget is designed and created, and impartially acknowledges conflicting data or information that was not incorporated in the budget.
3. Develops a strategic plan, and proposes criteria for future evaluation of whether the outcomes of the proposed plan support the organizational or unit mission. Operating Budget For a Hospital Unit Assignment
4. Develops an approach to ongoing budget management, and identifies assumptions on which the approach is based.
5. Presents budget data and information clearly and accurately. Expresses main points succinctly, using correct grammar and mechanics.
6. Integrates relevant, credible, and convincing sources of evidence to support budget data and information. Sources are current, Operating Budget For a Hospital Unit Assignment