Financial Expenditures of Nursing Units Assignment

Interview a leader of your choice who has experience with creating and managing budgets, and write a 5 page analysis of your findings from the interview.

Introduction
Note: Complete the assessments in this course in the order in which they are presented. Financial Expenditures of Nursing Units Assignment

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Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.

For this assessment, you will speak with a leader of your choice who has experience with creating and managing budgets, learn about that person’s approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets. Financial Expenditures of Nursing Units Assignment

Nurse leaders must be well-versed in the fundamentals of health care economics. A firm understanding of these concepts is essential in order to examine national trends and diverse health care organizations. At the organizational level, health care economics operate in a manner very similar to other competitive industries and businesses. Financial Expenditures of Nursing Units Assignment

Within any organization, regardless of size, nurse leaders must understand the purpose and complexity of building a solid budget. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defending a budget to meet those needs.

Note: Complete the assessments in this course in the order in which they are presented. Financial Expenditures of Nursing Units Assignment

Preparation
You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year’s operating budget. Like many nurses, you have had little or no direct experience with the budgeting process and realize that financial management is not one of your strengths as a leader. Consequently, you have decided that you need to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight. Financial Expenditures of Nursing Units Assignment

Note: Remember that you can submit all of, or a portion of, your draft analysis 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.  Financial Expenditures of Nursing Units Assignment 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.

Capital and operating budgets each play a major role in the financial expenditures of nursing units.

What is the purpose of each type of budget?
How does managing these two types of budgets differ?
What financial management techniques are common to both types?
Reflect on your experience with either type of budget. Financial Expenditures of Nursing Units Assignment

How have one or the other of these two budgets affected the provision of care in your organization or unit?
MSN PROGRAM JOURNEY
The following is a useful map that will guide you as you continue your MSN program. This map gives you an overview of all the steps required to prepare for your practicum and to complete your degree. It also outlines the support that will be available to you along the way.

MSN Program Journey. Financial Expenditures of Nursing Units Assignment
The following resources are required to complete the assessment.

APA Style Paper Tutorial [DOCX]. Use this template for your interview analysis.

Requirements
Interview
Conduct an interview with your site supervisor, or other nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current or previous role. Financial Expenditures of Nursing Units Assignment Explore the following topics in your interview:

Their experience managing an operating budget.
Their approach to managing productivity within the parameters of the budget.
Their approach to oversight of the appropriate use and availability of equipment and supplies.
The experience of managing a capital budget.
How managing a capital budget differs from managing an operating budget.
Their application of finance principles to fulfill the organization’s mission and goals.
Analysis
Note: The requirements outlined below correspond to the grading criteria in the assessment scoring guide. Be sure that your written analysis addresses each point, at a minimum. You may also want to read the Guiding Questions: Mentor Interview [DOCX] to better understand how each criterion will be assessed. Financial Expenditures of Nursing Units Assignment

Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.

Compare the process of managing an operating budget to that of managing a capital budget.
Describe the process of allocating resources for labor, equipment, and services.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Evaluate the nurse leader’s approach to budget management.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style. Financial Expenditures of Nursing Units Assignment
Additional Requirements
Format your analysis using APA style.

Use the APA Style Paper Tutorial [DOCX] linked above. Be sure to include:
A title page and reference page. An abstract is not required.
A running head on all pages.
Appropriate section headings.
A minimum of five properly formatted citations and references.
Your analysis should be 3-5 pages in length, not including the title page and reference page. Financial Expenditures of Nursing Units Assignment
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 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Evaluate a nurse leader’s approach to budget management.
Competency 3: Develop a capital budget. Financial Expenditures of Nursing Units Assignment
Compare the process of managing an operating budget to that of managing a capital budget.
Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
Describe the process of allocating resources for labor, equipment, and services.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards. Financial Expenditures of Nursing Units Assignment
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
Guiding Questions
Mentor Interview
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Mentor Interview 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. Financial Expenditures of Nursing Units Assignment
Interview
Conduct an interview with your site supervisor, or other nurse leader who you would consider to be a mentor in the area of health care finance. Discuss with them their experience with operating and capital budgets in their current or a previous role. Explore the following topics in your interview:
Their experience managing an operating budget.
• How do they define an operational budget?
• How did they gain their experience with the process?
• What challenges have they encountered?
• What is their financial management approach?
• How do they manage budget variances?
• What learned lessons would they offer to other nurse leaders?
• What access do they have to ongoing training and support?
Their approach to managing productivity within the parameters of the budget.
• What are their major challenges, and how did they overcome them?
• What productivity solutions have they found to counter or ameliorate the effects of budget reductions?
Their approach to oversight of the appropriate use and availability of equipment and supplies. Financial Expenditures of Nursing Units Assignment

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• What steps do they take to help ensure the ongoing availability of equipment and supplies?
• What policies are in place that address this issue?
The experience of managing a capital budget.
• How do they define a capital budget?
• How did they gain their experience with the process?
• What challenges have they encountered?
• What is their financial management approach?
• How do they manage budget variances?
• What lessons learned would they offer to other nurse leaders?
• What access do they have to ongoing training and support?
How managing a capital budget differs from managing an operating budget.
• What are the key considerations for each approach? Financial Expenditures of Nursing Units Assignment
• Do the factors that have the greatest effect on successful budget management differ with each approach? Why?
The application of finance principles to fulfill the organization’s mission and goals.
• What strategies or theories do they employ to help ensure their plan for profitability and fiscal success works?
Analysis
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
Compare the process of managing an operating budget to that of managing a capital budget.
• How does managing these two types of budgets differ?
• What financial management techniques are common to both?
• What are the key considerations and challenges for nurse leaders?
Describe the process of allocating resources for labor, equipment, and services. Financial Expenditures of Nursing Units Assignment
• What are the sources of applicable data and information?
• Who should you consult with? What information can they provide?
• What are the key considerations that enable effective decision making?
Describe an effective approach that contributes to planning for profitability and fiscal success.
• How does budget creation and management affect the financial health of the organization?
• How should budget variances be dealt with?
• What are the implications or potential consequences of discretionary spending?
Evaluate a nurse leader’s approach to budget management.
• What aspects of their approach are effective or ineffective? Why?
• What aspects of their management approach would you adopt as best practices? Financial Expenditures of Nursing Units Assignment
• What improvements to their approach would you suggest?
Write clearly and concisely, using correct grammar and mechanics.
• Express your main points and conclusions coherently.
• Proofread your writing to minimize errors that could distract readers and make it more difficult to focus on the substance of your analysis.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
• Integrate relevant evidence from at least five scholarly or professional sources.
Submission Reminders Financial Expenditures of Nursing Units Assignment
• Have you made a thorough comparison of the processes for managing an operating budget and a capital budget?
• Have you provided a complete description of the process of allocating resources for labor, equipment, and services?
• Have you provided a complete description of an effective approach to planning for profitability and fiscal success?
• Have you provide your evaluation a nurse leader’s approach to budget management?
• Are your claims and conclusions well supported by at least five sources of credible evidence?
• Is your analysis properly formatted and 5 pages in length, not including the title page and reference page?
• Have you proofread your writing to minimize errors? Financial Expenditures of Nursing Units Assignment

The following must be included:
1. Compares the process of managing an operating budget to that of managing a capital budget, and identifies knowledge gaps, unknowns, missing information, unanswered questions, or areas of uncertainty.
2. Describes the process of allocating resources for labor, equipment, and services, and identifies assumptions underlying the process.
3. Describes an effective approach that contributes to planning for profitability and fiscal success, and impartially considers potential merits of an alternative approach.
4. Evaluates a nurse leader’s approach to budget management, citing one or more relevant resources that provide criteria for budget evaluation.
5. Writes clearly and concisely. Grammar and mechanics are error-free.
6.Integrates relevant, credible, and convincing sources of evidence to support assertions. Sources are current, and citations and references are error-free. Financial Expenditures of Nursing Units Assignment