Essay Cove

Essay Cove

Mentor Interview
As a nurse leader, Imagine
having an interview with a leader of your choice who has experience with
creating and managing budgets. What
would be some of the questions that you ask? Write a 5 page analysis of your
findings from this interview.
Introduction
Note:
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 imagine speaking 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.
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.
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.
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.
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.
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.
How have one or the other of these two budgets affected the
provision of care in your organization or unit?
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. 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
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.
Additional Requirements
Format your analysis using APA style.
Use the APA Style include:
A title page and reference page. An abstract is not
required.
Appropriate section headings.
A minimum of five properly formatted citations and
references.
Your analysis should be 5 pages in length, not including the
title page and reference page.
Guiding Questions
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.
• 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?
• 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.
• 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?
• 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
• 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?
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.
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.
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.

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