Prof Name Course Name Student Name Capella University Assessment 2 Preparing and Managing an Operating Budget NURSFPX com June 10 2024 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample Preparing and Supervising the Operating Budget NURSFPX com In the dynamic realm of healthcare management strategic planning organization and evaluation play pivotal roles in enhancing clinical outcomes Nursing leaders play a crucial role in managing the operating budget with a focus on improving staff and patient satisfaction while fostering innovation and empowerment Brennan Wendt 2021 Their effectiveness in these domains hinges on their business acumen available resources and understanding of healthcare management Research suggests that nursing leaders equipped with business skills significantly enhance their capabilities contributing to the growth of healthcare facilities informed decision making and patient centered care Alsadaan et al 2023 This expertise enables nursing leaders to introduce innovative changes addressing both patient and staff needs thereby ensuring overall satisfaction Effective nursing management is closely linked with improved patient outcomes by reducing medical errors thereby enhancing morale and productivity across the organization Specchia et al 2021 Strong leadership facilitates the integration of high quality efficient and safe patient care This assessment focuses on preparing and managing an operating budget for a nursing manager overseeing a 35 bed hospital with 20 full time equivalent employees Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample Operating Budget The objective of this assessment is to develop and manage a budget for the unit utilizing existing staff while addressing challenges related to turnover and retention The budget aims to align with organizational needs Despite the team s willingness to provide additional shifts and train new hires overtime compensation is accounted for The current budget considers turnover additional time training and new hiring expenses while ensuring a focus on meeting the care needs of the elderly population The budget for the facility aims to enhance staff retention satisfaction and patient centered care A one year budget divided into three quarters allows for analysis and evaluation to ensure alignment with organizational goals and enhanced patient care and staff retention Emphasis is placed on two key aspects staff retention and patient centered care seeking to achieve these goals through performance reviews bonuses telehealth integration and team building training The budget considers the impact of staff retention and patient satisfaction on clinical outcomes thereby benefiting both staff and patients Specchia et al 2021 An operating budget provides a detailed projection of an organization s expenses and revenue over a specified period outlining anticipated costs and guiding financial operations It encompasses both fixed and variable costs and is typically planned for a year incorporating expected expenses and predicted revenue Abdulsalam Schneller 2019 For a small hospital essential expenses include medical supplies utilities bills training and development performance appraisals bonuses devices and technology maintenance These elements are crucial for staff satisfaction and retention while revenue sources include patient care research grants and charitable funding NURSFPX com To develop an effective budget baseline data is essential to understand the organization s current status Utilizing SWOT analysis helps identify strengths weaknesses opportunities and threats contributing to better financial decision making Expenses encompass staff salaries new hires compensation appraisals medical supplies medication research and training technology maintenance and hygiene management Revenue sources include patient care research grants charitable funds medical aids and staff retention Unforeseen events during budget execution may lead to expense increases necessitating resource reallocation Creating the budget involves systematic planning analysis and decision making to ensure consistency transparency and reliance on accurate financial data Strategic planning and budgeting define budget objectives by considering economic conditions available resources and patient expectations Nilsen et al 2020 The budget design involves gathering data from baseline assessments and need based analyses which are then subjected to SWOT analysis Budget Creation and Design Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email us at Contact nursfpx com Website NURSFPX com For Free MSN Sample NURSFPX com free Sample This helps identify trends strengths weaknesses threats and opportunities informing budget decisions and aligning with organizational goals Strategic Plan and Evaluation Criteria The budgeting process includes allocating resources to different areas such as services maintenance and labor The plan is documented to highlight each retention initiative s alignment with the organization s financial goals The budget is monitored and evaluated with flexibility incorporated for unforeseeable circumstances Conflicting information such as expense estimates and revenue projections is acknowledged considering factors like inflation market trends sales forecasts patient preferences and risk assessments Developing a strategic plan involves aligning the financial plan with the organization s mission and defining measurable and attainable goals Strategic planning addresses current needs evaluates resources identifies uncertainties and prepares staff and leaders for potential adjustments The budget s focus on employee retention and patient centered care aligns with the organization s goals as both are interlinked To enhance employee retention competitive compensation and benefit packages are prioritized fostering a positive workplace culture Patient centered care involves effective communication education and engagement with patient feedback systems to evaluate satisfaction levels Training and development initiatives aim to enhance skills and leadership capabilities Evaluation criteria include annual staff retention rates patient surveys and clinical quality indicators NURSFPX com