Assessment 2 Preparing and Managing an Operating Budget Student Name Capella University Course Name Prof Name July 13 2024 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample Preparing and Managing the Operating Budget Healthcare management is a dynamic field dedicated to enhancing the quality of care through strategic planning organization and evaluation within an organizational framework aiming to deliver improved clinical outcomes In this context nursing leaders play a crucial role in overseeing the operating budget enhancing both staff and patient satisfaction and fostering growth and empowerment within the team Brennan Wendt 2021 Their business acumen understanding of healthcare management and ability to Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample allocate resources effectively contribute to proficient financial planning incorporating current trends and creating an efficient budget Research indicates that nursing leaders with business skills enhance their competencies which supports the expansion of healthcare facilities informed decision making and patient centered care Alsadaan et al 2023 This expertise allows nursing leaders to introduce innovative changes to healthcare settings effectively addressing patient and staff needs while ensuring satisfaction Moreover effective nursing management has been associated with better patient outcomes by reducing medical errors which positively impacts morale and productivity throughout the organization Specchia et al 2021 Strong leadership supports the delivery of high quality efficient and safe patient care This evaluation focuses on planning and managing an operating budget as a nursing leader overseeing a 35 bed facility with 20 full time equivalent staff members Operating Budget An operating budget serves as a comprehensive forecast of an organization s expenses and revenues over a specified period detailing anticipated costs and guiding financial operations It includes both fixed and variable expenses typically planned for a year covering expected costs and projected revenues throughout that period Abdulsalam Schneller 2019 For a small clinic essential expenses include medical supplies utilities training and development assessments incentives equipment and technology support These elements are critical for staff satisfaction and retention while revenue sources encompass patient satisfaction research grants and charitable funding The office budget aims to enhance staff retention satisfaction and patient centered care A one year budget divided into quarters allows for analysis and evaluation to ensure alignment with organizational goals and improved patient care and staff retention Emphasis is placed on two key areas staff retention and patient centered care with goals achieved through performance reviews rewards telehealth integration and team building training The budget considers the impact of staff retention and patient satisfaction on clinical outcomes benefiting both staff and patients Specchia et al 2021 To develop an effective budget trend data is essential for understanding the organization s status Using SWOT analysis helps identify strengths weaknesses opportunities and threats contributing to better financial management Costs cover Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample staff salaries new hires compensation assessments medical supplies medications research and training technology maintenance and cleanliness management Revenue sources include patient care research grants donations medical aid and staff retention efforts Unexpected events during budget execution may lead to increased costs requiring resource reallocation Budget Creation and Designing The budget creation process involves systematic planning analysis and independent decision making ensuring consistency transparency and reliance on accurate financial data Strategic planning and preparation define budget objectives by considering financial conditions available resources and patient expectations Nilsen et al 2020 The budget design includes gathering data from regular evaluations and need based assessments subjected to SWOT analysis This helps identify trends strengths weaknesses threats opportunities and budget decisions aligned with organizational goals Resource allocation to various areas such as labor maintenance and services is part of the budgeting process The arrangement is documented to highlight each maintenance initiative s alignment with the organization s financial goals The budget is monitored and assessed incorporating flexibility for unforeseen conditions Discrepancies in data such as cost estimates and revenue projections are addressed based on factors like inflation market trends sales forecasts patient preferences and risk assessments Strategic Plan and Evaluation Criteria Developing a smart plan involves aligning the financial arrangement with the organization s mission and defining measurable and achievable objectives Strategic planning addresses current needs assesses resources identifies vulnerabilities and prepares staff and leaders for potential changes The budget s focus on staff retention and patient centered care aligns with the organization s objectives as both are interconnected To enhance staff retention competitive compensation and benefit packages are prioritized fostering a positive work culture Patient centered care involves effective communication education and engagement with patient feedback systems to assess satisfaction levels Training and development initiatives aim to improve skills and Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us Contact bsnwritingservices com Website BSNWritingservices com For Free MSN Sample BSNWritingservices com free Sample leadership capabilities Evaluation measures include annual staff compliance rates patient surveys and clinical quality indicators Ongoing Budget Management Budget management is a continuous cyclic process requiring ongoing analysis improvement and monitoring Data is