Course Name Student Name Capella University Assessment 4 Preparing and Managing a Capital Budget OnlineClassAssignment com August 09 2024 Prof Name Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us contact OnlineClassAssignment com Website OnlineClassAssignment com For Free MSN Sample OnlineClassAssignment com free Sample Introduction Developing and Managing a Capital Budget in Healthcare OnlineClassAssignment com Capital budgeting plays a vital role in the strategic nancial planning of healthcare organizations enabling the allocation of resources for long term investments These are typically one time expenses that yield long term bene ts such as increasing future revenue or reducing operational costs Michelon et al 2020 The process of acquiring these assets known as capital procurement involves a comprehensive evaluation of resources and the organization s asset requirements In healthcare management delivering high quality patient care while ensuring nancial sustainability requires careful management of both operational and capital budgets While patient care is the top priority healthcare leaders must also prioritize the organization s nancial well being This analysis focuses on the development and management of a capital budget for a 50 bed step down unit Understanding Capital Procurement Rationale for Capital Procurement Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us contact OnlineClassAssignment com Website OnlineClassAssignment com For Free MSN Sample OnlineClassAssignment com free Sample The proposed renovation aims to address key issues such as low nurse satisfaction and morale which have contributed to high staff turnover The plan includes creating a dedicated nurses lounge to improve staff motivation and morale This project requires a capital budget to effectively assess resources allocate funds and implement the necessary improvements Justi cation for Capital Procurement Developing a Capital Budget Nurse morale has a direct impact on healthcare quality and staff turnover rates Nurse leaders must be proactive in modifying facility designs to address emerging challenges Gregory et al 2022 Renovating the nurses lounge will not only bene t the staff but also positively in uence patient care A well designed staff friendly lounge promotes collaboration learning and improved performance among nurses Williams et al 2018 which ultimately enhances patient outcomes and aligns with organizational objectives The capital budget development process spanned six months and involved a thorough resource evaluation and input from key stakeholders The primary goal was to create a comfortable and e cient work environment With a total budget of 400 000 the funds were distributed as follows 167 000 for acquiring assets and 260 000 for construction design and contingencies Parametric cost estimation techniques were employed to ensure the project remained cost effective and aligned with its goals OnlineClassAssignment com Effective budget management requires collaboration across multiple departments including nance accounting construction and hospital administration These teams will work together to ensure proper resource allocation and compliance with relevant regulations A set of ve cost control methods including detailed budget planning and continuous expense monitoring will be implemented to maintain nancial discipline Mutya 2018 While the renovation may initially strain the organization s nances the long term bene ts make it a worthwhile investment Lower turnover rates will reduce recruitment costs and improved patient satisfaction is likely to increase revenue It is estimated that Impact of Capital Procurement on Financial Health Budget Management Strategy Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us contact OnlineClassAssignment com Website OnlineClassAssignment com For Free MSN Sample OnlineClassAssignment com free Sample half of the renovation costs will be recouped through reduced staff turnover with the remaining costs offset by an expected increase in patient in ow Conclusion Developing a nurses lounge is critical for boosting staff morale and reducing turnover which will also enhance patient satisfaction Thorough budget preparation and effective management with input from stakeholders will ensure that the project aligns with the organization s goals of delivering patient centered care and maintaining cost effectiveness This initiative is expected to yield positive outcomes for staff patients and the organization as a whole OnlineClassAssignment com Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us contact OnlineClassAssignment com Website OnlineClassAssignment com For Free MSN Sample OnlineClassAssignment com free Sample References Abreu W M Gomes R C 2018 Measuring collaborative stakeholder in uence and open budget actions Revista De Administra o P blica 52 4 593 609 ASADI N MEMARIAN R VANAKI Z 2019 Motivation to care A qualitative study on Iranian nurses Journal of Nursing Research 27 4 Gregory D D Stichler J F Zborowsky T 2022 Adapting and creating healing environments Lessons nurses have learned from the COVID 19 pandemic Nurse Leader 20 2 201 207 Mollah M A Rouf M A Rana S M S 2021 A study on capital budgeting practices of some selected companies in Bangladesh PSU Research Review Mutya T 2018 Cost control A fundamental tool towards organizational performance Journal of Accounting Marketing 07 03 Michelon P de Lunkes R J Bornia A C 2020 Capital budgeting A systematic review of the literature Production 30 Relich M wi A 2020 Parametric estimation and constraint programming based planning and simulation of the production cost of a new product Applied Sciences 10 18 6330 OnlineClassAssignment com Williams S P Malik H T Nicolay C R Chaturvedi S Darzi A Purkayastha S 2018 Interventions to improve employee health and well being within health care organizations A systematic review Journal of Healthcare Risk Management 37 4 25 51 Do you need Help to complete your Capella Uni MSN FlexPath Class in 1 Billing Email Us contact OnlineClassAssignment com Website OnlineClassAssignment com For Free MSN Sample OnlineClassAssignment com free Sample