Course Name Student Name Capella University Assessment 2 Preparing and Managing an Operating 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 Effective nancial management is a vital responsibility for nurse managers who must skillfully prepare and allocate budgets to maintain operational e ciency A solid understanding of business principles enables nurse leaders to navigate nancial challenges stay informed about healthcare trends and optimize resource utilization Research emphasizes the importance of nurses acquiring business skills to drive organizational growth empower their teams and address patient needs Raftery et al 2021 OnlineClassAssignment com As the nurse manager of a 35 bed hospital unit with 20 full time equivalent employees I am responsible for managing the unit s budget Recent staff turnover has necessitated the recruitment of new personnel while overtime for current staff has led to increased costs Additionally caring for an aging population with comorbidities and chronic conditions has signi cantly raised expenses An operating budget estimates expenses by accounting for both xed and variable costs over a speci ed period usually one year Zhang Bohlen 2023 Key components of this budget include salaries medical supplies medications food and staff training Creating an Operating Budget 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 Revenue sources typically include patient services grants and Medicaid Medicare reimbursements Budget Design and Creation Budget planning is shaped by economic limitations resource distribution and patient expectations Ren et al 2021 Tools such as cost bene t analysis and linear programming are valuable for justifying expenses and maximizing nancial outcomes Strategic Plan and Evaluation Criteria Conclusion Approach to Ongoing Budget Management Consistent monitoring and adjustments of budget metrics are essential to ensuring alignment with the organization s objectives Balancing quality care with cost e ciency serves as the foundation for informed resource allocation decisions Strategic planning aligns nancial goals with the organization s mission while preparing for uncertainties Implementing initiatives focused on employee retention and integrating technological advancements can enhance both patient care and staff satisfaction OnlineClassAssignment com Nurse leaders must integrate business competencies into their roles to effectively address nancial challenges Operational budgets should meet current demands while remaining adaptable to evolving conditions Strategic planning ensures nancial activities align with the organization s mission and continuous evaluation helps maintain the budget s effectiveness 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 Benzaghta M A Elwalda A Mousa M Erkan I Rahman M 2021 SWOT analysis applications An integrative literature review Journal of Global Business Insights 6 1 55 73 https doi org 10 5038 2640 6489 6 1 1148 Bolo M I Bradea I A Delcea C 2020 Linear programming and fuzzy optimization to substantiate investment decisions in tangible assets Entropy 22 1 121 https doi org 10 3390 e22010121 Jiang W Marggraf R 2021 The origin of cost bene t analysis A comparative view of France and the United States Cost Effectiveness and Resource Allocation 19 1 https doi org 10 1186 s12962 021 00330 3 Brook J Aitken L Webb R MacLaren J Salmon D 2019 Characteristics of successful interventions to reduce turnover and increase retention of early career nurses A systematic review International Journal of Nursing Studies 91 47 59 https doi org 10 1016 j ijnurstu 2018 11 003 Ngoc Dinh M Nygate J Hoang Minh Tu V Thwaites C L 2020 New technologies to improve healthcare in low and middle income countries Global Grand Challenges Satellite Event Oxford University Clinical Research Unit Ho Chi Minh City 17th 18th September 2019 Wellcome Open Research 5 142 https doi org 10 12688 wellcomeopenres 16008 2 OnlineClassAssignment com Ren W Zhao Y Zhong H Fu X Wu J 2021 Exploring the optimal allocation decision making of expenditure budget in hospitals under multi objective constraints Evidence from Urban Public Hospitals China SAGE Open 11 4 215824402110581 https doi org 10 1177 21582440211058191 Raftery C Sassenberg A M Bamford Wade A 2021 Business acumen for nursing leaders optional or essential in today s health system A discussion paper Collegian 28 6 610 615 https doi org 10 1016 j colegn 2021 08 001 Xuecheng W Iqbal Q Saina B 2022 Factors affecting employee s retention Integration of situational leadership with Social Exchange theory Frontiers in Psychology 13 https doi org 10 3389 fpsyg 2022 872105 Zhang R Bohlen J 2023 Healthcare business budgeting In StatPearls StatPearls Publishing http www ncbi nlm nih gov books NBK589707 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