Course Name Student Name Capella University Assessment 1 Instructions Mentor Interview 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 Exploring Budget Management in Nursing Leadership An Interview In today s healthcare environment nursing leaders are expected to have a robust understanding of nancial and business management principles These skills allow them to interpret healthcare trends both nationally and internationally driving meaningful organizational change Research underscores the importance of nurses acquiring business acumen alongside clinical expertise to improve healthcare systems and address the needs of the communities they serve OnlineClassAssignment com In a recent interview Kate a nursing professional with a Master s degree in Business Management shared insights into the differences between operating and capital budgets She explained that capital budgeting focuses on allocating funds for long term investments such as acquiring or maintaining assets like buildings medical equipment and property Kate s approach to capital budgeting is systematic beginning with identifying needs developing proposals selecting projects and conducting post audits Her process is anchored in setting SMART goals analyzing net cash ow and consistently monitoring progress through detailed reports Operating vs Capital Budget Management 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 In contrast operating budgeting is centered around estimating revenues and expenses for a speci c period Kate emphasized the importance of considering both xed and variable costs using historical data to recognize trends and planning for future activities and contingencies Resource Allocation for Labor Equipment and Services Evaluation of Budgeting Approach Strategic Planning for Pro tability and Fiscal Success Kate also highlighted the critical role of equitable resource allocation within healthcare facilities This includes sta ng medical supplies equipment and services She employs data analysis tools to review past spending assess current and future needs and prioritize resources to align with strategic goals Kate noted that resource distribution must align with the organization s objectives to effectively meet the needs of both patients and staff Kate stressed that strategic planning is fundamental to achieving pro tability and nancial success She recommended using tools such as SWOT analysis to ensure thorough planning Additionally she emphasized the value of benchmarking against successful organizations to drive continuous improvement and ensure that the budgeting process aligns with the organization s broader objectives OnlineClassAssignment com The interview also evaluated Kate s approach to budget management considering factors such as e ciency stakeholder engagement transparency and alignment with organizational goals While her methods largely met expected outcomes there was room for improvement in stakeholder involvement Increasing stakeholder participation throughout the budgeting process could enhance transparency and accountability In conclusion budget management is a vital component of nursing leadership requiring a combination of nancial expertise and strategic foresight Effective budget management ensures that resources are appropriately allocated and aligns nancial practices with organizational goals ultimately leading to improved healthcare delivery Conclusion 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 https doi org 10 1590 0034 7612173451 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 Michelon P de Lunkes R J Bornia A C 2020 Capital budgeting A systematic review of the literature Production 30 https doi org 10 1590 0103 6513 20190020 Huang W 2019 Developing a better planning budgeting and accounting system Built on Value 303 328 https doi org 10 1007 978 981 13 7507 1 11 Erdil A Erb y k H 2019 The importance of benchmarking for the management of the rm Evaluating the relation between total quality management and benchmarking Procedia Computer Science 158 705 714 https doi org 10 1016 j procs 2019 09 106 Dahana M A Ermwati 2020 Analysis of the budget planning process and budget execution process European Journal of Business and Management Research 5 4 https doi org 10 24018 ejbmr 2020 5 4 426 OnlineClassAssignment com Seixas B V Regier D A Bryan S Mitton C 2021 Describing practices of priority setting and resource allocation in publicly funded health care systems of high income countries BMC Health Services Research 21 1 https doi org 10 1186 s12913 021 06078 z Shen Y Sun Z 2022 Estimating the spatial correlation and convergence of China s healthcare resources allocation Evidence from the Yangtze River Delta Region Archives of Public Health 80 1 https doi org 10 1186 s13690 022 00958 4 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 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 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