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Strengths and weaknesses of creating a budget
The processes involved in budgeting
Strengths and weaknesses of creating a budget
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Budget Development Strategies: A Key Concept to Improve Financial Management
Budget development is a key element that involves nurses at all levels in the organization to identify strategic planning model in formulating staffing level even with limited resources on hand. Budget development helps in forecasting and planning nurse-staffing requirements based on patient care needs in real time.
The purpose of the term paper is to determine key concepts of budget development strategies for the cardiac unit at Saint Louis Medical Center (SLMC). The term paper will provide analysis on the proposed budget development on staffing level for the cardiac unit at SLMC.
Proposed Budget Development for Cardiac Unit at Saint Louis Medical Center
The following
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The implementation of budget development by hospital leaders can improve budgetary planning practices, and improve staffing plan based on patients’ needs thus, provide safe and effective care. The nurse leaders and staff play important role in identifying requirements needed to create, assess, evaluate, implement, and improve the budget development process.
References
Bryant, M. (2015). Improving the budget process. Retrieved from http://www.gfoa.org/sites/default/files/GFR101542.pdf
Robinson, C.H., & Annis, A.M. (2016). Factors that affect implementation of a nurse staffing directive: Results from a qualitative multi-case evaluation. Journal of Advanced Nursing, 72(8), 1886-1898. doi:10.1111/jan.12961
Rundio, A. (2016). Budget development for nurse managers. Reflections on Nursing Leadership, 42(3), 1-8. Retrieved from http://proxy.chamberlain.edu:8080/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=ccm&AN=119422546&site=ehost-live
Torbet, J.L., Mulkeen, M., Stringer, L., & Fitzpatrick, K. (2015). Development of a nurse staffing model to accurately reflect complexity and intensity of patient care needs in an urban academic medical center… proceedings of the 2015 AWHONN Convention. Journal of Obstetric, Gynecologic & Neonatal Nursing, 44(Supplement 1), S4O.
I attended the Saturday Lab 1 session discussing the Denison Specialty Hospital case study. In our session, we had a through discussion into the different budget terminology. I learned about the difference between accrual and cash accounting methods, which is based on the timing of when the revenue and expenses are recognized. I also learned about responsibility centers as an organizational unit under the supervision of a manager, who is responsible for its activities and results. In addition, the manager is accountable for the budget of the department that they head. Therefore, a centralized form of management in developing the budget because it makes easier to because the information for the department budget is located
Nursing Shortage is a problem we all should be aware of. There are many factors that may lead to a nursing shortage, such as having stressful and unsafe working environments, and our nurses are being overworked. This is a problem we should be aware of because it is affecting the patient care. Nurses would not have enough time to stay with a patient if they have more patients to worry about. Nurses play a big role in our hospitals and communities, “Nurses play significant roles in hospitals, clinics and private practices. They make up the biggest health care occupation in the United States. Nursing job duties include communicating between patients and doctors, caring for patients, administering medicine and supervising nurses' aides”(study).
The ability of a unit to survive is largely dependent upon the hospitals internal financial budgetary performance and the external needs within the community. Developing a financial budget is a process that should use teamwork to plan and implement in order to be effective. The budget sets perimeters for administrators to follow throughout the year, allowing the director to report variances while providing guidance to maintain a minimum variance and adjust when possible (Finkler & McHugh, 2008). By using all department managers in the planning process of the new budget, the nurse executive is able to develop effective strategies for all departments while investing in the goals. This eliminates many problems associated with budget and identifies areas that need improvement or expansion. Because of the competition, declining margins, and other economic pressures, nurse executives need to take steps to control costs and increase revenues for this unit. The overall goal of the financial performance within the organization is to meet the total budgetary needs of the unit to produce favorable outcomes. My focus will be to propose the expansion of a new Joint Replacement Unit (JRU) within the hospital, while identifying the major operating components of the budget for this organization. The importance of reviewing the budget for a newly developed unit is to allow the nurse executive and administrative team to manage the existing organizational programs within in the facility, plan for goal accomplishments for the new unit, while controlling costs.
A nurse manager plays an important role on a hospital unit. Evans defines the role of a nurse manager as one who makes sure all the needs required on a daily basis are accomplished (Evans, 2011). Evans goes on to say that one primary responsibility of a nurse manager acting in the position of a leader is to “raise the level of expectation and help employees reach their highest level of potential excellence” (Evans, 2011). With this said, it is important to identify potential barriers and problems that a nurse manager would face on a given unit and create or adopt evidence-based interventions to eliminate these problems. When this is accomplished, it will help to foster a work environment that maintains safety to patients as well as staff.
To contribute patient safety and excellent care, nurses in all levels must have strong leadership skills. Nurses should have a voice in health policy decision making and should be an active part of advisory committee, commissions and board of nursing where policy decisions are made to improve patient care (IOM, 2010). This transformation will bring forth a more positive work environment for professionals as well as progress all aspects of patient centered
Clinical Nurse Leaders’ responsibility scope includes all nurse and patient management details except for administrative duties. They are important resources in United States medical intuitions. CNL candidates must have a master’s degree to fulfill this position. This knowledge gives them the needed skill set to manage the daily operation of the hospital’s entire nursing pool. They also observe and regulate the patient care setting. Ultimately, the Clinical Nurse Leaders’ role will continue to gain importance as healthcare caseloads increase in
At Penrose Hospital in Colorado Springs, Colorado, the staffing is determined by the patient census. Ideally, on the Surgical/ Trauma unit, Registered Nurses will have approximately 4-5 patients, with a post-operative nurse that comes in at 10am to assume care of the post-operative patients that discharge from PACU to the floor. The post-operative nurse typically receives up to five patients per shift. The CNA’s on the unit will have anywhere between 7-13 patients depending on the staffing on the floor, with the help of a unit secretary that rovers the unit, and offers help as needed. In 2014 the unit grid for the 9th floor was re-vamped by the assistance of the unit practice counsel. After discussion with a nurse leader on the 9th floor, the clinical manager sat down with the unit practice counsel, and the unit practice counsel chair to discuss budget, and staffing. It was noted after slight changes, the increase in employee satisfaction. The staff members felt their voice was heard, thus they were able to make slight changes that the entire unit was able to agree upon, with staying within budget. Furthermore, with the ability for the unit practice council members to be able to visualize what goes into maintaining a budget, and getting budgets approved, there was a greater appreciation for decisions that were made. Finally, with the new changes, and tweaks there was a decrease in unapproved
There will be far more registered nurse jobs available through 2022 than any other profession, at more than 100,000 per year. With more than 500,000 seasoned RNs anticipated to retire by 2022, the U.S. Bureau of Labor Statistics projects the need to produce 1.1 million new RNs for expansion and replacement of retirees, and avoid a nursing shortage. (2015, American Nurses Association) For the past 16 months as a nursing student I have witnessed many issues that have a positive and a negative impact on the field of nursing. Sadly, the most negative impact that has stood out to me is the staffing. RNs have long recognized and continue to emphasize that staffing issues are an ongoing problem, one that affects the
Low nurse staffing levels are an issue hospital-wide at St. Vincent Healthcare, particularly observed during my management hours with a House Supervisor. A responsibility of a House Supervisor is to ensure efficient utilization and allocation of nurses among the floors, so I have had the opportunity to thoroughly discuss and personally observe a variety of causes and consequences of low staffing with my preceptor. A primary reason for inadequate staffing appears to be due to finances; along with making patient safety a continuous priority, St. Vincent Healthcare must strive for good financial outcomes as well. There are certainly challenges that arise in maintaining a balance between providing adequate staff to deliver safe patient care and delivering services at lower costs. Other causes of low staffing are employee conflicts, management and/or leadership discrepancies, heavier patient loads/higher acuity patients, floating to other units, or decreased job ...
...ills of the manager can be divided into simple categories of: leadership skills, people skills, budgeting and finance, quality of care skills, and information technology skills. According to Porter-O’Grady (1997, 1999), he observed that advanced knowledge of technology has provided and changed the traditional hierarchy of leadership (Susan O. Valentine, 2013). Today’s technology takes grammar, spelling, and punctuation to a new level of error prevention, which can help reach out to key individuals and other staff member’s. For nurse managers, people skills include interviewing new employees and conducting staff meetings with others on future employees. Understanding the financial state of a health care unit is vital in finding a way to help keep other nurses and to keep them satisfied. Managers should analyze the situation and the budget crisis of all employees.
Many health care professionals are wondering why shortage transpired when managed care cost initiatives, implemented throughout the country, are dramatically decreasing the length of patient stays (Upenieks, 2003). In fact, such a situation should be resulting in a nursing oversupply. As the nursing shortage ensues, the need for recruiting and retaining highly skilled nurses committed to the organization will become necessary to maintain high-quality patient care. The recent national nurse shortage has resulted in higher nurse workloads; fewer support resources, greater nursing dissatisfaction, and burnout, making it more difficult to provide optimal patient care (Upenieks, 2003). The primary role of nursing is to provide the best possible care to patients.
Thousands of nurses throughout the nation are exhausted and overwhelmed due to their heavy workload. The administrators do not staff the units properly; therefore, they give each nurse more patients to care for to compensate for the lack of staff. There are several reasons to why
Quantitative plans are called budgets. Budgets are prepared to impose cost controls on the activities of an organization (Chenhall, 1986).Budgets are then used to evaluate the performance of the management and budget itself is considered as a standard to evaluate the performance Solomon, 1956). The purpose of the budget is also to implement the strategy of the organization and communicate it to the employees of the organization Rickards (2006). The change in the external environment has led to the change in the budgeting approaches from the initial cash based budgets to the zerio based budgets (Bovaird, 2007).
Leaders in healthcare have so many daily obligations that they have to meet and be responsible for. Today’s leaders have to keep up with scheduling, flexing, covering vacation, meetings, their department as a whole, and make sure everything runs smoothly. With the ever changing healthcare nurses have to be up to date on new technology, training, and new education. The department head is not only a supervisor; she is a bedside nurse meeting multiple demands. She takes on tasks that include everything from the bedside nurse, to unit meetings, to charge nurse, and to scheduling, just to name a few. Speaking to leaders and managers in healthcare today the stress is at all time high from the new healthcare reform, nursing shortages, and meeting daily productivity.
It requires an adequate and sound organizational structure, that is, there must be a definite assignment of responsibility for each function of the enterprise. Budgeting compels all the members of management, from the top to bottom to participate in the establishment of goals and plans. Budgeting compels departmental managers to make plans in harmony with the other departments and of the entire enterprise. Budgeting helps the management to put down in figures what is necessary for a satisfactory performance. Budgeting helps the management to plan for the most economical use of labor, material and capital. Budgeting tends to remove the cloud of uncertainty that exists in many organizations, especially among lower levels of management, relative to basic policies and objectives. Budgeting promotes an understanding among members of management of their co-workers' problems. Budgeting force management to give adequate attention to the effects of general business conditions. Budgeting aids in obtaining bank credit as banks commonly require a projection of future operations and cash flows to support