Budget Negotiations and Communications NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
To attain an effective healthcare system, it is important to utilize the healthcare resources in the best possible way to meet the desired outcomes in the coming future. Most healthcare systems fail to perform well, because of a lack of resource management. Effective resource allocation is the key element in enhancing the organization’s performance and requires effective financial management. Villa Health Hospital strives to ensure effective resource management in the system, to meet the patient’s needs and generate efficient revenue through it. To make resource management effective, the financial management of the system has to play its part, as the financial management of the system has a significant impact on effective resource allocation. The nursing manager will be responsible for managing, coordinating, and allocating the resources in the system. Another important element that the nurse leader has to play is strategic management, as it is closely associated with financial management. This report will be focusing on the operating budget and the expenditure plan which was proposed in the previous assessment, to ensure that it aligns with the organization’s goals.
Strategic Plan to Ensure Profitability and Fiscal Success
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
Effective management is required to execute strategic plans in the system, to attain and meet the organizational goals. Effective management and strategic planning lead to a successful and productive fiscal year, through the integration of an efficient budget plan. An ineffective budget plan can cause unexpected expenses, that the origination can’t afford to deal with. A few important steps to designing an effective budget plan comprise of the following factors:
- To make a cost estimate of the budget
- To ensure effective monitoring of the budget
- To focus and manage the cash flows
- To analyze and evaluate the budget
- To allocate the resources efficiently
- To identify the risk analysis
The proposed budget is cost-effective and should be implemented to achieve fiscal year success. The uncertainties and risk factors often affect the budget, hence the designed budget is made while keeping the uncertainties in mind to overcome the risk factors. The integration of experienced staff and innovative technology will further improve the organization’s outcome. The hospital faced the issue of staff turnover, so the proposed budget recommends focusing on employee motivation to prevent staff turnover and increase staff retention. Smart budgeting will help to achieve the organizational aims and goals.