NURS FPX 6216 Assessment 3 Budget Negotiations and Communication NURS-FPX 6216 Advanced Finance and Operations Management
Prof. Name
Date
Budget Negotiations and Communication
The operating budget is one of the critical aspects of business acquisition management. The nursing leader is responsible for preparing and managing the budget while ensuring that all aspects of the facility are managed and catered to. The current assessment is based on developing and negotiating a budget for a 35-bed hospital operating an elderly population with 20 equivalent staff members, most of whom are also ready to work part-time. This assessment is based on providing the justification and communication of the previously presented budget based on two key aspects: staff retention and patient-centered care. The budget justification describes the strategic plan that can be used to improve fiscal profitability, how it improved staff productivity, justified equipment and service costs, and established an association to enhance the budget and the organization’s goals.
Strategic Plan for Profitability and Fiscal Success
For the current budget, a need analysis was conducted, which highlighted staff retention and patient-centered care as the primary concerns. My strategic goal was to increase staff retention and patient-centered care through SWOT analysis. The SWOT analysis allows a practical analysis of the organization and its environment while identifying the organization’s current conditions and internal capabilities (Gharachorloo et al., 2021). The goal of designing the plan was to provide the nursing leader with a direction through which they could prioritize their needs and work accordingly.
1.The plan initially discusses employee retention strategies focused on retaining and hiring new employees. The goal is to increase the satisfaction rate by providing appraisals and competitive compensation packages to help them feel valued by the organization. Employee retention significantly improves clinical outcomes, as motivated staff tend to work more diligently, leading to better patient-centered care (Panda & Sahoo, 2021). The plan was based on increasing salaries and compensation for overtime, and performance-based increments can help improve staff retention. One of the significant issues in the organization is turnover, hence prioritizing these appraisal-based strategies.
2. The plan further emphasizes the importance of patient-centered care by implementing an integrated system that can help engage patients within their care, such as patient feedback surveys, and promoting a culture of empathy and individualized care. Care management can be enhanced by fostering a patient-centered culture that emphasizes listening to patients’ concerns, encouraging new ideas, and raising the bar on quality of service (Kwame & Petrucka, 2021). Patient-centered care can be implemented through healthcare improvement strategies such as hospital-acquired infections, readmission reduction through hygiene management, and reduced complaints.