NURS FPX6216 Assessment1 Process of Allocating Resources for Labor, Equipment, and Services
NURS FPX6216 Assessment1 Mentor Interview
When it comes to capital budgeting, it entails a long-term setting that most often fits the overall aspect of the practice as stated by Dr. Duffie. This is something Dr. Duffie states will be a major investment that will expand the needs to further residential placements and increase patient loads. For example, under the operating budget, the number of residents including faculty has been five or six, but when using a capital budget approach, the expansion has been at least ten to twelve residents including faculty. This will be beneficial for the organization as well as the community.
Process of Allocating Resources for Labor, Equipment, and Services
According to Dr. Duffie, growing budgetary constraints and expenditures have generated a significant amount of discussion about how best to allocate resources across different healthcare systems (Interview, 2023). Any organization’s main priority is viability. This could be accomplished through the utilization of resources. Evidence-based programs that target the limitation, abolition, or modification of certain healthcare and information systems are cited in research (Boggs et al., 2019). These are risky and offer little in the way of benefits to improve patient outcomes while adequately managing the resources at hand (Brennan, K., 2018).
Establish your total spending needs. Be it past spending or well-informed predictions, budgetary decisions should be founded as much as possible on facts and numbers (Ajam et al., 2020). Determine Funding Techniques as well as budget distribution per department. Create a System to Track Spending habits.
Effective Approach that Contributes to Planning for Profitability and Fiscal Success
It is impossible to emphasize the value of budget planning in business. Organizations currently cannot make sound decisions regarding long-term planning or even day-to-day choices without a proper budgeting strategy (Boggs et al., 2019).
NURS FPX6216 Assessment1 Mentor Interview
Unfortunately, many individuals are confused about the value of budgeting in corporations. It is considered a yearly obligation for the corporation but not a crucial aspect of daily operations. This is not true. As stated by Dr. Duffie, there are numerous factors that clearly demonstrate how important strategic planning is. It is frequently the most crucial element in deciding how successfully the organization achieves its objectives (Rundio, A., 2021). Budgeting, among other things, aids in the formulation of an organization ’s operations, enabling it to better understand priorities, determine how resources might be distributed, and identify which areas require reevaluation (Brennan, K., 2018).
Nurse Leader’s Approach to Budget Management
The operating budget and the capital budget are two budgets that nurses oversee daily. The budgeting process is constant, evolving, and offers input (Mojtaba, G., 2018). When nurse leaders start to create a budget, they gather information, plan services and activities, carry them out, and assess the results. The nurse leader and the institution’s finance department typically work together to create the budget (Rundio, A., 2021). Reports that are clear and timely must be available to nurse supervisors. When expenditures surpass revenues, a nurse manager must act immediately. During the interview, Dr. Duffie stated that she makes sure to have her plan written or typed into a PDF before presenting it to the administrative meeting. She allows feedback and input that would aid in success of the new budget for the fiscal year.
NURS FPX6216 Assessment1 Mentor Interview
References
Ajam, S. o., Ghasemzad, A., & Gholtash, A. A. (2020). Staff perspective and hospital finance experts on how to manage the costs of the hospital: A qualitative study. Taṣvīr-i Salāmat, 11(2), 159-171.
https://doi.org/10.34172/doh.2020.16