Interview a leader of your choice who has experience with creating and managing budgets, and write a 3–5 page analysis of your findings from the interview.
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Introduction
Note: Complete the assessments in this course in the order in which they are presented.
Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.
For this assessment, you will speak with a leader of your choice who has experience with creating and managing budgets, learn about that person’s approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets.
Nurse leaders must be well-versed in the fundamentals of health care economics. A firm understanding of these concepts is essential in order to examine national trends and diverse health care organizations. At the organizational level, health care economics operate in a manner very similar to other competitive industries and businesses.
Within any organization, regardless of size, nurse leaders must understand the purpose and complexity of building a solid budget. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defending a budget to meet those needs.
Preparation
Note: Complete the assessments in this course in the order in which they are presented.
You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year’s operating budget. Like many nurses, you have had little or no direct experience with the budgeting process and realize that financial management is not one of your strengths as a leader. Consequently, you have decided that you need to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight.
As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment.
Capital and operating budgets each play a major role in the financial expenditures of nursing units.
What is the purpose of each type of budget?
How does managing these two types of budgets differ?
What financial management techniques are common to both types?
Reflect on your experience with either type of budget.
How have one or the other of these two budgets affected the provision of care in your organization or unit?
MSN Program Journey
The following is a useful map that will guide you as you continue your MSN program. This map gives you an overview of all the steps required to prepare for your practicum and to complete your degree. It also outlines the support that will be available to you along the way.
MSN Program Journey.
The following resources are required to complete the assessment.
APA Style Paper Tutorial [DOCX]. Use this template for your interview analysis.
Requirements
Interview
Conduct an interview with your site supervisor, or other nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current or previous role. Explore the following topics in your interview:
Their experience managing an operating budget.
Their approach to managing productivity within the parameters of the budget.
Their approach to oversight of the appropriate use and availability of equipment and supplies.
The experience of managing a capital budget.
How managing a capital budget differs from managing an operating budget.
Their application of finance principles to fulfill the organization’s mission and goals.
Analysis
Note: The requirements outlined below correspond to the grading criteria in the assessment scoring guide. Be sure that your written analysis addresses each point, at a minimum. You may also want to read the Guiding Questions: Mentor Interview [DOCX] Download Guiding Questions: Mentor Interview [DOCX]to better understand how each criterion will be assessed.
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
Compare the process of managing an operating budget to that of managing a capital budget.
Describe the process of allocating resources for labor, equipment, and services.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Evaluate the nurse leader’s approach to budget management.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style.
Additional Requirements
Format your analysis using APA style.
Use the APA Style Paper Tutorial linked above. Be sure to include:
A title page and reference page. An abstract is not required.
Appropriate section headings.
A minimum of five properly formatted citations and references.
Your analysis should be 3–5 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
Evaluate a nurse leader’s approach to budget management.
Competency 3: Develop a capital budget.
Compare the process of managing an operating budget to that of managing a capital budget.
Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
Describe the process of allocating resources for labor, equipment, and services.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
Please rewrite the attached assignment to meet the following requirements & also highlight the adjustmennts
Competency 2
Develop a plan for management of the labor force within the parameters of the budget and productivity.
Criterion
Evaluate a nurse leader’s approach to budget management.
Your Result:BASIC
Discusses a nurse leader’s approach to budget management, but fails to evaluate which aspects are effective or ineffective, does not choose aspects that could be adopted as best practices, or does not suggest improvements to the leader’s approach.
Faculty Comments:I can tell that you have some ideas for this section of your paper, but they are not very clear or detailed. Please take a look at the “distinguished” section of this grading criterion to see what was needed for this section. I am missing where you cited one or more relevant resources that provide criteria for budget evaluation. You do not provide criteria for evaluation. The sources utilized throughout the paper are beyond 3-5 years for relevance.
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Competency 3
Develop a capital budget.
Criterion
Compare the process of managing an operations budget to that of managing a capital budget.
Your Result:PROFICIENT
Compares the process of managing an operations budget to that of managing a capital budget.
Faculty Comments:Very nice job on your introduction and criterion section, although definitions require citations. I have provided comments on your paper for you to review. You compared the process between the managing and operating budget in an organized way. I am missing the part about identifying knowledge gaps, unknowns, missing information, or areas of uncertainty.
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Competency 4
Determine the equipment and services needed to maintain seamless patient or client care.
Criterion
Describe the process of allocating resources for labor, equipment, and services.
Your Result:BASIC
Attempts to describe the process of allocating resources for labor, equipment, and services, but omits sources of applicable data and information or omits key considerations that enable effective decision making.
Faculty Comments:You described the process as systematic approach that begins with a comprehensive need assessment. Is there a tool for this? Are you referring to equipment or services? What is adequate staffing levels? This is a great first step to setting up and preparing a budget of your own. I am missing where you have added assumptions underlying your process for this section?
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Competency 5
Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
Criterion
Describe an effective approach that contributes to planning for profitability and fiscal success.
Your Result:PROFICIENT
Describes an effective approach that contributes to planning for profitability and fiscal success.
Faculty Comments:Nice job on this section. I like that you used the mission of the organization to describe the effectiveness of your budget. I am missing where you looked at potential merits from an alternative approach for meeting and planning your budget for success.
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Competency 6
Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
Criterion
Write clearly and concisely, using correct grammar and mechanics.
Your Result:DISTINGUISHED
Writes clearly and concisely. Grammar and mechanics are error-free.
Faculty Comments:Well done. Your writing was easy to follow, the use of Level One Headers was appropriate and provided great flow to your paper. Your writing is clear and has good grammar and punctuation. This really makes your very good ideas shine! In addition, here’s a link to the Capella Writing Center to learn more about scholarly writing: https://campus.capella.edu/web/writing-center/hom HYPERLINK “https://campus.capella.edu/web/writing-center/home”e.
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Criterion
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style.
Your Result:NON-PERFORMANCE
Does not integrate relevant and credible sources of evidence to support assertions, correctly formatting citations and references using current APA style.
Faculty Comments:The paper was not in correct APA format. The title page and reference page is incorrect according to APA format. Your sources are well beyond 3-5 years. Graduate-level work should use current sources within 3-5 years. I have provided comments on your paper for you to review. Next step, as you make your revisions, is to reach out to your tutor for assistance. Consider using the Smarthinking program link on the course room homepage. I hope that you will also use the supplemental resource link on the course room homepage to link you to many helpful APA resources. In addition, here’s a link to APA formatting that may be helpful: http://www.apastyle.org/learn/tutorials/basics-tutorial.aspx
