Essay Available:
Pages:
3 pages/≈825 words
Sources:
6
Style:
APA
Subject:
Health, Medicine, Nursing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 14.58
Topic:
Budget Negotiations and Communication
Essay Instructions:
Introduction
Note: Complete the assessments in this course in the order in which they are presented.
Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today's numerous constraints on funding and a highly competitive environment, the ability to win support for your budget proposals hinges on being able to present a compelling argument based on well-documented needs, accurate financial information, and a justifiable business case.
This assessment provides an opportunity for you to examine the mission and goals of a health care organization, in order to justify a budget proposal. A persuasive argument requires thoughtful justification and rationale for the expenses required to support your proposal. A proposal that supports the organization's mission and goals strengthens your argument and is much more likely to get you what you need.
In every health care organization, dollars are scarce and the budget process is carefully scrutinized at every level. Nurse leaders must be business-savvy. They must be able to make a compelling case for why every budget line item and every dollar on a budget supports the mission and goals of the unit and the organization. This means that nurse leaders must be able to think in terms of the business of health care and be able to present a business proposal or plan with thorough and thoughtful justification and rationale for expenses. The business plan should present accurate, factual data and costs, and should also be concise and clearly organized.
Preparation
Note: Complete the assessments in this course in the order in which they are presented.
The financial department has reviewed your unit's operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.
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.
Consider the operating budget you developed in Assessment 2.
-How would you justify your budget to executive leaders?
-How would you link your budget to the organization's goals and objectives?
-How would you propose to meet productivity goals while staying within budget?
The following resources are required to complete the assessment.
Requirements
Note: The following requirements correspond to the grading criteria in the assessment scoring guide. Be sure that your executive summary addresses each point, at a minimum. You may also want to read the Guiding Questions: Budget Negotiations and Communication [DOCX] Download Guiding Questions: Budget Negotiations and Communication [DOCX]to better understand how each criterion will be assessed.
Write an executive summary of the operating budget you prepared in Assessment 2 that makes a compelling case for why funds should be allocated for your budget.
-Outline a strategic plan that ensures profitability and fiscal success.
-Present a plan to meet staff productivity goals, while staying within budget parameters.
-Justify equipment and service costs.
-Analyze department, unit, or project alignment with the organization's mission and goals.
-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 summary using APA style.
Use the APA Style Paper Tutorial to help you in writing and formatting your summary. 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 summary should be 3 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 1: Design an operating budget that incorporates variances or discretionary spending.
-Outline a strategic plan that ensures profitability and fiscal success.
Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
-Present a plan to meet staff productivity goals, while staying within budget parameters.
Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
-Justify equipment and service costs.
Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
-Analyze department, unit, or project alignment with an organization's mission and goals.
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.
Essay Sample Content Preview:
Budget Negotiations and Communication
Student’s Name
Institutional Affiliation
Course Name and Number
Instructor’s Name
Date
Introduction
Investing in the unit will guarantee substantial returns and the overall success of Villa Health. Finances are crucial in actualizing goals that can translate to immense organizational success. Therefore, through efficient budget allocation, an organization can achieve both short-term and long-term goals (Mousavian et al., 2020). The established track record of Villa Health proves that with adequate financing, the strategic plan will generate greater returns. Thus, it will enhance the employee productivity and efficiency. Moreover, the finances will be a fundamental tool in ensuring the organization actualizes its full potential. Hence, Villa Health will remain a trailblazer in the industry since it will be propelled to greater heights. This executive summary will provide an overview of the strategic plan, staff productivity, and equipment justification.
Strategic Plan
The plan will be operational and strategic to ensure that it aligns with the mission and objectives of Villa Health. Firstly, the plan entails allocating specific medical supplies based on a patient's need. Waste minimization will result in a balanced cash flow since expenses will be reduced. Consequently, the organization will deliver quality services by meeting patients’ needs while being profitable. The strategic plan aligns with Villa Health’s mission while ensuring that it attains fiscal success. A case study of Serdang Bedagai Hospital by Martin (2023) indicates that sufficient resource management leads to organizational success. Hence supporting this strategic plan. However, a knowledge gap exists in determining the exact medical supplies senior patients need. Thus, it can pose a challenge in adequate allocation of medical supplies.
Secondly, the plan will efficiently utilize medical consumables to prevent waste. Thus, resulting in fiscal success since there will be less expenses and more income. Being a world-class medical organization, Villa Health promotes quality services while ensuring it remains profitable. Thus, it is paramount that Villa Health ensures cost optimization in its operations through cost-effective measures. Training will be conducted to ensure that the staff manages inventory efficiently. A case study of a university hospital in the Euro region indicates that the success of hospitals depends on cost optimization (Reyes-Santias et al., 2023). However, the missing information on the exact number of medical consumables needed might pose a challenge.
Finally, the plan will reduce staff turnover by implementing an effective performance appraisal. The costs incurred when staff quit are quite hefty since the organization will repeat the recruitment process. Thus, the plan will increase satisfaction levels among employees, resulting in an increased employee retention rate. Villa Health will benefit significantly from this step since training and recruitment costs will be saved. Data from the Centers for Medicare and Medicaid Services (CMS) indicated that turnover rates can be reduced through better working conditions (Gandhi et al., 2021). Additionally, in line with its mission and obj...
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