NURS FPX 6216 Creating and Managing Budgets Mentor Interview Example

NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

NURS FPX 6216 Creating and Managing Budgets Mentor Interview Assignment Brief

Course: NURS-FPX 6216 Advanced Finance and Operations Management

Assignment Title: NURS FPX 6216 Assessment 1 Instructions: Mentor Interview Analysis

Assignment Overview

The NURS FPX 6216 Creating and Managing Budgets Mentor Interview Assignment provides students with an opportunity to explore budget management in healthcare settings by interviewing a nurse leader experienced in creating and managing budgets. Through this assignment, students will analyze the interview findings, compare the processes of managing operating and capital budgets, describe resource allocation processes, and evaluate effective approaches to planning for profitability and fiscal success.

Understanding Assignment Objectives

This assignment aims to assess students’ abilities to:

• Compare the processes of managing operating and capital budgets.
• Describe the process of allocating resources for labor, equipment, and services.
• Describe an effective approach contributing to planning for profitability and fiscal success.
• Evaluate a nurse leader’s approach to budget management.
• Communicate effectively in writing using correct grammar and mechanics, integrating relevant and credible sources of evidence following APA style guidelines.

The Student’s Role

As a student undertaking this assignment, your role involves conducting an interview with a nurse leader who possesses experience in health care finance and budget management. You will explore various aspects of budget management, including the management of operating and capital budgets, productivity management, oversight of equipment and supplies usage, and application of finance principles to achieve organizational goals.

Competencies Measured

This assignment assesses the following competencies:

• Develop a plan for managing the labor force within budget and productivity parameters.
• Develop a capital budget.
• Determine the equipment and services needed for seamless patient or client care.
• Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
• Communicate effectively with diverse audiences in an appropriate form and style consistent with applicable organizational, professional, and scholarly standards.

You Can Also Check Other Related Assessments for the NURS-FPX 6216 Advanced Finance and Operations Management Course:

NURS FPX 6216 Assessment 2 Preparing and Managing an Operating Budget

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

NURS FPX 6216 Assessment 4 Preparing and Managing a Capital Budget

NURS FPX 6216 Creating and Managing Budgets Mentor Interview Example

Mentor Interview

Understanding business and financial management is crucial for nursing leaders because it helps them analyze healthcare trends and improve patient outcomes. Research suggests that combining clinical and business skills enables nurses to thrive in the healthcare system while adapting to its changes. Ms. Liu, a seasoned nursing leader at Florida Community Care, shared insights on budgeting and its impact on care quality during our interview.

Introduction to Budgeting in Healthcare

This knowledge equips nurses with leadership and management skills, enabling them to make proactive decisions and introduce innovative reforms. Budgeting is a key aspect of healthcare business management, and Ms. Liu, with her extensive experience in facility care hospital budgeting, provided valuable insights into different budgeting approaches and their implications for care quality.

Comparison Between Operating and Capital Budget Management

The discussion began with an examination of the distinctions between managing operating and capital budgets. Ms. Liu emphasized these budget categories’ essential roles in organizational financial management, highlighting their differences in approach, duration, and strategic objectives. Operating budgets, as explained by Ms. Liu, serve as short-term plans primarily focusing on day-to-day expenses and revenue generation, covering routine operational costs like salaries and utilities.

The operational budget is typically prepared annually and offers flexibility in its allocation. In contrast, capital budgets entail long-term investments in assets such as buildings and technology, involving significant expenditures with extended payback periods. According to Michelon et al. (2020), capital budgeting involves systematic planning to evaluate and invest in long-term beneficial assets, while operational budgets provide structure by tracking routine expenses effectively (Srithongrung et al., 2019).

Ms. Liu further highlighted the differing emphases of operational and capital budgeting. Operational budgets prioritize portability and liquidity, whereas capital budgets emphasize long-term strategic capabilities, productivity, and competitiveness. The conversation then delved into the decision-making processes inherent in each budget approach. Operational budget decisions revolve around optimizing current resources and managing operational efficiency, granting department heads authority for approval. In contrast, capital budgeting necessitates risk assessment and evaluation of long-term impacts, requiring approvals from higher authorities like the board of directors and CFOs.

However, Ms. Liu acknowledged existing knowledge gaps concerning comprehensive return on investment analysis, the impact of investment on technological advancement, and market conditions influencing budgeting needs and application.

Allocating Resources for Labor, Equipment, and Services

The discussion during the interview delved into the allocation of resources within budgeting processes, emphasizing its crucial role in ensuring fair distribution among labor, equipment, and services to enhance organizational practices and care provision (Bouzari et al., 2023). Ms. Liu stressed the significance of aligning budgeting with a need-based assessment to effectively prioritize current organizational needs.

According to Ms. Liu, the allocation process commences with a thorough needs assessment and the development of a plan spanning one to two years, adjusting resources accordingly. It is assumed that required resources will be readily available without shortages, and estimated costs will reflect actual market conditions. Resource allocation is then based on liquidity and probabilities, with labor budgets being flexible to cover salaries and training, while equipment budgets are fixed due to being one-time purchases, with maintenance typically budgeted for each fiscal cycle. Conversely, service budgets tend to be higher due to their association with vendors, contractors, and outsourcing.

In line with many organizations, Ms. Liu’s organization employs tools like Outlook and Excel for communication and utilizes spreadsheets to track yearly trends, expenses, revenues, and timelines, comparing them to past-decade trends to identify areas for improvement. Following allocation, content monitoring ensures alignment with goals, with evaluation based on revenue generation and a balanced scorecard. Kruk et al. (2018) underscore the importance of equal and balanced resource distribution in high-quality healthcare systems that align with organizational needs, facilitating decision-making.

Effective Approach to Profitability and Fiscal Success

In the pursuit of profitability and fiscal success, a pragmatic approach relies on strategic planning involving need-based analysis, risk assessment, SMART goal setting, and SWOT analysis. These methodologies aid in identifying organizational needs and effectively allocating resources (Srinivas, 2019). Notably, risk assessment plays a pivotal role in estimating and mitigating risks to contribute to achieving profitability. Moreover, setting SMART goals ensures timely target achievement and fosters staff motivation (Srinivas, 2019).

Ms. Liu’s experience at Florida Community Care underscores the importance of strategic planning, which includes conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. This analysis is then compared with a balanced scorecard, which assesses financial, internal, learning and growth, and customer aspects. Such a comprehensive approach ensures the alignment of organizational goals with strategic planning (Srinivas, 2019).

Research further suggests that the amalgamation of SWOT analysis with the balanced scorecard offers detailed insights into the organization’s status, facilitating the strategic utilization of internal and external information to bolster strengths and opportunities while addressing threats and weaknesses (Quezada et al., 2019).

Furthermore, alternative approaches to achieving profitability may involve forming cross-functional teams to explore innovative ideas and implementing strategies to augment revenue. These strategies could include adopting environmentally friendly practices, adjusting care pricing, implementing standardized hygiene protocols, using biodegradable supplies, or integrating electronic health record systems (Quezada et al., 2019).

Nursing Leader’s Approach to Budget Management

The way nursing leaders manage budgets is crucial for ensuring resources are used efficiently. Nursing leaders need to plan budgets that match the organization’s goals and needs. A skilled nurse can demonstrate expertise in patient-centered care and financial responsibility, which are vital for the organization’s success (Mlambo et al., 2021). Therefore, a nursing leader’s budget should comply with regulatory standards and accurately manage revenue and expenses. Additionally, employing a transformative leadership style that involves all stakeholders, implements access control measures, and strategically allocates resources can help nursing leaders exhibit effective budget management skills.

Research indicates that structured training and education on budget management, using a multidisciplinary approach, can enhance a nurse leader’s abilities (Paarima et al., 2021). The effectiveness of a budget can be assessed by measuring achievements against set goals and using a balanced scorecard (Fuertes et al., 2020). Budgeting helps identify obstacles to decision-making and allows for clear definition of the budgeting process.

Conclusion

Effective budget management in healthcare is crucial for ensuring optimal resource allocation and achieving organizational goals. Through the insights shared by Ms. Liu, a seasoned nursing leader, it is evident that understanding the nuances of budgeting, including the management of operating and capital budgets, as well as the allocation of resources for labor, equipment, and services, is essential for nursing leaders. By adopting strategic planning methodologies such as SWOT analysis, SMART goal setting, and risk assessment, nursing leaders can navigate budgeting challenges and contribute to the profitability and fiscal success of their organizations. Furthermore, investing in structured training and education can enhance nursing leaders’ budget management skills, leading to improved financial outcomes and quality of care delivery.

References

Bouzari, Z., Ahmadian, L., & Sedghi, S. (2023). Resource allocation in health sector: a systematic review. Cost Effectiveness and Resource Allocation, 21(1), 1-13.

Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual framework for the strategic management: A literature review—descriptive. Journal of Engineering, 2020, 1–21.

Kruk, M. E., Gage, A. D., Joseph, N. T., Danaei, G., García-Saisó, S., & Salomon, J. A. (2018). Mortality due to low-quality health systems in the universal health coverage era: a systematic analysis of amenable deaths in 137 countries. The Lancet, 392(10160), 2203-2212.

Mlambo, M., Silén, C., & McGrath, C. (2021). Lifelong learning and nurses’ continuing professional development, a metasynthesis of the literature. BMC Nursing, 20(1), 62.

Paarima, Y., Kwashie, A. A., & Ofei, A. M. A. (2021). Financial management skills of nurse managers in the Eastern Region of Ghana. International Journal of Africa Nursing Sciences, 14, 100269.

Quezada, R. L., Saldaña, A. E., & Mondragon, P. E. (2019). Organizational improvement through the integration of SWOT analysis and balanced scorecard. International Journal of Applied Management Science, 11(1), 18-38.

Srithongrung, A., Chang, C. H., & Cheah, Y. N. (2019). Nurses’ budgetary participation and job performance: evidence from Thailand. Journal of Nursing Management, 27(2), 279-286.

Srinivas, B. K. (2019). The strategic management process: A guide to implementation. Routledge.

Detailed Assessment Instructions for the NURS FPX 6216 Creating and Managing Budgets Mentor Interview Assignment

Description

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.

Note: Complete the assessments in this course in the order in which they are presented.

SHOW LESS

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.

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.
• Note: Complete the assessments in this course in the order in which they are presented.

PREPARATION

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. Note: Remember that you can submit all of, or a portion of, your draft analysis to Smarthinking for feedback, before you submit the final version for this assessment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback, if you plan on using this free service. 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], linked in the Resources under the Suggested Resources heading, 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 Template [DOCX] linked in the Resources under the Required Resources heading. An APA tutorial is also provided in the Resources, under the Suggested Resources heading, to help you in writing and formatting your analysis. Be sure to include:
    • A title page and reference page. An abstract is not required.
    • A running head on all pages.
    • 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.

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