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Preparing and Managing an Operating Budget
• Prepares an operating budget.
• Exp
Preparing and Managing an Operating Budget
• Prepares an operating budget.
• Explains how a budget is designed and created.
• Develops a strategic plan.
• Develops an approach to ongoing budget management.
• Presents budget data and information clearly and accurately.
You are the nurse manager of a 35-bed hospital unit with 20 full-time equivalent (FTE) staff. You have been given the task of getting the budget under control. Several people have recently left the unit, and you have been working to fill those open positions. Your staff work scheduled overtime and many sign up to work extra shifts. Your unit serves an older population as well, and has incurred expenses associated with this group of patients.
Prepare and submit an operating budget for your hospital unit.
Prepare the operating budget.
Note: Assemble your budget figures in a table, using a format of your choice. You may use either Microsoft Word or Excel to create your budget table.
Explain how the budget was designed and created.
Develop a strategic plan.
Develop an approach to ongoing budget management.
Present budget data and information clearly and accurately.
Sound financial management is essential to the fiscal well-being of all health care organizations, and the nurse leader plays an important part. Consequently, the preparation and effective management of operating budgets is a critical skill for nurse leaders. The budget guides leaders in optimizing the use of resources, and because nurses are closest to patients, they understand very well what it takes to operate on a daily basis and provide safe, high-quality care.
This assessment provides an opportunity for you to develop an operating budget for a health care unit. Keep in mind, staff is a large part of this budget and is often hard to control.
Numbers on a budget sheet or report are only numbers. Nurse leaders are major decision makers who must be informed and able to make data-driven decisions, often in a very limited amount of time. Financial analysis consists of the organization and presentation of data in a meaningful and relevant format that enables analysis, comparison, and synthesis.
One of the major challenges facing nurse leaders with regard to financial analysis is determining how many and what types of health care goods and services to deliver. Leaders must also consider how much to charge for goods and services and how to break even or generate profits.
Preparation
Note: Complete the assessments in this course in the order in which they are presented.
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.
What major sections would you include in an operating budget?
What are your primary sources of budget information?
Would you include nice-to-have items in your budget? Why or why not?
What factors, such as organizational objectives, policies, and competition for funding, might affect the development and management of an operating budget?
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You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
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