Thenursing profession requires understanding how patient care outcomesaffect the employer’s financial bottom line. The understanding ofsuch factors helps nurses in enhancing their motivation andparticipation in reducing the costs incurred in their unit.Additionally, every nursing unit represents part of a largerorganization which relies on the qualification of nurses in managingthe business (Bruun and Laumet, 2016). Nevertheless, nurse managerscarry the most significant responsibility in that they ensure thatthe day-to-day activities conducted are aligned with the goals of theorganization. These responsibilities mandate the nurse managers toserve as decision maker carrying out plans as well as an inspirationto the other staff members based on participating in theorganization’s initiatives. The may be followed closely by theapplication of the 4 E’s where they educate, engage, evaluate andexecute. Most importantly, nurse managers play an essential task inbudgeting the affairs of the unit (Bruun and Laumet, 2016). A budgethelps the nurse manager in planning for the organization’s plan forthe future as well as control the management for a year period.
Inthis case, the top five things I would do to understand the currentbudget for the nursing unit include consulting with the relevantstakeholders and personnel on how budgeting is conducted. The essenceof asking from these individuals entails understanding the operatingbudgets as well as capital resources necessary for planning andmonitoring the financial status of the unit. Secondly, I wouldconduct an interview with the current nurse manager to understand thekey points in tackling budgets (Fitzpartick, 2014). The interviewwould also facilitate in understanding the information as well astips from their previous approaches to managing the financial statusof the unit. Thirdly, research from articles, books, journals andrelevant proposals would facilitate in acquiring essential tips onhow other nursing units developed budgets for their units. These tipswould guide in incorporating the necessary monitoring activities thatoccur every day. Most importantly, research based on these resourcesprovide guidelines on the management of the activities conducted bythe personnel over a one year period (Fitzpartick, 2014). Similarly,information from relevant staff would facilitate in gaining factsregarding the funds received for patients visiting the units. Theinformation would be acquired from staff in charge of differentdepartments regarding revenues charged on the procedures, inpatienthospitalizations, and the patients. Lastly, the internet wouldprovide significant information based on the regulations andstandards necessary for implementing budgets in nursing organizations(Fitzpartick, 2014).
Consequently,managing and utilization of funds require thorough analyzation of thereports submitted by each department. Some of the reports I would usein understanding and managing the budget include financial reportsbased on the expenses that include the costs of nursing staff, theiractivities, supplies and other items used to operate the unit(Fitzpartick, 2014). The essence of these reports would allowdetermination of the employments costs that include salaries andwages of the employees on the factor such as overtime, differentialsin shifts, education, and benefits. Secondly, I would focus onreports from the procurement department to understand the costsincurred in acquiring medical supplies necessary for patient care(Fitzpartick, 2014). These reports would allow understanding ofexpenditures incurred on a monthly basis and eventually on an annualbasis. They would also facilitate the management of the stock in theunit regarding medication, office supplies, maintenance and repairsused on the premises (Fitzpartick, 2014).
Theresearch would require incorporation of resources as well aspersonnel that would help in the acquisition of the relevantinformation regarding the nursing unit. These resources include theelectronic health records employed in the unit in documentinginformation on patients who access the group. These medical recordswould facilitate the determination of expenses incurred and theprices paid by the patients to evaluate the profits the organizationsmakes on a daily, monthly and annual basis (Bruun and Laumet, 2016).On the other hand, the personnel would include other nurses, leaders,and head of departments who would provide sufficient information onthe operations conducted in the unit. Nevertheless, the acquisitionof a better handle on the finances would require alignment of alltransactions with one system that indicates the costs and expenses.These factors would facilitate the monitoring of operations whichwould say eventually that the costs stay within the projectedbudgetary limits (Bruun and Laumet, 2016).
Bruun, M.,& Laumet, P. (2016). Managing Asset Maintenance Needs andReaching Performance Goals within Budgets. TransportationResearch Procedia, 14,2976-2984. doi:10.1016/j.trpro.2016.05.422
Fitzpatrick, M. A.(2014). Nurse Executives in Industry: Making the Business Case forClinical Leadership. NurseLeader, 12(4),32-36. doi:10.1016/j.mnl.2014.05.004