Write a 3-5 page executive summary that justifies the operating budget you prepared in Assessment 2.
Consider the operating budget you developed in Assessment 2.
RUBRIC
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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 suppo
1
Budget Negotiations and Communication
John Foscolos
Capella University
NURS-FPX6216: Adv Fin & Operations Mgmt
Dr. Georgena Wiley
July 2022
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2
Budget Negotiations and Communication
A medical facility’s ability to succeed relies heavily on the planning and maintenance
of its budget. Effective service delivery and high-quality care depend on effective teamwork
and contact between diverse healthcare divisions. This essay discusses how to communicate
effectively about budgetary control to raise the caliber of medical care provided in Cascade
Hospital. A few of the initiatives include assuring financial productivity and growth,
increasing staff performance while staying within budgetary constraints, and supporting the
inclusion of material and service costs in the institution’s budget.
Strategic Plan to Ensure Profitability and Fiscal Success
Cascade Health’s capacity to deliver high-standards, secure healthcare services will
help to strengthen its profitability and financial performance. The patient will choose Cascade
Health Facility above other medical facilities if they receive high-quality care in the coming
years. Additionally, a study analysis reveals a correlation between better hospital profits and
increased patient contentment levels. The study found that American institutions that offered
top-notch patient experiences earned net profits of a minimum of 50 percent more than those
that only provided acceptable patient satisfaction (Jha et al., 2017). A contented customer is
more inclined to have a favorable impression of the whole medical center. A disgruntled
patient is likely to exhibit complacency and even force the professionals to invest additional
time in settling unnecessary disputes.
Medicare fines medical facilities for high levels of 30-day rehospitalization, which are
a sign of the quality of treatment. Clinical investigations show that specific care changeover
procedures lower r
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.
Note: Complete the assessments in this course in the order in which they are presented.
Preparation
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.
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 b
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