Preparing and Managing the Operation Budget

NURS FPX 6216 Assessment 2 Healthcare management is a dynamic field of quality care that entails planning, organizing, and evaluating organizational structure to enhance clinical results and improve the quality of care. In this field, the nursing leader oversees the operating budget, improves employee and patient satisfaction, and empowers the team via innovation (Brennan & Wendt, 2021). A business acumen, workplace facilities, and healthcare management and resource disposition of a leader all contribute to their ability to plan and allocate workplace finances, adopt current system trends, and design a sufficient budget that allows them to utilize income and attain revenue in a proper manner. Nursing leaders can enhance practices through acquiring knowledge about business skills, as research indicates (Alsadaan et al., 2023). This will enable them to increase their healthcare facilities, provide them with the capacity to make complex decisions, and offer patient-centered care. Sonmez-Cakir and Adiguzel (2020) opine that leaders can improve their competency in the provision of standard care practices by applying their business and economic expertise. It allows nursing executives to make innovative alterations in their healthcare organization with consideration of staff and patient requirements and handling staff and patient satisfaction uniquely.

NURS FPX 6216 Assessment 2 Preparing and Managing an Operating Budget

Similarly, research has shown that effective nursing leadership can enhance patient outcomes by curtailing the spread of medical mistakes, which affects morale and productivity throughout the whole organization (Specchia et al., 2021). Safe, effective, and high-quality patient care is reinforced by robust leadership. The preparation and implementation of an operating budget as a nursing administrator of a 35-bed hospital and 20 full-time equivalent staff members is the topic of the present assessment. The aim of this evaluation is to utilize the existing workforce, control the risk of turnover and retention, and develop and monitor a budget for the unit that I am responsible for. The objective of developing this budget is to ensure that it aligns with the needs of the organization. I have a lucky team who is ready to help with extra shifts.

Operating Budget 

An operating budget is a detailed estimate of the expenses and revenues of a business over a specific period. It is a guideline for the amount of money that the organization will require to operate and is budgeted as a target of what to anticipate over a specific period. Typically drawn up for a year, it is an estimated expense drawn up to cover the costs on the basis of fixed and changing costs, along with the projected revenue earned during the year and the projected costs. As per Abdulsalam and Schneller (2019), the expenses of a small hospital comprise medical supplies, utilization, bills, training and development expense, appraisals, bonuses, devices, and technology maintenance expense. Though revenue is influenced by patient satisfaction with hospital care, grants, and other influences, all of these elements are essential for staff satisfaction and retention. charity funding To better the budget in regards to managing the budget and enhancing patient-centered care, my organization’s budget was structured to enhance staff satisfaction and retention. I created a one-year operating budget, breaking it up into three quarters for analysis and evaluation to make sure the plan is in line with organizational objectives, fulfills patient care needs, and improves employee retention. Patient-centered care and staff retention are prioritized in the current budget. Through performance reviews, bonuses, telehealth integration, and team-building training, the goal is to improve employee retention. Simultaneously, patient-centered care’s central objectives include modifying infrastructure, procurement of medical supplies, and assessment. It has been shown that patient satisfaction and staff retention have implications on improved clinical results, ensuring maximum organizational advantage to both. staff and patients (Specchia et al., 2021).