Budget Negotiations and Communication 

NURS FPX 6216 Assessment 3 Perhaps one of the most crucial elements in the running of a business purchase is the budget for operations. As they ensure that all areas of the facility are operated and maintained, the nursing leader must prepare and be responsible for the budget. Building and negotiating a 35-bed hospital budget that caters to an elderly clientele with 20 equivalent staff—the bulk of which is also open to part-time work—is the core of the existing assessment. The core of this assessment is communication and explanation of the already offered budget based on two critical determinants: staff retention and patient-centered care. The fiscal profitability plan that can be applied to enhance fiscal profitability is discussed in the budget justification, and the manner in which it raised employee productivity, funded the cost of equipment and services, and developed a relationship to facilitate the budget and the goals of the organization.

Strategic Plan for Profitability and Fiscal Success 

The need assessment of the existing budget indicated that staff retention and patient-centered care were the primary needs. With the use of SWOT analysis, my goal was to enhance staff retention and patient-centered care. Aside from identifying the current situation of the organization and its internal strengths, the SWOT analysis allows for a realistic analysis of the organization and its environment (Gharachorloo et al., 2021). The plan was designed to provide the nursing leader with a direction so they could ascertain their priorities and align their work accordingly. 1. The initial part of the plan addresses employee retention strategies that will help retain existing employees and hire new ones. Through the provision of competitive pay packages and performance appraisals, the organization believes that it can increase employee satisfaction and make them feel valued. Clinical outcomes are significantly improved by employee retention since motivated employees will work diligently and deliver improved patient-centered care (Panda & Sahoo, 2021). Performance-based raises can help enhance employee retention, and the strategy was based on increasing wages and overtime pay. These performance-appraisal-based approaches rank highest because turnover ranks among the firm’s greatest issues. 2. With an integrated system that can be used to help engage patients with their care—e.g., patient feedback questionnaires—and supporting a culture of empathy and individualized treatment, the plan stresses the importance of patient-centered care even further. By developing a patient-centered culture of listening to patients’ complaints, embracing novel ideas, and improving the standard of service excellence, care management can be enhanced (Kwame & Petrucka, 2021). Readmission via hygiene control, reduced complaints, and infections in healthcare are some of the strategies of improving healthcare that may be utilized for putting patient-focused care into action.

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication  

3. Also, the organizational lack of training affected turnover as the employees were not satisfied with their work and, therefore, the quality of care was compromised. Proper training can facilitate beneficial interpersonal collaboration through supporting the newly hired and capable employees in bettering their training and employing cross-functional teams for controlling the infection rate and patients’ outcomes. However, there are some variables in the strategic planning for financial success because changes in the economy and uncertainty in the market can influence how much money the company can spend on the change. The ever-changing trends of the industry, the strict demands and regulatory compliance changes, and the impact of technology advancements on standards of care are other factors that can be of concern.

Plan for Staff Productivity Goals 

Employee productivity is important to patient-centered care since it engages staff members in learning and working together for patient benefit. Conversely, low productivity encourages defensive strategies of care and poses infection and complication risks (Kara Ferris et al., 2021). Therefore, maintaining employee productivity is vital through the improvement of the work environment and provision of amenities that show appreciation towards employees.

Feedback loops: 

The organization can learn about the problems that employees are experiencing through the use of feedback loops to collect their opinions and comments. Workload is one of the significant problems that must be solved when staff retention is low (Ghani et al., 2022). Consequently, the organization will be in a position to enhance staff productivity by splitting the workload by seeking feedback and recruiting new staff to make sure that the nurse-to-patient ratio is enhanced.

Stakeholder Awareness: 

In order to make the employees feel that they belong to the company, it is essential to notify all concerned parties of changes in work conditions, such as performance-based evaluation, appraisal, and revised pay. Employee retention can also be improved by examining workload trends and identifying areas that need to be improved, such as improved patient flow, task assignment, and staff scheduling.

Monitoring the progress:

Any strategy is effective if it is being constantly revised and assessed. Hence, a constant feedback loop that allows employees to adapt to the changes is essential for the changes to be productive. The feasibility of other alternatives, such as outsourcing and mandatory overtime, resulted in their rejection. While outsourcing has the effect of reducing labor cost, it has the effect of reducing staff morale and quality care due to insecurity of job. Mandatory overtime has the effect of also deteriorating the relationship between the employer and employees, bringing about compliance issues, and augmenting job dissatisfaction and fatigue.

Justification of Equipment and Service Costs

Resource allocation can be facilitated through making a budget for the utilities and costs required for effective operation. Following salaries, benefits, and appraisals, utilities, medical supplies, and prescription medications are some of the significant expenses that require the highest budget allocation. Companies can enhance their budget control and prioritize spending where it will be most effective through proper allocation of resources (Xi et al., 2023). Also, the funding for medical supplies was tied to technology, drug dispensation, and maintenance of machines—all of which are essential elements of patient-centered care.