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MSN6216 - Advanced Finance and Operations Management

Unit 1 Discussion

DQ1 Allocation of Resources

Discuss the concept of market in facilitating efficient allocation of health care resources. Provide one specific example of how you, as a nurse leader, will apply this concept to the financial management and operation of a health care facility or unit.

How does market relate to demand?

What demand shifters are factors in your facility or unit?

Are these factors that nurse leaders can influence?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

In what respects are the demand shifters that affect your facility similar to or different from those your colleague identified?

How does your view align with that of your colleague regarding the nurse leader’s influence over factors affecting resource allocation?

Learning Components

This activity will help you achieve the following learning components:

Identify the factors that determine effective allocation of resources.

Identify required resources for labor, equipment, and services.

Apply the principles of effective composition.

Proofread and edit written communications.

DQ2 GDP and Health Care

Discuss the portion of the U.S. gross domestic product (GDP) comprising U.S. health care expenditures.

What must change in the U.S. health care delivery system with regard to patient care and the costs of that care?

How can the reality of utility complicate or reinforce these changes?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

Do you agree with your colleague’s assessment of needed changes in U.S. health care?

Why or why not?

Do they have credible evidence for their claims?

What counterarguments might you present?

What additional thoughts can you offer about the prospects for change?

Learning Components

This activity will help you achieve the following learning components:

Proofread and edit written communications.

Identify the major factors affecting staffing and productivity.

Apply the principles of effective composition.

Define and describe financial goals.

Identify factors affecting the budget.

 

MSN6216 - Advanced Finance and Operations Management

Unit 2 Discussion

DQ1 MCOs and PPOs

Compare and contrast managed care organizations (MCOs) and preferred provider organizations (PPOs).

How do these models of care affect your role as a nurse leader in managing health care delivery?

What cost-saving strategies are utilized in the two models?

How do these strategies function to control health insurance costs?

Provide a concrete example of how capitation can control health care costs.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

Do these models of care affect how you manage the delivery of care differently from that of your colleague?

If so, in what ways, and why?

What cost-saving strategies has your colleague overlooked, if any?

Can you elaborate on your colleague’s capitation example, or offer different examples?

Learning Components

This activity will help you achieve the following learning components:

Proofread and edit written communications.

Apply the principles of effective composition.

Identify the basic principles of effective budget management.

Identify the sources of budgetary data and information.

Identify effective budget management techniques.

DQ2 Importance of Nurse Mentors in Professional Development

Describe two or three areas where you feel a mentor could help you grow as a professional and assist you in becoming a better financial manager.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

What has been your experience as either a nurse mentor or mentee?

To what extent did these experiences involve financial management?

Were these experiences generally positive or negative? Why?

What do you consider to be the most valuable aspect of nurse mentorship with regard to financial management?

Learning Components

This activity will help you achieve the following learning components:

Apply the principles of effective composition.

Determine the impact of budget management on financial planning.

Proofread and edit written communications.

Identify effective budget management techniques.

 

MSN6216 - Advanced Finance and Operations Management

Unit 3 Discussion

Capital and Operational Budgets

Capital and operational budgets each play a major role in the financial expenditures of nursing units. For this discussion:

Explain the purpose and use of each type of budget.

Describe your experience with either type of budget.

Have you prepared or contributed to the development of one of these budgets?

How have one or the other of these two budgets affected the provision of care in your organization or unit?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider:

How might you elaborate on your colleague’s explanation?

How does your experience with these budgets compare to that of your colleague?

How are these budgets related to an organization’s strategic goals?

Learning Components

This activity will help you achieve the following learning components:

Apply the principles of effective composition.

Identify assumptions underlying a budget.

Distinguish between an operations budget and a capital budget.

Identify alignment between the budget and the organization's mission.

Proofread and edit written communications.

 

MSN6216 - Advanced Finance and Operations Management

Unit 4 Discussion

DQ1 Budget Preparation

For this discussion, imagine you have taken a new position as a nurse leader for a long-term care facility and it is your first week on the job. Your manager has asked you to develop the budget worksheet for next week's budget meeting with the board of directors. You have never prepared a budget and are feeling anxious regarding this process.

Describe your strategy for dealing with this request?

What resources will you leverage?

How will health care informatics and technology assist in the creation of a budget?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

How does your experience with developing the budget worksheet compare with that of your colleague?

What suggestions or recommendations can you offer to help your colleague strengthen their budgeting skills?

What resources have you found to be useful in preparing a budget worksheet that you would recommend?

Learning Components

This activity will help you achieve the following learning components:

Determine resource needs.

Determine primary sources of budget information.

Identify factors affecting the budget.

Identify assumptions underlying a budget.

Proofread and edit budget data and information.

Apply the principles of effective composition.

DQ2 Inadequate Budgets

You are the nurse leader on a busy medical-surgical unit and have been experiencing a vacancy rate of 20 percent for RNs on the unit. The patient satisfaction feedback and evaluation scores are quite low, and you believe this is related to having an inadequate budget to meet the unit goals.

Describe your strategy, as the nurse leader, for applying finance principles to achieve organizational goals and fiscal success for your unit.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

How does your experience with developing strategies to achieve organizational goals and fiscal success compare with that of your colleague?

What suggestions or recommendations can you offer to help your colleague strengthen their strategies for improving fiscal success?

What resources have you found to be useful in developing your strategies that you would recommend?

Learning Components

This activity will help you achieve the following learning components:

Determine how a department, unit, or project aligns with the mission and goals of an organization.

Determine budget allowances.

Identify the mission and goals of an organization.

Identify available resources.

Identify strategic objectives.

Identify productivity goals.

Identify factors affecting the budget.

Recognize budgetary limits.

Determine resource needs.

Apply the principles of effective composition.

Proofread and edit budget data and information.

 

MSN6216 - Advanced Finance and Operations Management

Unit 5 Discussion

Budget Design

In this unit’s assignment, you will submit an operating budget. Discuss your experience of designing the budget.

Describe what parts of the process were areas of strength for you.

What factors contribute to those strengths?

Describe areas of weakness.

What resources can you use to improve your skills in those areas?

How has your concept of budget creation changed over the course of completing this assignment?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

How does your experience with budget design compare with that of your colleague?

What suggestions or recommendations can you offer to help your colleague strengthen their budgeting skills?

What resources have you found to be useful in preparing an operating budget that you would recommend?

Learning Components

This activity will help you achieve the following learning components:

Apply the principles of effective composition.

Proofread and edit budget data and information.

 

MSN6216 - Advanced Finance and Operations Management

Unit 6 Discussion

DQ1 Approach to Capital Budgets

In the final assignment for this course, you will prepare a capital budget for a proposed renovation project. For this discussion:

Explain how you will approach the process of designing the budget.

What steps will you need to take?

What resources will you access?

Will you collaborate with other executives or staff?

How will you tie the vision for the capital expenditure to the organization's mission and goals?

Describe the real-world timeline for development of a capital budget, outside the context of this course.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

 

As you contemplate your response, consider the following questions:

How does your approach compare to that of your colleague?

What might account for major differences in approach, if any?

Does your colleague have a strong case for supporting the organization’s mission and goals?

Is your colleague’s budget development timeline reasonable?

If not, what factors might they have overlooked?

Learning Components

This activity will help you achieve the following learning components:

Identify fiscal performance goals and metrics.

Identify strategic objectives.

Determine how a department, unit, or project aligns with the mission and goals of an organization.

Identify the mission and goals of an organization.

Apply the principles of effective composition.

Identify information sources.

Proofread and edit written communications.

Determine the need for particular assets, equipment, services, or goods.

DQ2 Financial Communication Skills

Communicating your vision for a project to administrative leaders is an important skill as a nurse leader. The administration will need to understand the correlation between a proposed project, product, or service, and their overall goals. For this discussion:

Explain your approach to developing a capital budget and accompanying strategic plan for profitability and fiscal success.

What issues and challenges do you envision a nurse leader facing during the process?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

What are the strengths and weaknesses of your colleague’s approach?

What tips or suggestions can you offer?

What additional issues or challenges do you foresee?

What advice or recommendations can you offer regarding effective communications with executive leaders?

Learning Components

This activity will help you achieve the following learning components:

Identify fiscal performance goals and metrics.

Identify strategic objectives.

Identify the mission and goals of an organization.

Proofread and edit written communications.

Determine how specific equipment and services contribute to organizational goals.

Apply the principles of effective composition.

Determine how a department, unit, or project aligns with the mission and goals of an organization.

 

MSN6216 - Advanced Finance and Operations Management

Unit 7 Discussion

New Product Launch

Discuss the relevance and importance of a business plan for launching a new product or service line.

Why must nurse leaders be comfortable and competent in creating business plans?

Describe two benefits of having a business plan prior to the launch.

Why must nurse leaders assist the organization in making strategic business decisions for new products or service lines?

Provide an example of a new product or service line that would enhance patient care, and explain how a business plan strengthens the proposal for that acquisition.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

Do you agree or disagree with your colleague’s position on why nurse leaders must be competent in creating business plans? Why or why not?

What additional benefits of a business plan do you see as important that you could share with your colleague?

What are the implications for the organization if nurse leaders are not included in strategic decision making about a new product or service line?

Learning Components

This activity will help you achieve the following learning components:

Identify strategic objectives.

Proofread and edit written communications.

Apply the principles of effective composition.

Identify the mission and goals of an organization.

Determine the need for particular assets, equipment, services, or goods.

Identify productivity goals.

Identify fiscal performance goals and metrics.

Determine how specific equipment and services contribute to organizational goals.

Determine how a department, unit, or project aligns with the mission and goals of an organization.

 

MSN6216 - Advanced Finance and Operations Management

Unit 8 Discussion

Financial Accounting

Discuss the role of the nurse leader in financial accounting and reporting processes in the organization.

How are audits planned and conducted in health care budgeting and finance?

What challenges do you anticipate in the audit process?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

Do you agree with your colleague’s perspective on a nurse leader’s role in financial accounting? Why or why not?

How does your colleague’s description of the auditing process compare with your own experience or knowledge of the process?

Can you offer any suggestions for addressing potential challenges or preparing for an audit?

Learning Components

This activity will help you achieve the following learning components:

Determine the time period for cost recovery.

Determine the depreciation value of the capital assets, equipment, services, or goods.

Apply the principles of effective composition.

Proofread and edit written communications.

DQ2 Reporting and Documentation

Your facility follows the Centers for Medicare and Medicaid Services (CMS) standards of care and partners with this agency for reimbursement, once its guidelines are documented as having been met. Your unit is within the window for its CMS survey (inspection), and as the nurse leader you are responsible for preparing your staff for the survey.

Consider your priorities. What key issues will you address as you prepare your staff?

Does your institution partner with CMS in meeting core measures?

Is the documentation related to meeting standards of care appropriate?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider:

The influence of core measures in your own practice environment.

The nurse leader’s accountability with regard to the survey process.

Learning Components

This activity will help you achieve the following learning components:

Define and describe financial goals.

Identify the sources of budgetary data and information.

Apply the principles of effective composition.

Proofread and edit written communications.

 

MSN6216 - Advanced Finance and Operations Management

Unit 9 Discussion

Return on Investment

Return on investment (ROI) is a common measure of the profitability of a capital project. Simply put, it is the ratio of benefits to costs. The benefit realized from the investment is divided by the cost of that investment. In this discussion, you will explore the concept of ROI from a personal perspective to illustrate how financial decision makers consider a major capital expenditure that you might propose.

The nursing profession is often viewed as a discipline that offers opportunities to grow and reap potential benefits or rewards for both the individual and the people to whom services are provided. In this context, the ROI could be viewed as a comparison of the time and expense nurses invest in continuing professional education and the benefits to patients that result from changes in an organizational culture more focused on safety, positive patient outcomes, or several other important aspects of health care.

Consider your role in your current practice setting:

Identify a major investment that you might make in your professional growth and development, for example, new technology or equipment, or perhaps further education of some type.

What might you expect as a fair return on your investment, on both a personal and professional level, that would justify the cost?

What criteria might a particular health care organization or service provider apply to evaluate the return on a capital investment?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses.Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

How does your idea of an acceptable return on investment compare to that of your colleague?

Can you offer any examples of ROI decisions that you have experience with, or knowledge of?

Learning Components

This activity will help you achieve the following learning components:

Determine a return on investment.

Determine the depreciation value of the capital assets, equipment, services, or goods.

Determine the time period for cost recovery.

Calculate costs.

Determine the benefits of a capital expenditure.

Apply the principles of effective composition.

Proofread and edit written communications.

 

MSN6216 - Advanced Finance and Operations Management

Unit 10 Discussion

DQ1 Capital Budget Review and Feedback

For this discussion, post a copy of your capital budget documents to the discussion board for review and feedback from your colleagues.

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you prepare your comments and feedback on your colleague’s capital budget, consider the following questions:

If you were asked to approved your colleague’s budget, do you find the justification convincing?

Is the budget complete?

If not, what line items are missing?

How would you assess your colleague’s plan for managing the budget and addressing budget variances?

Is this capital expenditure a sound financial investment?

Why or why not?

Would you approve this budget?

Learning Components

This activity will help you achieve the following learning components:

Apply appropriate criteria to budget evaluation.

Analyze a capital budget.

Determine the benefits of a capital expenditure.

Determine the need for particular assets, equipment, services, or goods.

Proofread and edit written communications.

Apply the principles of effective composition.

DQ2 Self-Reflection

There is power in self-reflection at all levels of nursing. This week provides an opportunity for you to focus on how you have met each of the course competencies. Include examples of how the learning activities and assignments in this course helped you develop those competencies.

In addition, address the following questions:

What lessons learned from your experience designing an operating budget will you be able to apply in your professional practice?

What insights have you gained that will help you better manage a nursing staff, given the inevitable budget constraints and demand for increasing productivity?

What lessons learned from your experience designing a capital budget will you be able to apply in your professional practice?

How can you apply what you have learned in your professional practice with regard to best practices for determining equipment and services needs?

What insights into the strategic aspect of financial planning will be of use to you in your professional practice?

What questions remain unanswered for you about finance and operations management?

Ensure that your discussion post is adequate in length by following the requirements for postings found in the Faculty Expectations Message (FEM). In addition, be sure to cite at least one source from the assigned readings or other professional and scholarly literature, as applicable, to support your position, substantiate a claim, or when referring to the ideas or work of others.

Response Guidelines

Read as many posts as time allows. Respond to the required number of peers and use the word count stated in the FEM, preferably responding to posts that have had few or no responses. Your responses are expected to be substantive in nature. You are encouraged to ask questions, elaborate on a particular point, offer an alternative viewpoint, or add comments that extend or sustain the dialog. Remember to cite your sources, as applicable.

As you contemplate your response, consider the following questions:

Were your colleagues’ experiences with this course similar to, or different from, yours?

Have you noticed any general themes or patterns emerge in your colleagues’ responses to the discussion questions?

What suggestions might you offer regarding additional resources or support related to finance and operations management?

Learning Components

This activity will help you achieve the following learning components:

Reflect on lessons learned and their impact on professional practice.

Apply the principles of effective composition.

Proofread and edit written communications.

 

 

MSN6216 - Advanced Finance and Operations Management

Unit 3 Assignment

Mentor Interview

Professional Context

Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.

The assignment in this unit involves you speaking with a leader who has experience with creating and managing budgets. You will learn about that person’s approach to budget management and consider techniques or strategies you may emulate when you are creating and managing budgets.

Scenario

You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year’s operating budget. Like many nurses, you have had little or no direct experience with the budgeting process, and you realize that financial management is not one of your strengths as a leader. Consequently, you have decided to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight.

Instructions

Interview

Conduct an interview with your site supervisor or another nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current role or a previous role. Explore the following topics in your interview:

Their experience managing an operating budget.

Their approach to managing productivity within the parameters of the budget.

Their approach to oversight of the appropriate use and availability of equipment and supplies.

Their experience managing a capital budget.

How managing a capital budget differs from managing an operating budget.

Their application of finance principles to fulfill the organization's mission and goals.

Analysis

Note: The requirements outlined below correspond to the grading criteria in the Mentor Interview Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Mentor Interview document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.

Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.

Compare the process of managing an operating budget to that of managing a capital budget.

Describe the process of allocating resources for labor, equipment, and services.

Describe an effective approach that contributes to planning for profitability and fiscal success.

Evaluate the nurse leader’s approach to budget management.

Write clearly and concisely, using correct grammar and mechanics.

Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.

Note: Remember that you can submit all, or a portion, of your draft analysis to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.

Submission Requirements

Format your paper using APA style.

Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:

A title page and reference page. An abstract is not required.

A running head on all pages.

Appropriate section headings.

A minimum of five properly-formatted citations and references.

Your executive summary should be 3–5 pages in length, not including the title page and reference page.

Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

 

MSN6216 - Advanced Finance and Operations Management

Unit 5 Assignment

Preparing and Managing an Operating Budget

Professional Context

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 assignment 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.

Scenario

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.

Instructions

Note: The requirements outlined below correspond to the grading criteria in the Preparing and Managing an Operating Budget Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Preparing and Managing an Operating Budget document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.

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.

Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.

Note: Remember that you can submit all, or a portion of, your draft budget to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.

Submission Requirements

If you used Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.

Format your budget using APA style.

Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:

An APA-formatted title page and reference page. An abstract is not required.

A minimum of five ;properly-formatted citations and references.

Your budget should be 8–10 pages in length, not including the title page and reference page.

Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

 

MSN6216 - Advanced Finance and Operations Management

Unit 7 Assignment

Budget Negotiations and Communication

Professional Context

Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today's numerous constraints on funding and highly competitive environments, 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 assignment 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.

Scenario

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.

Instructions

Note: The requirements outlined below correspond to the grading criteria in the Budget Negotiations and Communication Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Budget Negotiations and Communication document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.

Write an executive summary of the operating budget you designed in Unit 5. Make a compelling case for why funds should be allocated for your budget.

Outline a strategic plan that ensures profitability and fiscal success.

Present a plan to meet staff productivity goals, while staying within budget parameters.

Justify equipment and service costs.

Analyze department, unit, or project alignment with the organization's mission and goals.

Write clearly and concisely, using correct grammar and mechanics.

Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.

Note: Remember, you can submit all, or a portion, of your draft paper to Smarthinking for feedback, before you submit the final version for this assessment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.

Submission Requirements

Format your paper using APA style.

Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:

A title page and reference page. An abstract is not required.

A running head on all pages.

Appropriate section headings.

A minimum of five properly-formatted citations and references.

Your paper should be 3–5 pages in length, not including the title page and reference page.

Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.

 

MSN6216 - Advanced Finance and Operations Management

Unit 9 Assignment

Preparing and Managing a Capital Budget

Professional Context

In today’s health care environment, the focus on major purchases as part of the capital budget has emphasized the need for newer and better technology. Although the need to invest in capital equipment and technology has been ongoing, the nursing workforce must also have a safe and pleasant work environment.

This assignment provides an opportunity for you develop a capital budget for a major facility improvement that will benefit patients, nurses, and the organization.

Scenario

You are the unit manager of a 50-bed, step-down unit, and it is time for you to prepare your annual capital budget. You have seen a significant turnover in your nursing staff in the past three years. A review of exit interviews and patient surveys indicates low nurse satisfaction, poor morale, and complaints of an antiquated and depressing work environment. You have researched the impact of a positive working environment on staff productivity and morale and decided to request a renovation of the nurses’ lounge as the main purchase in your capital budget. You will present your request as a quality improvement investment.

Instructions

Note: The requirements outlined below correspond to the grading criteria in the Preparing and Managing a Capital Budget Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Preparing and Managing a Capital Budget document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.

Prepare a capital budget for a facility renovation.

Note: You may use the budget in the Vila Health: Developing a Capital Budget multimedia exercise from this unit’s studies as an example of how you might format your table. You may also use a budget format used in your organization or a format you find in any of the course resources or on the Internet.

Describe the capital acquisition.

Justify the need for the capital acquisition.

Prepare the capital 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.

Describe the process for calculating costs.

Present a plan for budget management.

Explain how the renovation will affect the financial health of the organization.

Present budget data and information clearly and accurately.

Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.

Note: Remember, you can submit all, or a portion, of your draft budget to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.

Submission Requirements

If you used Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.

Format your budget using APA style.

Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:

An APA-formatted title page and reference page. An abstract is not required.

A minimum of five properly-formatted citations and references.

Your budget should be 4–5 pages in length, not including the title page and reference page.

 

 

 

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