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NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

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    NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

    Student Name

    Capella University

    NURS-FPX 6216 Advanced Finance and Operations Management

    Prof. Name

    Date

    Mentor Interview

    Understanding business and financial management is a crucial aspect for nursing leaders as it enables effective analysis of current healthcare trends, both local and international, leading to patient-centered outcomes within the organization (Figueroa et al., 2019). Combining clinical and business skills helps nurses grow within the healthcare system, meeting the demands of an ever-evolving healthcare community.

    This comprehensive knowledge empowers nurses with leadership and management skills, enabling them to be more proactive in decision-making and challenging traditional approaches (Mlambo et al., 2021). Business management in healthcare, especially budgeting and resourcing, plays a critical role. This report is based on a mentor interview with Ms. Liu, a nursing leader with three years of experience in business management and hospital budgeting at Florida Community Care.

    Comparison Between the Management of Operating and Capital Budgets

    The interview explored the difference between managing operating and capital budgets. Ms. Liu emphasized that these processes are distinct in their approach, durations, strategic objectives, and funding. The operating budget focuses on short-term revenue generation and day-to-day expenses, covering routine operational costs, while the capital budget involves long-term investments in assets like buildings and technology (Michelon et al., 2020).

    Ms. Liu further explained that operational budgeting is based on optimizing current resources and managing operational efficiency, while capital budgeting involves risk assessment and evaluation of potential opportunities. Approvals for operational budgets fall under department heads, while capital budgets require approval from the board of directors and CFOs.

    Allocating Resources for Labor, Equipment, and Services

    The interview delved into resource allocation within budgeting. Proper allocation is crucial for fair distribution between labor, equipment, and services, enhancing organizational practices and care provision (Bouzari et al., 2023). Ms. Liu stressed that budgeting should align with a need-based assessment, ensuring resources match prioritized needs. The allocation process involves assessing needs, identifying resources, and dividing budgets based on liquidity and probabilities for labor, equipment, and services.

    Effective Approach to Profitability and Fiscal Success

    Practical profitability and fiscal success hinge on strategic planning, risk assessment, SMART goal setting, and SWOT analysis. Ms. Liu highlighted the use of SWOT analysis at Florida Community Care for strategic planning, aligning strengths and opportunities with organizational goals (Quezada et al., 2019). Alternative approaches for profitability include exploring unique ideas through cross-functional teams.

    Nursing Leader’s Approach to Budget Management

    A nursing leader’s approach to budget management is essential for efficient resource allocation aligned with organizational goals. Proficiency in patient-centered care and fiscal responsibility is crucial for continued success. Training and education on budget management, through a multidisciplinary approach, can enhance a nurse leader’s skills (Paarima et al., 2021).

    Conclusion

    The interview with Ms. Liu provided insights into operational and capital budgeting, resource allocation, and strategic planning. Risk assessment is crucial for goal alignment. Overall, the discussion highlighted the importance of effective budget management in achieving organizational success.

    References

    Bouzari, P., Gyenge, B., Ebrahimi, P., & Fekete-Farkas, M. (2023). Problem solving and budget allocation of SMES: Application of NCA approach. Computation, 11(3), 48. https://doi.org/10.3390/computation11030048

    Figueroa, C. A., Harrison, R., Chauhan, A., & Meyer, L. (2019). Priorities and challenges for health leadership and workforce management globally: A rapid review. BMC Health Services Research, 19(1), 239. https://doi.org/10.1186/s12913-019-4080-7

    Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual framework for the strategic management: A literature review—descriptive. Journal of Engineering, 2020, 1–21. https://doi.org/10.1155/2020/6253013

    NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

    Kruk, M. E., Gage, A. D., Arsenault, C., Jordan, K., Leslie, H. H., Roder-DeWan, S., Adeyi, O., Barker, P., Daelmans, B., Doubova, S. V., English, M., García-Elorrio, E., Guanais, F., Gureje, O., Hirschhorn, L. R., Jiang, L., Kelley, E., Lemango, E. T., Liljestrand, J., … Pate, M. (2018). High-quality health systems in the Sustainable Development Goals era: Time for a revolution. The Lancet Global Health, 6(11), e1196–e1252. https://doi.org/10.1016/S2214- 109X(18)30386-3

    Michelon, P. D. S., Lunkes, R. J., & Bornia, A. C. (2020). Capital budgeting: A systematic review of the literature. Production, 30, e20190020. https://doi.org/10.1590/0103-6513.20190020

    Mlambo, M., Silén, C., & McGrath, C. (2021). Lifelong learning and nurses’ continuing professional development, a metasynthesis of the literature. BMC Nursing, 20(1), 62. https://doi.org/10.1186/s12912-021-00579-2

    Paarima, Y., Kwashie, A. A., & Ofei, A. M. A. (2021). Financial management skills of nurse managers in the Eastern Region of Ghana. International Journal of Africa Nursing Sciences, 14, 100269. https://doi.org/10.1016/j.ijans.2020.100269

    Quezada, L. E., Reinao, E. A., Palominos, P. I., & Oddershede, A. M. (2019). Measuring performance using SWOT analysis and a balanced scorecard. Procedia Manufacturing, 39, 786–793. https://doi.org/10.1016/j.promfg.2020.01.430

    NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

    Srinivas, K. (2019). Process of risk management. In A. G. Hessami (Ed.), Perspectives on Risk, Assessment and Management Paradigms. IntechOpen. https://doi.org/10.5772/intechopen.80804

    Srithongrung, A., Yusuf, J.-E. (Wie), & Kriz, K. A. (2019). A systematic public capital management and budgeting process. Capital Management and Budgeting in the Public Sector, 1–22. https://doi.org/10.4018/978-1-5225-7329-6.ch001