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NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

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    NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

    Student Name

    Capella University

    NURS-FPX 6216 Advanced Finance and Operations Management

    Prof. Name

    Date

    Budget Negotiations and Communication

    The administration of the operating budget stands out as a pivotal aspect of effective business acquisition management. The nursing leader shoulders the responsibility of preparing and overseeing the budget, ensuring comprehensive management of all facility aspects. The present evaluation focuses on formulating and negotiating a budget for a 35-bed hospital catering to an elderly population, comprising 20 equivalent staff members, many of whom are amenable to part-time work. The assessment’s core emphasis lies in justifying and communicating the previously presented budget, concentrating on two critical facets: staff retention and patient-centered care. The budget justification delineates a strategic plan designed to enhance fiscal profitability, improve staff productivity, justify equipment and service costs, and establish connections to advance both the budget and organizational objectives.

    Strategic Plan for Profitability and Fiscal Success

    In the context of the current budget, a needs analysis was conducted, underscoring staff retention and patient-centered care as primary concerns. The strategic goal aimed to elevate staff retention and patient-centered care through a SWOT analysis, facilitating a practical assessment of the organization and its environment (Gharachorloo et al., 2021). The plan’s purpose was to provide the nursing leader with a directive for prioritizing needs and aligning actions accordingly.

    1. The plan initially addresses employee retention strategies focused on retaining and recruiting new staff, with the objective of increasing satisfaction through appraisals and competitive compensation packages. Enhanced staff retention significantly contributes to improved clinical outcomes, as motivated staff exhibit greater diligence, resulting in superior patient-centered care (Panda & Sahoo, 2021). The plan advocates for salary increases, compensation for overtime, and performance-based increments to augment staff retention, addressing a significant issue of turnover within the organization.
    2. The plan underscores the significance of patient-centered care through the implementation of an integrated system engaging patients in their care, employing tools such as patient feedback surveys and fostering a culture of empathy and individualized care. Elevating care management involves cultivating a patient-centered culture that prioritizes listening to patient concerns, encouraging innovative ideas, and elevating service quality (Kwame & Petrucka, 2021). Implementation strategies include addressing hospital-acquired infections, reducing readmissions through hygiene management, and minimizing complaints.
    3. The plan identifies training as a critical issue affecting the organization, influencing both the standard of care and turnover due to employee dissatisfaction. Comprehensive training can empower new and experienced staff, utilizing cross-functional teams to manage infection rates and patient outcomes, fostering positive collaboration.

    However, uncertainties in strategic planning for fiscal success arise due to potential market volatility and economic conditions influencing the organization’s budget. Additionally, concerns include dynamic industry trends, regulatory compliance changes, strict requirements, and the impact of technological advancements on care standards.

    Plan for Staff Productivity Goals

    Patient-centered care relies heavily on employee productivity, with motivated staff contributing to positive patient outcomes. Conversely, low productivity heightens the risk of infections and complications, fostering defensive approaches to care (Karaferis et al., 2021). Ensuring staff productivity involves improving the work environment, providing staff facilities, and incorporating the following strategies:

    • Feedback loops: Soliciting feedback from staff aids in understanding their perspectives and addressing workload issues, crucial for improving the nurse-to-patient ratio and enhancing overall staff productivity.
    • Stakeholder Awareness: Disseminating information to stakeholders about changes in working dynamics, such as appraisals, performance-based evaluations, and revised salaries, fosters a sense of connection within the organization. Evaluating workload patterns and identifying areas for improvement, such as patient flow, task allocation, and staff scheduling, contributes to enhanced staff retention.
    • Monitoring progress: Continuous feedback cycles are essential for the effectiveness of any plan. Regular evaluation and modification ensure that staff members adapt to changes, making them more adept at providing optimal care.

    Alternative approaches, such as outsourcing and mandatory overtime, were dismissed for their impracticality. Outsourcing, while potentially reducing labor costs, could compromise care quality and staff morale. Similarly, mandatory overtime might lead to fatigue, job dissatisfaction, compliance issues, and strain employee-employer relationships.

    Justification of Equipment and Service Costs

    Budgeting for essential utilities and expenses is crucial for successful operations and resource allocation. After salaries, compensation, and appraisals, significant budget allocation is necessary for utilities, medical supplies, and medication. Proper resource allocation enables effective budget management, directing funds where they will have the most significant impact (Xi et al., 2023). Allocation to medical supplies encompasses technology, machine maintenance, and medication provision, essential components for patient-centered care.

    Regarding services, high expenses in hygiene management, maintenance, and training are justified, as they contribute significantly to reducing turnover and promoting patient-centered care. Strict policies for maintaining standards can generate revenue by improving facilities and staff morale (Edgman-Levitan & Schoenbaum, 2021). Equipment maintenance ensures optimal functionality, motivating staff to work effectively with patients.

    Link Between the Organization’s Mission and the Project

    The project aligns with the organization’s mission to provide patient care and inter-professional collaboration for the elderly population. The budget aims to enhance financial performance while prioritizing staff retention and patient-centered care. It seeks to improve patient interactions and satisfaction levels through patient-centered care, as well as reduce turnover through appraisals and compensation packages. Financially stable organizations exhibit better strategic planning for improved patient care (Dennis, 2019), emphasizing the importance of budget efficacy in addressing factors like employee retention, training, and development.

    Conclusion

    The current assessment underscores effective budget management for financial security and elevated care standards. Strategic planning guides each step, ensuring alignment with profitability goals. Staff productivity is enhanced through feedback loops, stakeholder awareness, and continuous monitoring. The budget is intricately linked to the organization’s mission, focusing on patient-centered care.

    References

    Dennis, C. (2019). Strategic planning—A health system operational perspective. Journal of Hospital Management and Health Policy, 3(0). https://doi.org/10.21037/jhmhp.2019.10.03

    Edgman-Levitan, S., & Schoenbaum, S. C. (2021). Patient-centered care: Achieving higher quality by designing care through the patient’s eyes. Israel Journal of Health Policy Research, 10, 21. https://doi.org/10.1186/s13584-021-00459-9

    Ghani, B., Zada, M., Memon, K. R., Ullah, R., Khattak, A., Han, H., Ariza-Montes, A., & Araya-Castillo, L. (2022). Challenges and strategies for employee retention in the hospitality industry: A review. Sustainability, 14(5), 2885. https://doi.org/10.3390/su14052885

    NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

    Gharachorloo, N., Nahr, J. G., & Nozari, H. (2021). SWOT analysis in the general organization of labor, cooperation and social welfare of East Azerbaijan province with a scientific and technological approach. International Journal of Innovation in Engineering, 1(4), 47–61. https://doi.org/10.59615/ijie.1.4.47

    Karaferis, D., Aletras, V., Raikou, M., & Niakas, D. (2022). Factors influencing motivation and work engagement of healthcare professionals. *Materia Socio

    -Medica, 34*(3), 216–224. https://doi.org/10.5455/msm.2022.34.216-224

    Kwame, A., & Petrucka, P. M. (2021). A literature-based study of patient-centered care and communication in nurse-patient interactions: Barriers, facilitators, and the way forward. BMC Nursing, 20(1), 158. https://doi.org/10.1186/s12912-021-00684-2

    NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

    Panda, A., & Sahoo, C. K. (2021). Work–life balance, retention of professionals and psychological empowerment: An empirical validation. European Journal of Management Studies, 26(2/3), 103–123. https://doi.org/10.1108/EJMS-12-2020-0003

    Xi, Y., Ding, Y., Cheng, Y., Zhao, J., Zhou, M., & Qin, S. (2023). Evaluation of medical resource allocation: Evidence from China. Healthcare, 11(6), 829. https://doi.org/10.3390/healthcare11060829