NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
Phillip October 5, 2023 No Comments

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

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 operating budget is one of the critical aspects of business acquisition management. The nursing leader is responsible for preparing and managing the budget while ensuring that all aspects of the facility are managed and catered to. The current assessment is based on developing and negotiating a budget for a 35-bed hospital operating an elderly population with 20 equivalent staff members, most of whom are also ready to work part-time. This assessment is based on providing the justification and communication of the previously presented budget based on two key aspects: staff retention and patient-centered care. The budget justification describes the strategic plan that can be used to improve fiscal profitability, how it improved staff productivity, justified equipment and service costs, and established an association to enhance the budget and the organization’s goals.

Strategic Plan for Profitability and Fiscal Success

For the current budget, a need analysis was conducted, which highlighted staff retention and patient-centered care as the primary concerns. My strategic goal was to increase staff retention and patient-centered care through SWOT analysis. The SWOT analysis allows a practical analysis of the organization and its environment while identifying the organization’s current conditions and internal capabilities (Gharachorloo et al., 2021). The goal of designing the plan was to provide the nursing leader with a direction through which they could prioritize their needs and work accordingly.

1.The plan initially discusses employee retention strategies focused on retaining and hiring new employees. The goal is to increase the satisfaction rate by providing appraisals and competitive compensation packages to help them feel valued by the organization. Employee retention significantly improves clinical outcomes, as motivated staff tend to work more diligently, leading to better patient-centered care (Panda & Sahoo, 2021). The plan was based on increasing salaries and compensation for overtime, and performance-based increments can help improve staff retention. One of the significant issues in the organization is turnover, hence prioritizing these appraisal-based strategies.

2. The plan further emphasizes the importance of patient-centered care by implementing an integrated system that can help engage patients within their care, such as patient feedback surveys, and promoting a culture of empathy and individualized care. Care management can be enhanced by fostering a patient-centered culture that emphasizes listening to patients’ concerns, encouraging new ideas, and raising the bar on quality of service (Kwame & Petrucka, 2021). Patient-centered care can be implemented through healthcare improvement strategies such as hospital-acquired infections, readmission reduction through hygiene management, and reduced complaints.

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

3.Training was another issue the organization faced, as the lack of training affected the standard of care and turnover due to a lack of satisfaction with their work. Comprehensive training can help the newly hired and skilled staff enhance their training and utilize cross-functional teams to manage the infection rate patient outcomes, fostering positive interpersonal collaboration.

However, there are certain uncertainties with the strategic planning for fiscal success, as changes in market volatility and economic conditions can impact how much budget the organization can put into the change. Similarly, other factors that can raise concern are the industry’s ever-changing trends, regulatory compliance changes and strict requirements, and the impact of technological advancements on the standards of care.

Plan for Staff Productivity Goals

Patient-centered care relies heavily on employee productivity because it keeps staff members enthusiastic about learning and working together to benefit patients. In contrast, low productivity raises the risk of infections and complications and encourages defensive approaches to care (Kara Ferris et al., 2021). Therefore, it is essential to keep the staff productive by improving the working environment and providing staff facilities to help them feel valued. Staff productivity can be enhanced through the following:

Feedback loops:

The feedback loops can help the organization take the opinions and feedback from the staff and understand the difficulties they face from the staff’s perspective. With low staff retention, the workload is a significant factor that requires attention (Ghani et al., 2022); therefore, taking feedback and hiring new people to ensure that the nurse-to-patient ratio is improved will help the organization bring productivity within the staff by dividing the workload.

Stakeholder Awareness:

Providing awareness to all the stakeholders regarding the changes in the working dynamics, such as appraisal, performance-based evaluation, and revised salaries, should be shared to help the staff feel connected within the organization. Similarly, evaluating workload patterns and identifying areas for improvement, such as improvement in patient flow, task allocation, and staff scheduling, can help improve staff retention.

Monitoring the progress:

Any plan works when modification and evaluation become a continuous process. Thus, for the changes to provide effective results, it is essential to have a continuous cycle of feedback that allows staff to become apt to the changes.

Alternative approaches, such as outsourcing and mandatory overtime, were rejected for their practicality. Outsourcing may reduce labor costs but also reduce the quality of care and staff morale due to job insecurity. Similarly, mandatory overtime can increase fatigue and job dissatisfaction, lead to compliance issues, and strain the employee-employer relationship.

Justification of Equipment and Service Costs

Budgeting the essential utilities and expenses for successful operations can help allocate resources. One of the significant expenses after the employee’s salaries, compensation, and appraisal is utilities, medical supplies, and medication, which require the maximum budget allocation. Proper allocation of resources can help businesses better manage their budgets and allocate funds where they will have the most significant impact (Xi et al., 2023). Furthermore, the amount allocated to medical supplies was associated with technology, machine maintenance, and medication provision, which is essential for patient-centered care.

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Similarly, in regards to the services, hygiene management, maintenance, and training expenses were equally high, as it is one of the significant aspects of reducing turnover and providing patient-centered care. All of these can be achieved by developing strict policies for the maintenance of standards, which can quickly help generate revenue. Research has highlighted that working on services and equipment maintenance can help in patient-centered care associated with having better facilities within the organization and increasing the sense of belonging among the staff members (Edgman-Levitan & Schoenbaum, 2021). Moreover, it relies on the assumption that equipment maintenance can help provide better working machinery. In contrast, this service expense can help increase staff motivation to work with patients.

Link Between the Organization’s Mission and the Project

The project aims to align with the organization’s mission to provide patient care and inter-professional collaboration for better care provision for the elderly population. The current project is aimed at increasing financial performance while keeping staff retention and patient-centered care in mind. The budget is designed to improve patient interactions within the hospital and work to increase their satisfaction level by providing patient-centered care. Similarly, the budget is based on reducing the organization’s turnover rate by improving the retention rate based on appraisals and compensation packages. Research has supported the idea that financially stable organizations have better strategic planning to improve patient care (Dennis, 2019); thus, budget efficacy and accuracy help the hospital focus on factors such as employee retention, training, and development, which further work in support of increasing the effectiveness of patient care.

Conclusion 

Consequently, the current assessment is based on effective budget management for financial security and to improve the standards of care for the organization. Strategic planning can help improve the process by guiding each step and ensuring the budget is aligned with profitability. In contrast, staff productivity can be enhanced by implementing feedback loop suggestions, knowing the changes, and conducting continuous monitoring. Lastly, the budget is linked to the ultimate goal and mission of the organization, which is to provide 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 

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 

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

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 

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 the medical resource allocation: Evidence from China. Healthcare, 11(6), 829. https://doi.org/10.3390/healthcare11060829