NSG 7015 Assignment The Nursing Budgeting Process
NSG 7015 Assignment The Nursing Budgeting Process
Described the various internal and external forces that impact the development of the budget.
Explained the impact of these forces on the nursing budget.
Described how the following impact the nursing budget:
Present healthcare and nursing trends
Healthcare reforms
Accreditation agencies
Consumer groups
Nursing education
The hospital organizational culture
The nursing organizational culture
Used correct spelling, grammar, and professional vocabulary. Cited all sources using APA
Nurse managers must be familiar with the budgeting process. Two budgets that nurses manage on a daily basis are the operating budget and the capital budget. The budget process is ongoing and dynamic, and it provides feedback. When managers begin to prepare a budget, they collect data, plan activities and services, implement the plan and evaluate the outcomes.
In developing the operating budget, you must determine what services are offered or are going to be offered if a new service is planned, the payer mix, the patient mix which relates to acuity, the case mix index, the staff mix and the standards of care that drive the nursing hours of care per patient day.
The nurse manager also needs to determine what the patient outcomes are and whether there are plans to change the services or resources utilized. This information is obtained from prior statistical budget reports as well as the organization’s goals and objectives, the organization’s strategic plan, and industry trends in both care and reimbursement. The budget plan is then developed and the forecast is provided for what resources will be needed to deliver the anticipated services.
The budget process is usually a joint effort between the nurse manager and the organization’s finance department. Following development of the budget, with final tweaking by the finance team and the administration in the organization, the budget is submitted for approval. The operating budget is a formal quantitative expression of management’s plans, intentions and actions. After implementation of the budget, outcomes must be monitored frequently so variances can be identified and corrected for the next budget cycle. If there is a negative variance, you must determine the source. There are 3 major factors that create variances: volume (an increased number of patients), efficiency (not staffing to budgeted care hours), and cost (going over budgeted costs by utilizing over-time, premium pay or agency staff).
The operating budget includes all full-time equivalent personnel and all expenses and revenue for day-in and day-out operations. It’s the most critical budget an organization develops, implements and monitors. A nurse manager must take timely action when costs exceed revenues. Nurse managers must have access to timely, understandable reports.
The capital budget includes major movable equipment and fixed assets. An example of a fixed asset would be renovation of the nursing administration suite. The actual cost to renovate the suite may be $100,000, but once it’s completed, it’s fixed for a defined time period.
The capital budget that nurses and nurse managers are generally responsible for is the major movable equipment budget. Each organization defines the minimal amount that must be budgeted in the capital budget. The dollar amount when one begins budgeting capital items can vary by organization. This range can be from $500 to $5,000 or more.
Another consideration when budgeting major movable equipment is the expected life of the equipment and its depreciation value. Consider a nurse manager who wants to budget for a new portable cardiac monitor. This piece of equipment costs $10,000 and its estimated life is five years. Its depreciation value would be $2,000 per year, and it will need to be replaced within five years.
The purpose of the capital budget is always to have state-of-the-art equipment by replacing what’s lived or surpassed its expected life. It’s also recommended that a contingency line be built into the capital budget – that is, a dollar amount that’s calculated into the budget but not assigned to any set item. This is an emergency budget line so that if a piece of equipment becomes nonoperational, it can be replaced with funds that have been approved in the contingency line. One looks much better in front of a Board when a new item is being requested if there is a contingency line existent in the budget.
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Important information for writing discussion questions and participation
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Your initial discussion post should be a minimum of 200 words and response posts should be a minimum of 150 words. Be advised that I grade based on quality and not necessarily the number of words you post. A minimum of TWO references should be used for your initial post. For your response post, you do not need references as personal experiences would count as response posts. If you however cite anything from the literature for your response post, it is required that you cite your reference. You should include a minimum of THREE references for papers in this course. Please note that references should be no more than 5 years old except recommended as a resource for the class. Furthermore, for each discussion board question, you need ONE initial substantive response and TWO substantive responses to either your classmates or your instructor for a total of THREE responses. There are TWO discussion questions each week, hence, you need a total minimum of SIX discussion posts for each week. I usually post a discussion question each week. You could also respond to these as it would count towards your required SIX discussion posts for the week.
I understand this is a lot of information to cover in 5 weeks, however, the Bible says in Philippians 4:13 that we can do all things through Christ that strengthens us. Even in times like this, we are encouraged by God’s word that we have that ability in us to succeed with His strength. I pray that each and every one of you receives strength for this course and life generally as we navigate through this pandemic that is shaking our world today. Relax and enjoy the course!
Hi Class,
Please read through the following information on writing a Discussion question response and participation posts.
Contact me if you have any questions.
Important information on Writing a Discussion Question
- Your response needs to be a minimum of 150 words (not including your list of references)
- There needs to be at least TWO references with ONE being a peer reviewed professional journal article.
- Include in-text citations in your response
- Do not include quotes—instead summarize and paraphrase the information
- Follow APA-7th edition
- Points will be deducted if the above is not followed
Participation –replies to your classmates or instructor
- A minimum of 6 responses per week, on at least 3 days of the week.
- Each response needs at least ONE reference with citations—best if it is a peer reviewed journal article
- Each response needs to be at least 75 words in length (does not include your list of references)
- Responses need to be substantive by bringing information to the discussion or further enhance the discussion. Responses of “I agree” or “great post” does not count for the word count.
- Follow APA 7th edition
- Points will be deducted if the above is not followed
- Remember to use and follow APA-7th edition for all weekly assignments, discussion questions, and participation points.
- Here are some helpful links
- Student paper example
- Citing Sources
- The Writing Center is a great resource