Interview a leader of your choice who has experience with creating and managing budgets, and write a 3-5 page analysis of your findings from the interview. Introduction Note: Complete the assessments in this course in the order in which they are presented. 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. For this assessment, you will speak with a leader of your choice who has experience with creating and managing budgets, learn about that person’s approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets. Nurse leaders must be well-versed in the fundamentals of health care economics. A firm understanding of these concepts is essential in order to examine national trends and diverse health care organizations. At the organizational level, health care economics operate in a manner very similar to other competitive industries and businesses. Within any organization, regardless of size, nurse leaders must understand the purpose and complexity of building a solid budget. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defending a budget to meet those needs. Note: Complete the assessments in this course in the order in which they are presented. Preparation 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 realize that financial management is not one of your strengths as a leader. Consequently, you have decided that you need to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight. Note: Remember that you can submit all of, or a portion of, your draft analysis 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. As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment. Capital and operating budgets each play a major role in the financial expenditures of nursing units. What is the purpose of each type of budget? How does managing these two types of budgets differ? What financial management techniques are common to both types? Reflect on your experience with either type of budget. How have one or the other of these two budgets affected the provision of care in your organization or unit? Requirements Interview Conduct an interview with your site supervisor, or other 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 or 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. The experience of 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 assessment scoring guide. Be sure that your written analysis addresses each point, at a minimum. You may also want to read the Guiding Questions: Mentor Interview [DOCX] to better understand how each criterion will be assessed. 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 current APA style. Additional Requirements Format your analysis using APA style. Use the APA Style Paper Tutorial [DOCX] linked above. 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 analysis should be 3–5 pages in length, not including the title page and reference page. GRADING RUBRIC: 1- Compare the process of managing an operations budget to that of managing a capital budget. Passing Grade: Compares the process of managing an operating budget to that of managing a capital budget, and identifies knowledge gaps, unknowns, missing information, unanswered questions, or areas of uncertainty. 2- Describe the process of allocating resources for labor, equipment, and services. Passing Grade: Describes the process of allocating resources for labor, equipment, and services, and identifies assumptions underlying the process. 3- Describe an effective approach that contributes to planning for profitability and fiscal success. Passing Grade: Describes an effective approach that contributes to planning for profitability and fiscal success, and impartially considers potential merits of an alternative approach. 4- Evaluate a nurse leader’s approach to budget management. Passing Grade: Evaluates a nurse leader’s approach to budget management, citing one or more relevant resources that provide criteria for budget evaluation. 5- Write clearly and concisely, using correct grammar and mechanics. Passing Grade: Writes clearly and concisely. Grammar and mechanics are error-free. 6- Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using current APA style. Passing Grade: Integrates relevant, credible, and convincing sources of evidence to support assertions. Sources are current, and citations and references are error-free.
Why Choose Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
Customer Support 24/7
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission and Business Papers
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Editing and Proofreading
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.