Budget Negotiations and Communications
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
To attain an effective healthcare system, it is important to utilize the healthcare resources in the best possible way to meet the desired outcomes in the coming future. Most healthcare systems fail to perform well, because of a lack of resource management. Effective resource allocation is the key element in enhancing the organization’s performance and requires effective financial management. Villa Health Hospital strives to ensure effective resource management in the system, to meet the patient’s needs and generate efficient revenue through it. To make resource management effective, the financial management of the system has to play its part, as the financial management of the system has a significant impact on effective resource allocation. The nursing manager will be responsible for managing, coordinating, and allocating the resources in the system. Another important element that the nurse leader has to play is strategic management, as it is closely associated with financial management. This report will be focusing on the operating budget and the expenditure plan which was proposed in the previous assessment, to ensure that it aligns with the organization’s goals.
Strategic Plan to Ensure Profitability and Fiscal Success
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
Effective management is required to execute strategic plans in the system, to attain and meet the organizational goals. Effective management and strategic planning lead to a successful and productive fiscal year, through the integration of an efficient budget plan. An ineffective budget plan can cause unexpected expenses, that the origination can’t afford to deal with. A few important steps to designing an effective budget plan comprise of the following factors:
- To make a cost estimate of the budget
- To ensure effective monitoring of the budget
- To focus and manage the cash flows
- To analyze and evaluate the budget
- To allocate the resources efficiently
- To identify the risk analysis
The proposed budget is cost-effective and should be implemented to achieve fiscal year success. The uncertainties and risk factors often affect the budget, hence the designed budget is made while keeping the uncertainties in mind to overcome the risk factors. The integration of experienced staff and innovative technology will further improve the organization’s outcome. The hospital faced the issue of staff turnover, so the proposed budget recommends focusing on employee motivation to prevent staff turnover and increase staff retention. Smart budgeting will help to achieve the organizational aims and goals.
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
The Medical Care Centre, recently faced a shortage of nursing workforce, due to employee turnover in the organization. Through the implementation of innovative technologies and by adopting approaches to motivate the nursing workforce, the organization achieved sustainability in the system. Thus, these approaches will be useful in bringing sustainability to the Villa Health Hospital.
Plan To Achieve Staff Productivity Goals
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
The nursing staff turnover was experienced in the previous year, which increase the pressure and workload on the other remaining staff members, as they were doing overtime shifts to cater to the patient’s needs. This staff turnover affected the employee’s productivity and the organization’s outcomes. Employee motivation has a significant impact on organizational performance and outcomes (Kuswati, 2020). While keeping the previous years’ experience of nursing staff turnover, the nurse manager will be responsible to reduce the staff turnover rate this year by motivating the employees, increasing their satisfaction level among them, and enhancing their productivity. Talent management practices will be integrated into the system to reduce employee turnover and increase employee retention (Kumar, 2021). Additionally, the nurse leader will ensure to fill the vacant position immediately after the turnover, so that workload pressure does not increase for the remaining staff. Most importantly, training and educational programs will be designed for the nursing workforce to encourage them to enhance their skills (Al-Suraihi et al., 2021). The training and educational programs tend to enhance the knowledge and skills of the employees (Yen & Leasure, 2019).
Rational for Rejecting the Alternative Approaches
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
As the organization faced a higher nursing turnover in the previous year, which increased the workload and pressure on the remaining staff. So, the proposed approaches will help to reduce employee turnover. Also, a lack of motivation was observed among the employees, which resulted in staff turnover, so the focus will be on the employee’s satisfaction and motivation. Additionally, training programs were not conducted consistently, which resulted in a lack of quality in the delivery of services, so the proposed approach regarding training and education of employees will be the aim of the organization to enhance the skills and knowledge of the staff members.
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
Justification of the Equipment and Services Cost
The management of the hospital needs to initiate healthcare equipment and innovative technologies in the system to carry out the procedures smoothly. The integration of innovative technologies will reduce the workload of the nursing staff and will enhance their productivity. Additionally, the adoption of innovative technologies tends to increase the proficiency of the employee’s performance outcomes, and make the tasks less complicated. However, if the existing equipment is in better condition and upgradation is not needed, then instead of spending on the new technologies, the management should focus on maintaining the equipment, to minimize the budget cost as well. So, an annual revenue of $700,000 will be the total budgeted revenue, which will be generated from the patient revenue and funding, while on the other hand, $655,000 will be the total budgeted expense for rent, medical supplies, office equipment, etc.
Analysis of Cost Department Alignment with Organizational Mission and Goals
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
The vision of the organization is to reduce the employee turnover rate by initiating innovative technologies and training programs to motivate employees. The proposed operational budget’s aim of managing and coordinating the budget revenue and budget expenses aligns with the organizational plan and goal. Strategic budget planning increases the chances of accomplishing organizational goals efficiently. However, uncertainties are always there, so the nurse leader must design the budgeting plan in a way to overcome the risk analysis factors. After analyzing the organizational management, nurse turnover was considered an uprising concern, that was affecting the organization’s outcome, so there is a need to choose an effective nurse leader who can reduce the staff turnover with his capabilities of motivating and training them. An effective leader plays a key role in motivating employees (Stuber et al., 2020). Therefore, it will help the Villa Health Hospital in measuring its vision by motivating existing employees and hiring new healthcare workers by adhering to the proposed budget.
Conclusion
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
To attain an effective healthcare system, it is important to utilize the healthcare resources in the best possible way to meet the desired outcomes in the coming future. Most healthcare systems fail to perform well, because of a lack of resource management. Effective resource allocation is the key element in enhancing the organization’s performance and requires effective financial management. Strategic budget planning increases the chances of accomplishing organizational goals efficiently. There is a need to choose an effective nurse leader who can reduce staff turnover with his capabilities of motivating and training them.
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
References
Al-Suraihi, W. A., Samikon, S. A., Al-Suraihi, A.-H. A., & Ibrahim, I. (2021). Employee turnover: causes, importance, and retention strategies. European Journal of Business and Management Research, 6(3), 1–10. researchgate.
https://doi.org/10.24018/ejbmr.2021.6.3.893
Kuswati, Y. (2020). The effect of motivation on employee performance. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 995–1002.
https://doi.org/10.33258/birci.v3i2.928
Kumar, S. (2021). The impact of talent management practices on employee turnover and retention intentions. Global Business and Organizational Excellence, 41(2).
https://doi.org/10.1002/joe.22130
NURS FPX 6216 Assessment 3 Budget Negotiations and Communication
Stuber, F., Seifried-Dübon, T., Rieger, M. A., Gündel, H., Ruhle, S., Zipfel, S., & Junne, F. (2020). The effectiveness of health-oriented leadership interventions for the improvement of mental health of employees in the health care sector: A systematic review. International Archives of Occupational and Environmental Health, 94(2), 203–220.
https://doi.org/10.1007/s00420-020-01583-w
Yen, P. H., & Leasure, A. R. (2019). Use and effectiveness of the teach-back method in patient education and health outcomes. Federal Practitioner, 36(6), 284–289.
