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.
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.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 2: Develop a plan for managing the labor force, within the parameters of the budget and productivity.
- Evaluate a nurse leader’s approach to budget management.
- Competency 3: Develop a capital budget.
- Compare the process of managing an operating budget to that of managing a capital budget.
- Competency 4: Determine the equipment and services needed to maintain seamless patient or client care.
- Describe the process of allocating resources for labor, equipment, and services.
- Competency 5: Apply financial principles to a strategic plan for achieving organizational goals and fiscal success.
- Describe an effective approach that contributes to planning for profitability and fiscal success.
- Competency 6: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
- 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 APA style.
Competency Map
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Context
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.
Questions to Consider
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.
Resources
Required Resources
MSN Program Journey
The following is a useful map that will guide you as you continue your MSN program. This map gives you an overview of all the steps required to prepare for your practicum and to complete your degree. It also outlines the support that will be available to you along the way.
The following resources are required to complete the assessment.
- APA Style Paper Template [DOCX]. Use this template for your interview analysis.
· Assessment Instructions
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.
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], linked in the Resources under the Suggested Resources heading, 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 Template [DOCX] linked in the Resources under the Required Resources heading. An APA tutorial is also provided in the Resources, under the Suggested Resources heading, to help you in writing and formatting your analysis. 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.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
