• 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.
    nces.
  • Your analysis should be 3–5 pages in length, not including the title page and reference page.
  • Portfolio Prompt:
  • RUBRIC
  • Competencies Measured
    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.

1

Mentor Interview

Kelsey Fleet

Capella University

NURS-FPX6216 Advance Finance and Operations Management

Lacey Bass

January 8, 2023

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Mentor Interview

Mentor Interview

Working at a level III NICU in a small community with limited healthcare access can be

a long-term facility for micro preemies that are born. Phoebe Putney Memorial Hospital offers

acute care, emergency services, surgical care, oncology, obstetrician, pediatric and maternal fetal

medicine care. The Neonatal Intensive Care Unit (NICU) is a lockdown unit consisting of 70

beds. The NICU is home to micro preemies, premature infants, full term infants, small

gestational age (SGA) and large gestational age (LGA) newborns. Jennifer Hill, the nursing

manager for NICU and transport nurse, is my interviewee.

Managing an Operating Budget versus Capital Budget

There are two kinds of budgets associated with the NICU, capital and operating.

Depending on the expenses occurring in the NICU, they can be classified as capital or operating.

The operating budget consists of the finances needed to keep the NICU running such as salaries,

fixed costs, incentive bonus, holiday pay, and educational training. Items such as renting or

buying new isolettes, milk warmers, and cooling machines are included in the capital budget.

Jennifer alongside central staffing controls more of the operating budget, due to nurses being

called off or needed based on the acuity. Every day the charge nurse for night and day shift

assess the operational budget based on the patient to nurse ratio.

Hypothermia therapy in the NICU is used to prevent Hypoxic Ischemic Encephalopathy

(HIE) in neonates. The mortality and morbidity of neonates with hypoxia ischemic

encephalopathy (HIE) have been demonstrated to decrease when whole-body cooling is

administered within six hours after birth and sustained for 72 hours (Sinha et al., 2018). Jennifer

met with the head Neonatologists, director of Women and Children’s Department, Chief Nursing

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· 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. 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 orga