NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

The process begins with assessing the needs and then identifying the resources required for labor, equipment, and services. The budget division is based on liquidity and probabilities, as labor’s budget is flexible because it covers salaries and training. The equipment has a fixed budget as it is a one-time purchase, and maintenance is usually carried out with every new budget. In contrast, the service budget is higher as it is associated with vendors, contractors, and outsourcing.

Like many organizations, her organization also uses Outlook and Excel for communication and spreadsheets that show yearly trends, expenses, revenues, and timelines and compare them to past-decade trends, reflecting on the success rate and highlighting areas for improvement. After allocation, content monitoring is done to see if the budgeting is aligned with goals, and evaluation is based on revenue generation and a balanced scorecard. Kruk et al. (2018) have highlighted that high-quality healthcare systems are based on equal and balanced resource distribution that aligns with the organization’s needs and facilitates decision-making.

Effective Approach to Profitability and Fiscal Success

The practical approach to profitability and fiscal success is based on strategic planning through need-based analysis, risk assessment, SMART goal setting, and SWOT analysis, which helps the organization readily identify the need and allocate resources. Risk assessment provides a comprehensive assessment that can help achieve profitability and success by estimating and mitigating risk (Srinivas, 2019). Also, the SMART goals help the organizations reach their targets on time and ensure that the staff is motivated and enthusiastic about success. Ms. Liu highlighted that the process used for strategic planning in Florida Community Care is SWOT analysis, through which the organization identifies its strengths, weaknesses, opportunities, and threats and then compares them with its balanced scorecard, which helps in highlighting the financial, internal, learning and growth, and customer aspects, aligns with SWOT analysis, and provides a comprehensive strategic plan to improve the organization’s goals.

NURS FPX 6216 Assessment 1 Instructions: Mentor Interview

Research has highlighted that the combination of the SWOT analysis and balanced scorecard provides comprehensive and detailed information regarding the organization’s current status, helping the organization strategically utilize the internal and external information to plan to enhance its strengths and opportunities while managing its threats and weaknesses (Quezada et al., 2019). However, alternative approaches that can be utilized for gaining profitability include using cross-functional teams to explore unique ideas and working on strategies that help in increasing revenue, such as becoming environment-friendly care set-ups, enhancing care pricing, using standardized hygiene protocols, using degradable supplies, or utilizing integrated electronic health record systems.

Nursing Leader’s Approach to Budget Management

 A nursing leader’s approach to budget management is essential for ensuring the efficient allocation of resources. The role of the nursing leader is to plan a budget that aligns with the organization’s goals and requirements. A qualified nurse can show proficiency in patient-centered care and fiscal responsibility, which are essential to the organization’s continued success (Mlambo et al., 2021). Therefore, the nurse leader’s budget should be aligned with regulatory requirements and demonstrate accuracy in revenue and expense management. Similarly, a transformative leadership style involving all stakeholders, access control measures, and strategically allocating resources can help nursing leaders demonstrate practical budget management skills.

Research has highlighted that well-structured training and education on budget management through a multidisciplinary approach can help the nurse leader gain skills (Paarima et al., 2021). The effectiveness of a budget can be evaluated against measurable goals and against the balanced scorecard (Fuertes et al., 2020), the roadblocks to decision-making can be identified through budgeting, and the budgeting process can be easily defined.

Conclusion

 In conclusion, the interview session with Ms. Liu, a nursing manager at Florida Community Care, provided in-depth information regarding the difference between operational and capital budgeting, which provides information on need-based resource allocation and varying levels of flexibility in the budget for labor, equipment, and services. Further, strategic planning and effective strategies can help the nursing leader become