2 replies
2 replies
Tania
Nurse Management and Budget Development
Nurse managers must forecast the future performance of their health facility as effectively as possible to optimize patient care and revenue while delegating resources and nurses more efficiently. This is accomplished by creating a budget. Nurse managers and executives may use Budget Development to spot early warning signs and apparent threats, allowing them to address them before they have a negative impact on their unit's results. Nurses will more easily focus on the right and prioritized opportunities once these warning signs and risks are addressed.
Creating a budget is one of the critical duties of a nurse manager. Nurse managers oversee the development and implement a nursing unit budget. As Gunawan and Aungsuroch (2017) point out, budgeting involves a systematic and logical strategy that highlights how a healthcare institution or agency plans to collect money and how the income will be used to cover expenditures. A budget is created through a series of measures. For example, the nurse manager's first step is to review past financial reports to identify strengths and deficiencies in areas that need improvement (Gunawan & Aungsuroch, 2017). The nurse manager must then assess the priorities for the coming fiscal year, list planned events, and decide necessary expenses for each case. Finally, the budget is sent for approval to the review board. On the other hand, efficient nurse managers must include their teams in the budgeting process and keep them informed about budget decisions to create detailed, realistic, and adequate budgets and goals.
The nurse manager has a variety of options for including the team in the budgeting process. The first stage of the budgeting process involves reviewing the previous years' financial reports and identifying ways to improve them. In research from Waxman and Massarweh (2018), the team members can actively engage in this phase by gathering the necessary data, and the nurse manager can assist them by providing the necessary resources and assigning them to various positions. Furthermore, nurse managers and staff members should collaborate on new care procedures, additional tools, and technologies that can help improve the existing budget. Gunawan and Aungsuroch (2017) found that the nurse manager will then assess team members' demands to determine which services should be included in the budget. In addition, team members are critical in providing accurate healthcare cost data, which is used to forecast the department's spending. Therefore, the nurse manager can include the team in the budgeting process by assigning them to review the preliminary budget for a set period to ensure that the final budget covers all the department's expenditures. According to new research members of the team can help by reducing unnecessary costs and keeping track of stocks (Waxman & Massarweh, 2018). Lastly, the nurse manager can involve the entire team in the budgeting process by regularly keeping them informed of budgeting decisions and any changes that are being made.
To improve the planning process, team members must be informed of budgeting decisions. Organizing departmental meetings to consult with nurses and educate them about the budget progress remind stakeholders about budget decisions. According to Giddens and Morton (2018), weekly meetings with team members offer a forum for all to voice ideas and exchange budgets. To prevent misunderstandings and ambiguities, the nurse manager should be straightforward, consistent, and concise when communicating with the team. As a result, nurse managers must make sure that reports on financial decisions are transparent and open to all team members (Waxman & Massarweh, 2018). Finally, a nurse manager can work with team members by using various online tools and services, such as cloud-based project management techniques. The online resources are critical for keeping all the stakeholders up to date on budget growth decisions while also encouraging team members to express their thoughts on how the budget can be strengthened.
Alexa
Succeeding as a nurse leader requires a leader to possess a set of robust skills. One way of doing that is coming up with a strategy that ensures inclusion when it comes to budget development. As such, nurse leaders should not only be able to negotiate key processes like decision-making and change management but should also be able to embrace an intuitive understanding of finance to create value and drive performance within their organizations.
The best strategy of ensuring team inclusion in budget development is seeking the views of the team members regarding the budget and keeping them updated for each budgetary step made by the organization. Cherry & Jacob (2016) discern that by bringing the team together, the organization can establish a common direction on budget matters. Leveraging the views of various team members will allow the company to weigh on different opinions to select the best. As the budget work increases, teams need to perform at their highest levels to achieve success on such business processes as budgeting. Investing in a team in terms of decision making will ensure success in the budgeting matters and to the company in the long run.
The best way of keeping the team informed about the budget decision plan is by having a robust communication plan. Harris & Sherblom (2018) affirm that the creation of an effective communication plan will keep the nurse leader aware of when and how to inform different team members on the budget decision. An effective communication plan should include background of the budget plan, stakeholder analysis, clearly stated objectives and a good strategy for communicating with stakeholders. In this case, budget decisions can be communicated with the team members by holding meetings and informing them through memos and emails.