NR 533 Financial Management Of Healthcare Organizations
Other
NR-533 Week 3 Discussion: Process of Budget Preparation (100% GUARANTEED PASS)
17 views 0 purchase
Course
NR 533 Financial Management Of Healthcare Organizations
Institution
Chamberlain College Of Nursing
NR-533 Week 3 Discussion: Process of Budget Preparation NR 533 week 3 discussion After exploration of the types of budgets and the processes for their development at your institution. H ow and from whom is input into the budgets acquired and used? Where does control of the budget lie? What influenc...
nr 533 week 3 discussion process of budget preparation 100 guaranteed pass
Written for
Chamberlain College Of Nursing
NR 533 Financial Management Of Healthcare Organizations
All documents for this subject (3)
Seller
Follow
ProfGoodlucK
Reviews received
Content preview
NR-533 Week 3 Discussion: Process of Budget Preparation
NR 533 week 3 discussion
After exploration of the types of budgets and the processes for their development at your institution.
How and from whom is input into the budgets acquired and used? Where does control of the budget lie?
What influence do unit and midlevel managers have on the various kinds of budgets?
A budget allows a facility to have a fiscal plan for the year, and allows for management to look back and
see where the high and low costs are coming from in each department. The budgeting process will
affectthe outcome of the departments (Walsh, 2016).
At my facility, we have goal set up and managed by our Chief Financial Officer and Chief Managers.
Part of my job is to ensure the staff for each unit is not over or under. I run reports every 8 hours, that
break down each unit. Each unit has a benchmark and I look at what the staffing is related to what the
benchmark indicated it should be. If the unit is over for the shift then I look at staffing to see if that unit
is over staffed, or is there another unit that is low that I can send staff to and try to even things out. We
also have an overtime budget allowed for individual units so I have to be sure that no overtime is being
paid to a unit that is well over the expected benchmark numbers. I balance each unit as much as
possible. If the Nurse Managers allow overtime where I would not and they were also over their
benchmark, this is reflected in their proficiency report. At times the numbers just do not match the level
of acuity. Depending on the care needed that increases the acuity (Nursing verses tech or ancillary care)
then I can add nurses- take other staff, or take out a nurse and add more tech or ancillary help. This
system often causes a lot of pushback from staff if not carefully applied. When the budget is balanced,
the operation works easier and can be more efficient. When the budget is not balanced, taking form one
area to help another can lead to additional issues. An example of this is nutritional services can be far
over budget. To even things out, revenue is taken from another department such as central supply. If
central supply then has a problem, there is no financial back up in the budget and will suffer unless
another department then bails them out. A budget is part of a plan and is used for each unit, each
department, and each facility. When comparisons over a certain period of time, financial leaders can see
where finances are used the most, wasted, saved, and lost. This information is put together in a plan for
the facility to better manage spending. This will affect the following years spending and budgeting.
(Walsh, 2016).
Walsh K. (2016). Managing a Budget in Healthcare Professional Education. Annals of medical and health
sciences research, 6(2), 71-3.
Dr. Coleman and class,Variances are comparing actual results with the budget, it is the difference
between the budgeted and actual performance. Variances are calculated for three principal reasons. One
reason is to aid in preparing the budget for the coming year, the second reason is to aid in controlling
results throughout the current year, and the third reason for variance analysis is to evaluate the
This study source was downloaded by 100000801755870 from CourseHero.com on 03 -24-2022 04:43:10 GMT -05:00
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProfGoodlucK. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
