Presentation
Nurs fpx 6216 assessment 3. Budget Negotiations and Communication
- Course
- Nursing
- Institution
- 123 University
Write 3-5 page executive summary that justifies the operating budget you prepared in assessment 2.
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Instructor
June, 2024
NURSFPX-6216 Assessment 3
, Strategic Plan for Ensuring Profitability and Fiscal Success
1. Vision and Mission Alignment
Vision: To be the preferred care organization that delivers efficient, competent and
patient-centered care services for the elderly with sustainable financial and operational integrity.
Mission: To provide high quality patient care, prudent financial responsibility, and
sustainable corporate profits.
2. Financial Goals and Objectives
Decrease operating costs by a minimum of 10% (Short term goal).
Ensure that monthly targets are achieved and overall sales increase by 15% (Short term
goal).
Reduce overtime expenses by twenty percent (Short term goal).
Increase the general profitability by twenty five percent (Long term goal).
Ensure that budget variance should not exceed ±5% (Long term goal).
Design and establish new revenue models (Long term goal).
3. Revenue Enhancement Strategies
Revenue Cycle Optimization:
Optimizing billing and coding to decrease on errors and make payments be completed
faster.
Improve payer contract negotiations in a bid to secure the best rates of pay.
Use of patient pre-registration and eligibility verification to prevent denied claims.
Service Line Expansion:
Offer new services and programs which will be focused on the elderly, including the
telemedicine service and wellness programs.
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