NURS FPX6216 Assessment 1 Mentor Interview
Assessment 1: Mentor Interview
FPX6216: Adv Fin & Operations Mgmt
Month Date, Year
It is a challenging task for the leadership of nursing staff to manage the affairs of financial administration to motivate them to remain competitive (Robbins & Davidhizar, 2020). The primary duty for many people in developing and managing investment appraisal, the procedure of controlling and investment appraisal development frequently comes with confusion. The controlling budget possibly influences the quantity of money consumed within a limited time; the investment appraisal, however, controls the awareness of continued professional aims. Investment proposals present different objectives, yet investment transformation possibly affects others. So, understand multiple elements of investment. I had the experience of having a conversation with Miss. Marry, who remained experience of 10 years of RN and MSN. It is the University of Texas Center of Cancer through MD Anderson, and she served healthcare settings to deal with clinical budgets. She continuously actively exchanges her experience with others regarding financing and budgeting.
Compare the Process of Managing an Operating Budget to that of Driving a Capital Budget
Firstly, I asked Miss. Marry to discuss the budget requirements to accomplish the related task in healthcare settings. She was speedy in expressing that a controlling investment looks to help the practice proposals and operating project profits and cost (Stanley & Stanley, 2018). Addressing oncologists, for example, has a role to perform in investment, which is inclusive scene aims, for instance, physical earnings, investment expenses, and practice lofty ambitions. When this is settled, Miss marry focuses that she works from their proceeds advance on multiple investment projects (Gravina, 2017). Through the interview, it becomes that controlling investment is controlled by the administration that analysis proposals for measuring any difference for contemplating expenses and profits. However, investment appraisal tends to be continued, and it is something that the respondent admitted. Investment appraisal emphasizes the internal structure of expenditures, like replacement and growth. Depending on this reason, buying the latest tools like CT scanner technology or even purchasing a new oncology department as sections of the growth proposals.
Describe the Process of Allocating Resources for Labour, Equipment, and Services
Allocation of healthcare resources brings involvement of budgeting and costs to make a more effective allocation of resources (Bianchi et al., 2018). The administration of healthcare settings tends to stimulate sustainability in the whole environment by making the feasible allocation of resources. The involvement of EBP states that encountering more limitations lowers the threat of clinical errors. Availability of resources works differently to deal with the better allocation of diagnostic transmission. The optimal condition of healthcare increases the sustainability of healthcare through better medication and better resources.
The budgeting structure gets harmed through the involvement of costs attributed to the employment of nurses (Gunawan et al., 2017). Nurse administrators devise planning of healthcare to benefit them through proper allocation of healthcare services. Adequate funding of budgeting to employ the nurses tend to have various resources, and Miss Marry explored that determination of workers as an oncology section depicts calculated expenditures.
Describe a Practical Approach that Contributes to Planning for Profitability and Fiscal Success
It is a complicated task to deal with the attribution of budgeting in healthcare sections; competency to set trends for budgeting depends upon the needs of different units (Gunawan & Langstroth, 2017). It is indeed the duty of nurse administrators like Miss. Marry to use her experience and wisdom to make the most feasible budget allocations to deal with the affairs of healthcare settings. It is evaluating the whole budgeting setup and employing others to know the influence of budgeting.
Adapting analysis based on variance makes it possible to know better about the budget formulation and sorting of the budget allocation. Nurse administrators should know more about the financial and economic performance of the situation through budget allocation. Examination of variance clears the concern about the budget distribution for the growth of healthcare services. It also enables the healthcare staff to tackle the challenges and learn more about the ways of evaluation through their performance. Head nurses manage expenses to avoid discretionary effects and gain more benefits at a low-cost structure.
Evaluate the Nurse Leader's Approach to Budget Management
Considering the budget allocation, it is the responsibility of administrative authority through the nursing staff to conduct a comprehensive survey and know the need to allocate the budget to enhance the feasible situation (Ramseur et al., 2018). The funding allocation assigns an accurate road map to healthcare authorities to provide health and other healthcare measures. Miss took the recent interview. Marry clarifies the vision which is suitable for managing the affairs of the budget. She said that she took it seriously as she preferred to make a proper plan before making decisions regarding the allocation of resources. It is the most feasible approach to have communication and suggestions from team members instead of negating it. She believes that improvements and betterment occur as each one shares logical themes for promoting healthcare through the accessibility of budget allocation. She said that conduct of bi-annual assessments makes it easy for others to evaluate the whole scenario. Budget management evaluation offers many advantages to the minor budgeting criteria.
Bianchi, M., Bagnasco, A., Bressan, V., Barisone, M., Timmins, F., Rossi, S., Pellegrini, R., Aleo, G., & Sasso, L. (2018). A review of the role of nurse leadership in promoting and sustaining evidence-based practice. Journal of Nursing Management, 26(8), 918–932. https://doi.org/10.1111/jonm.12638
Gravina, E. W. (2017). Competency-Based Education and Its Effect on Nursing Education: A Literature Review. Teaching and Learning in Nursing, 12(2), 117–121. https://doi.org/10.1016/j.teln.2016.11.004
Gunawan, J., & Langstroth, Y. (2017). Managerial competence of first-line nurse managers: A concept analysis. International Journal of Nursing Practice, 23(1), e12502. https://doi.org/10.1111/ijn.12502
Gunawan, J., Langstroth, Y., & Fisher, M. L. (2017). Factors contributing to managerial competence of first-line nurse managers: A systematic review. International Journal of Nursing Practice, 24(1), e12611. https://doi.org/10.1111/ijn.12611
Ramseur, P., Fuchs, M. A., Edwards, P., & Humphreys, J. (2018). The Implementation of a Structured Nursing Leadership Development Program for Succession Planning in a Health System. JONA: The Journal of Nursing Administration, 48(1), 25–30. https://doi.org/10.1097/nna.0000000000000566
Robbins, B., & Davidhizar, R. (2020). Transformational Leadership in Health Care Today. The Health Care Manager, 39(3), 117–121. https://doi.org/10.1097/hcm.0000000000000296
Stanley, D., & Stanley, K. (2018). Clinical leadership and nursing explored: A literature search. Journal of Clinical Nursing, 27(9-10), 1730–1743. https://doi.org/10.1111/jocn.14145