Assignment: NUR711 Week 6 Discussion: Financial Analysis

Assignment: NUR711 Week 6 Discussion: Financial Analysis

Assignment: NUR711 Week 6 Discussion: Financial Analysis

Financial Analysis

Discussion

Purpose

The purpose of this discussion is to explore the DNP-prepared nurse’s role in meeting the organization’s mission through effective planning, budgeting, and determining the allocation of resources.

ORDER A PLAGIARISM-FREE PAPER HERE ON; Assignment: NUR711 Week 6 Discussion: Financial Analysis

Instructions

This week, you will have an opportunity to estimate the budget for your practice change project. The practice change project includes the estimated resources with associated expenses and the estimated revenues. The practice change project budget must balance to a positive number or to zero. (A negative balance reveals there is insufficient planning and revenues needed for the project to be successful.)

Reflect upon your readings and professional experience and complete the budget for your practice change project.

The first step is to download the attached table and enter your budget details in the table. When finished, save and upload the document as an attachment.

Table TemplateLinks to an external site.

Start by listing all of the Resources needed for your budget. Some resources that may be needed in your budget are listed here and some items may not apply to your project:

number of staff and their roles

education time for staff (how many and how long)

office and/or medical supplies

marketing materials

statistician consult

meeting rooms

overhead (if renting the room)

any other resources not covered in this list

Next, estimate the Expense for each of the resources. The expenses in your budget can be estimated.

Example: When estimating the salary and benefits for staff, first calculate the number of hours X the hourly salary (adding in the estimated cost of employee benefits) X the number of individuals. An example is 20 nurses for 3 hours at an average salary and benefit of $50 hour: 20 x 3 x 50 = $3000.

Next, discuss the Revenue sources that will pay for the expenses. All expenses in the budget must have a revenue source. Examples of revenue sources include the following:

Institutional Budget Support (if the hospital or facility is paying the costs of salary, supplies, and/or services).

In-Kind Donation (If you, or a department, or both are paying the statistician consult or out-of-pocket payment for the refreshments for meetings, etc.)

There are limited projects in which billing for a new procedure or new treatment type is applicable.

Equation: encounter charge X # patients per day X # days per week X # weeks

If the organization is currently billing for the visit or treatment or procedure, then do not include this in your budget. Check the state laws for rules regarding billing and reimbursement for services such as telehealth.

Link (website): Medicaid and Medicare Billing for Asynchronous TelehealthLinks to an external site.

Link (website): Billing for Telehealth During COVIDLinks to an external site.

Grant money: If grant money is used, state the name of the grant and the specific elements within the budget that the grant is paying for. Add the revenues for the exact elements of the budget. Please ensure that the grant funding states it will pay for that specific expense(s) in your budget.

Balance the Budget. Add the expenses and the revenues then subtract the expenses from the revenues. The result should be a zero-dollar balance or a positive dollar balance.

Equation: revenues – expenses = 0 or positive $$

Examine your role in monitoring and controlling your practice change project expenses and resources.

Please click on the following link to review the DNP Discussion Guidelines on the Student Resource Center program page:

Link (webpage): DNP Discussion GuidelinesLinks to an external site.

Program Competencies

This discussion enables the student to meet the following program competencies:

Integrates scientific underpinnings into everyday clinical practice. (POs 3, 5)

Uses analytic methods to translate critically appraised research and other evidence into clinical scholarship for innovative practice improvements. (POs 3, 5)

Appraises current information systems and technologies to improve healthcare. (POs 6, 7)

Analyzes healthcare policies to advocate for equitable healthcare and social justice to all populations and those at risk due to social determinants of health. (POs 2, 9)

Leads others in professional identity, advanced clinical judgment, systems thinking, resilience, and accountability in selecting, implementing, and evaluating clinical care. (POs 1, 4)

Course Outcomes

This discussion enables the student to meet the following course outcomes:

Examine the role of the DNP-prepared nurse in leading financial planning and management across healthcare settings. (PCs 5, 8; POs 2, 4, 9

Develop strategies to lead project planning, implementation, management, and evaluation to promote high-value healthcare. (PCs 1, 3, 4; POs 3, 5, 7)

Assignment: NUR711 Week 6 Discussion: Financial Analysis

The healthcare sector is renowned for its commitment to providing high-quality care to patients, often at the cost of the well-being of its staff. According to Flaubert et al. (2021), nurses, in particular, are at the forefront of healthcare delivery, dedicating themselves to the care of others. However, this dedication can come at a price, as nurses are prone to experiencing burnout and compassion fatigue, which not only affect their personal lives but also impact patient outcomes and the overall functioning of healthcare organizations. As Kelly et al. (2020) highlight, financial analysis is essential in addressing staff burnout as it provides a comprehensive understanding of the economic implications of these issues. This paper aims to investigate the role of a DNP-prepared nurse in fulfilling the organization’s mission by engaging in planning, budgeting, and making decisions regarding resource allocation.

BUY A CUSTOM PAPER HERE ON; Assignment: NUR711 Week 6 Discussion: Financial Analysis

Estimated Expenses

Several key components will be considered in assessing the estimated expenses for this project. First, the salary and benefits for the staff, including the project manager, will constitute a significant portion of the budget, totaling $12,000. This allocation underscores the pivotal role the staff and the project manager will play in orchestrating the initiative, highlighting the importance of this expenditure in ensuring the project’s success. Additionally, a statistician consultant will be engaged for 10 hours at a rate of $100 per hour, resulting in an expenditure of $1,000. This expense is indispensable as it will guarantee the validity of data analysis and the credibility of the project’s findings to maintain its integrity.

Meeting rooms will be used to foster collaboration and facilitate crucial information exchange among project participants for $600. Similarly, basic office supplies and refreshments estimated at $200 will contribute to the smooth functioning of the project and the comfort of its participants during the implementation of the project’s strategies. Services such as staff education will cost $ 1000. Furthermore, marketing materials, such as flyers, posters, and staff emails, will be allocated a budget of $100 to promote the project and encourage participation. This will be vital in engaging stakeholders and ensuring the project’s visibility. The total sum of these expenses will amount to a total estimated budget of $14,900, which encapsulates the financial requirements necessary for the successful execution of this project.

Revenue Sources

The DNP project’s revenue sources will consist of institutional funding and in-kind donations. First, institutional budget support will play a significant role in sustaining the project, with the hospital committing to cover the staff’s and project manager’s salary and benefits, amounting to $12,600, and providing meeting rooms. These financial commitments will ensure the project’s financial stability and underscore the organization’s unwavering dedication to addressing the critical issues of staff burnout and compassion fatigue within its workforce. Secondly, in-kind donations will contribute to the project’s resources, with the project manager volunteering their time and expertise. This contribution, valued at $2,300, reflects the project manager’s commitment and dedication to the project’s ultimate success.

Budget Balance

The budget balance for this project, with revenues of $14,900 and expenses totaling $14,900, stands at $0. This equilibrium signifies that the project is financially stable, as incoming revenues are sufficient to cover all anticipated expenses. This balance is a positive indicator, assuring the project to progress according to its original plan without any budgetary limitations, ultimately promoting its successful execution.

Monitoring and Controlling Project Expenses and Resources

The DNP nurse is responsible for monitoring and controlling the expenses and resources of the practice change project. This includes tracking spending, adjusting as needed, and ensuring the project stays on budget (Graves et al., 2021). The DNP nurse should also work with other stakeholders, such as the hospital administration and project team members, to ensure that the project has the necessary resources to be successful. As the project manager, I will be responsible for closely tracking expenditures, maintaining financial records, and working collaboratively with stakeholders to ensure efficient resource allocation. Regular budget reviews and financial reports will be generated to provide transparency and accountability throughout the project’s lifecycle. Any deviations from the budget will be promptly addressed to maintain financial stability and maximize the project’s impact.

References

Flaubert, J. L., Menestrel, S. L., Williams, D. R., & Wakefield, M. K. (2021). Supporting the health and professional well-being of nurses. In www.ncbi.nlm.nih.gov. National Academies Press (US). https://www.ncbi.nlm.nih.gov/books/NBK573902/

Graves, L. Y., Tamez, P., Wallen, G. R., & Saligan, L. N. (2021). Defining the role of individuals prepared as a doctor of nurse practice in symptoms science research. Nursing Outlook, 69(4), 542–549. https://doi.org/10.1016/j.outlook.2021.01.013

Kelly, L. A., Gee, P. M., & Butler, R. J. (2020). Impact of nurse burnout on organizational and position turnover. Nursing Outlook, 69(1), 96–102. https://doi.org/10.1016/j.outlook.2020.06.008