Discussion: Discuss the budget process where you work.
NUR 621 Topic 7 DQ 2 Assessment Description
Discuss the budget process where you work. Do you feel it is effective? What are the positive points? What could be improved? If it were up to you, how would you improve the process?
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NUR 621 Topic 7 DQ 2 Sample
The budget process at my current healthcare workplace involves a detailed and systematic approach, ensuring financial stability and resource allocation. Initially, department heads submit budget proposals based on anticipated needs and past expenditures. These proposals are reviewed by the economic management team, which aligns them with the organization’s strategic goals and financial constraints. Although this process is methodical, I believe it could be more effective with greater involvement from frontline staff to provide insights into actual needs and inefficiencies (Leger, 2021). This involvement would ensure that the budget reflects the reality of day-to-day operations and improves resource utilization.
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One positive aspect of the budget process is its transparency and the opportunity for department heads to justify their financial needs. NUR 621 Topic 7 DQ 2 This provision fosters a sense of accountability and ensures that funds are allocated based on merit and necessity (Reiter & Song, 2022). Additionally, integrating financial performance metrics with patient care quality indicators helps align financial goals with clinical outcomes, promoting a holistic approach to healthcare management.
Despite the cumbersome and time-consuming financial process, often delaying critical decisions, there is still room for improvement. In such a case, to improve budgeting efficiency, I would integrate a more efficient budgeting software that can be used in real time to make changes (Daub et al., 2020). Also, staff should be trained regularly to understand budgeting and the proper utilization of funds to contribute to the budgeting requirements independently. These changes would create a more efficient budget-making process and guarantee that personnel would develop a more accurate and relevant budget suited to the healthcare organization’s needs and demands.
NUR 621 Topic 7 DQ 2 References
Daub, S., Rosenzweig, M., & Schilkie, P. (2020). Preparing for a value-driven future. Families, Systems & Health: The Journal of Collaborative Family Healthcare. https://doi.org/10.1037/fsh0000476
Leger, M. (2021). Financial management for nurse managers: Merging the heart of the dollar (5th ed.). Jones and Bartlett.
Reiter, K. L., & Song, P. H. (2022). Chapter 6 – Planning and budgeting. In Fundamentals of healthcare finance (4th ed.).
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