NUR 711 Week 5 Discussion: Operating Budget

NUR 711 Week 5 Discussion: Operating Budget

NUR 711 Week 5 Discussion: Operating Budget

Operating Budget

Discussion

Purpose

The purpose of this discussion is to explore the role DNP-prepared nurse in creating a budget, effective financial planning, and determining the allocation of resources.

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Instructions

Reflect upon your readings and professional experience and examine the role of the DNP-prepared department or organizational leader in navigating the following:

Planning and executing the operating budget

Controlling cost overruns and overtime

Explaining variances: i.e., Defending overtime hours associated with patient census or acuity fluctuations

Securing funds for staff’s ongoing competency training and professional development

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)

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As a DNP-prepared nurse leading a project to combat staff burnout and compassion fatigue at my practicum site, I understand the critical role of effective financial management in achieving our goals. According to Zaichkin (2021), navigating the operating budget is a crucial role of advanced practice nurses as it helps in planning, controlling costs, explaining variances, and securing funds for staff competency training and professional development. This paper discusses the role of a DNP-prepared leader in each of these aspects.

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The DNP leader must carefully plan and execute the operating budget to ensure sufficient funds to support the project. This includes identifying potential costs, such as staff salaries, supplies, and travel expenses. To effectively address staff burnout and compassion fatigue, I will carefully identify all the necessary resources, such as staffing, training materials, and any external consultants or experts required. I will then collaborate with finance and administrative departments to allocate funds appropriately, ensuring that the budget aligns with the project’s goals and objectives.

As Naranjee et al. (2019) highlight, controlling costs is a crucial aspect of budget management by nurse leaders. Controlling cost overruns and overtime is important, as these can quickly eat into the budget. I will actively monitor expenditures throughout the project’s duration to prevent cost overruns in my project as a DNP leader. This will be done by closely tracking overtime hours, which can contribute to budget challenges. I will implement strategies to minimize overtime, such as adjusting staffing schedules or redistributing workload if necessary.

It is essential to be able to explain variances in the budget, particularly regarding overtime hours associated with patient census or acuity fluctuations. I will establish a system for regularly reviewing budget performance and analyzing variances. When defending overtime hours, I will provide data-driven explanations, highlighting how patient volume or acuity fluctuations necessitated the additional staffing hours. This transparency will help gain support from stakeholders and ensure that resources are allocated appropriately to maintain staff well-being.

Finally, I will advocate for and secure funds for staff’s ongoing competency training and professional development. As Mlambo et al. (2021) elaborate in a meta-synthesis on professional development for nurses, this investment will be crucial in enhancing the skills and resilience of our workforce. I will collaborate with the organization’s leadership and external funding sources to ensure a sustainable budget allocation for staff development initiatives. This proactive approach will benefit our staff and contribute to our project’s long-term success.

References

Mlambo, M., Silén, C., & McGrath, C. (2021). Lifelong learning and nurses’ continuing professional development, a meta-synthesis of the literature. BMC Nursing, 20(62), 1–13. https://doi.org/10.1186/s12912-021-00579-2

Naranjee, N., Ngxongo, T. S. P., & Sibiya, M. N. (2019). Financial management roles of nurse managers in selected public hospitals in Kwazulu-natal province, South Africa. African Journal of Primary Health Care & Family Medicine, 11(1). https://doi.org/10.4102/phcfm.v11i1.1981

Zaichkin, D. L. (2021). Budget principles for nurse leaders. In connect.springerpub.com. Springer Publishing Company. https://connect.springerpub.com/content/book/978-0-8261-8371-2/part/part03/chapter/ch17