NURS FPX 6216 Interviewing Mentor

Introduction

Introduction of the Study and its Purpose

NURS FPX 6216 Interviewing Mentor

This report will analyze and trail down how the nurse leaders can access the knowledge and key facts about capital management and budgeting. After reviewing the whole scenario and the interview. Few factors came out as the key points in this regard. Which will be processed and reviewed here. For getting the complete detail from experience I interviewed Nikkay Ellis, who is a nursing manager at Mount Sinai Medical Center in Miami, Florida. She is in charge of budgeting and has vast experience in it. I prepared some questions which I asked from Nikkay regarding how they manage the budgeting and relevant. The information and data I collected from this interview are discussed and analyzed thoroughly.

NURS FPX 6216 Interviewing Mentor

Capital management and operating can be led out by different processes and plannings. Planning includes the estimation of revenue generated by the organization, tracking down the budget and expenses plus drafting plans about capital and operating budgets. The purpose behind considering these while managing budgets is that it will assist to distinguish between various methods for capital budget evaluation. Plus it can also help to draw the line between traditional budget variance and flexible budget variance. 

In research data, these are some of the financial terms that almost every nurse holding his/her position as a medical service provider needs to align with. (McFarlan, 2020), Though hospitals are working on a large scale or small scale, nurse leaders are obliged to face and handle the financial system more or less. This analysis report emphasizes the terms where nurse leaders have to play multiple roles handling crucial matters simultaneously. 

NURS FPX 6216 Interviewing Mentor

So, with the fact that nursing leaders and all those people in this profession have very little confrontation, according to what I learned from the interview of Nikkay, they still have to learn enough for influencing the deals related to finances of the department with at least maximum effectiveness. In this report, there will be detailed guidance on how to manage the budget and capital by using/applying various techniques/methods.

Comparison

Compare between Managing an Operating Budget and a Capital Budget.

Here is one of the most concerned and equally simple questions that ask about the two different types of budget. In which both budgets, whether to choose to run an organization or not? After a thorough review of the data and interviews, here is the analysis.

Operating Budget and Capital Budget

Before moving to comparison detail, Nikkay also proposed while in the interview, that the budget you should use in the healthcare organization’s finance department should be both of them. Since the operational budget is the budget that counts on the day to day finances and expenses of the company including bills, payments, supplies, or even the funding and it usually covers the time around half or a full year but on the contrary basis we have Capital budget that mainly focuses on the managerial finances that may include internal investments, asset buildings, etc. This usually covers the 10 years of duration. This means a capital budget lasts for 10 years around so it is made accordingly. Till here, you can see the basic difference and the usage of both budgets in the same organization.

NURS FPX 6216 Interviewing Mentor

Although they have differences in their approaches, they also share some similarities when it comes to dealing with direct finances. That is the origin of funding/money, to use the budget there must be a cash flow. This is similar in both cases, whether it is for the operational budget (daily finances) or the Capital budget (buying assets). The biggest challenge for nurse leaders is their well-being that they have to maintain to deal with decisive matters.

Allocation of Resources

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Process of Allocating Resources for Labor, Equipment, and Services.

There are a lot of terms that you need to focus on when there is any up or down in the budget. Which says, the expenses exceeding the fixed limit of the budget or having fewer expenses on the fixed line of the budget. In both scenarios you need to report it on an immediate basis, otherwise, it may cause a huge payback. The difference between both terms of fixed budget as planned and the actual expenses of the organization is called Variance.

Stick To Variance

Variance is the ultimate policy in planning and working in the budgetary domain. The actions taken well on time can be considered as well-planned actions and they are expected to have more positive results when it comes to the end of the financial year. After the whole year, it comes the time when the annual reports are evaluated and any loopholes or backups listed in the improvement areas. 

NURS FPX 6216 Interviewing Mentor

Accordingly, anything that was there in the whole year becomes a lesson and it should be in the area of improvement for the staff to learn. It helps in getting along with handling the financial system. The resources, capital, and equipment are the necessary part of the healthcare organization, without them, you cannot claim to provide the best services. So this is important to allocate them accordingly and properly. 

Decision Making

This is also another factor that whenever there is going to be a decision-making scenario, in the interview from Nikkay, this was concluded that you should always involve your team in budgeting matters. So far, (Walsh, 2016), the budget is attached, make sure to discuss it with the team. This will help them to analyze their role as a financial system handling persons along with the nursing department.

NURS FPX 6216 Interviewing Mentor

Approaches

Approach for Profitability and Fiscal Success.

It is analyzed that medical students should be educated on their early medical studies. In that way, they can grab the concept of handling finances related to their domain easily.

Investment in Managing Budget Education

According to my research and understanding, I have come to a point where it is stated that investment in the side courses at the time of early medical education is the best approach to gain the best fiscal results. 

NURS FPX 6216 Interviewing Mentor

Though this policy is quite an early investment, the outcomes of this strategy will be a bit late but will be marvelous. The same goes for the current staff members that are nurse leaders and others. Healthcare organizations should invest in the side lectures on a gradual basis so that their staff can learn accordingly and apply on a practical basis. (Paarima et al, 2021), it is processed that when the matters will be understandable to nurse leaders and staff they can decide even better, that they can react and handle the financial management in stable plus unstable times.

Research and Strategy

Strategy formulation and its implementation can make sure that the organization can reach its desired goals. To it, making strong fiscal policies after thorough research must be implemented in the healthcare department too. This way the fixed budgeting and following the policies can develop a variance and variance is the ladder to profitability.

NURS FPX 6216 Interviewing Mentor           

Evaluation of Budget Management

Management of Total Budget

Managing a budget is quite a crucial part of any department whether it is related to the clinical department or any other. Since handling the finances and expenses is the engine of any firm and organization. Losing a bit can cause delays in supplies or clog the working progress. Even if we are in any department where numbers are the least of our concern, though still, (Aduddell & Dorman, 2010), we have to cover this budgeting part. This will make us capable enough to handle the matters under our domain.

NURS FPX 6216 Interviewing Mentor

Conclusion

After the readings, facts, and the thorough interview details which I comprehend getting from Nikkay’s interview.  I have summed up my conclusion like this. Though there are many capacities nurse leaders are already working on, having a touch of financial knowledge can make them competent to handle the equipment that costs massively. (Coleman et al, 2012), this is quite necessary for the next generation nurse leaders to be efficient in managing the department’s finances, to maintain a balance between expenses and fixed budgets. Since they have already applied an experimental test on their staff’s nurses and other healthcare staff. And with the results, it was quite prominent to say that not only the nurse leaders but all the healthcare service providing staff should be efficient to deal with financial matters. It is a win-win deal where the authorities and staff in the healthcare organization or hospitals are working. When there is a check and balance department in the organization working efficiently on various departments the policies will be completely implemented plus the risk management and prediction department should be launched too which will work to comprehend whether there is any risk in near future or not.

NURS FPX 6216 Interviewing Mentor

References

Coleman, M. M., Blatt, B., & Greenberg, L. (2012). Preparing Students to Be Academicians. Academic Medicine, 87(12), 1734–1741. https://doi.org/10.1097/acm.0b013e318271cfd6

Aduddell, K. A., & Dorman, G. E. (2010). The Development of the Next Generation of Nurse Leaders. Journal of Nursing Education, 49(3), 168–171. https://doi.org/10.3928/01484834-20090916-08

McFarlan, S. (2020). An Experiential Educational Intervention to Improve Nurse Managers’ Knowledge and Self-Assessed Competence With Healthcare Financial Management. The Journal of Continuing Education in Nursing, 51(4), 181–188. https://doi.org/10.3928/00220124-20200317-08

Paarima, Y., Kwashie, A. A., & Ofei, A. M. A. (2021). Financial management skills of nurse managers in the Eastern Region of Ghana. International Journal of Africa Nursing Sciences, 14, 100269. https://doi.org/10.1016/j.ijans.2020.100269

Walsh, K. (2016). Managing a budget in healthcare professional education. Annals of Medical and Health Sciences Research, 6(2), 71. https://doi.org/10.4103/2141-9248.181841