Module 6 Assignment: General Principles of Budgeting for Healthcare

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Welcome to Module 6. This module delves into the often misunderstood world of budgeting. Many healthcare professionals are not comfortable with the monetary side of healthcare. The truth is every healthcare professional should be concerned about finances and learn the rudimentary factors that influence care. Certainly, management level positions are expected to understand the finance of healthcare and most healthcare managers are also expected to develop and manage his or her own budget. This module will provide valuable insight into developing, using, and adjusting a budget that will ensure quality care.

 

Assignment Description:

Based on what you have learned so far in this course, create a PowerPoint presentation that addresses each of the following points/questions. Be sure to completely answer all the questions for each bullet point. Use clear headings that allow your professor to know which bullet you are addressing on the slides in your presentation. Support your content with at least four (4) sources throughout your presentation. Make sure to reference the citations using the APA writing style for the presentation. Include a slide for your references at the end. Follow best practices for PowerPoint presentations related to text size, color, images, effects, wordiness, and multimedia enhancements. Review the rubric criteria for this assignment.

• How does “minimum staffing” impact your ability to meet your budgeted numbers?

• This chapter deals with specific units of service for nursing workload requirements. What role should the nurse leader play and how should the leader interact with the finance department for a standard definition of measurement?

• As a nurse leader, you have to set up a new patient service budget. What sources of information do you need to build the budget?

• How should a nurse leader use a patient classification (acuity) system to justify nursing hours per day/staffing mix/nurse-to-patient ratios for budget purposes that would be understood by the finance department?

This PowerPoint® (Microsoft Office) or Impress® (Open Office) presentation should be a minimum of 20 slides, including a title and reference slide, with detailed speaker notes on content slides. Use at least four scholarly sources.

  • Title slide and reference slides in APA style. (at least 2 slides)
  • Minimum Staffing: at least 5 slides
  • Finance Interaction: at least 5 slides
  • Budget: at least 5 slides
  • Patient Classification: at least 5 slides
  • Additionally, because a good presentation has few words on the slides include a script with the verbiage you would say when presenting; script should be a minimum of 50 words per slide.

Module 5 Assignment: Health Care and the Economy

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Welcome to Module 5. This module presents an economic background to help nurses understand how the healthcare economy affects nursing practice. We begin with an exploration of how we became a tertiary care, illness-based system that often does not meet the needs of our population lucky enough to have insurance. The five stakeholders of healthcare are examined: consumers, providers, payers, suppliers, and regulators. Lastly, the module concludes with an overview of microeconomics and cost accounting.

Assignment Description:

Write a 1200-1500-word essay addressing each of the following points/questions. Be sure to completely answer all the questions for each bullet point. Separate each section in your paper with a clear heading that allows your professor to know which bullet you are addressing in that section of your paper. Support your ideas with at least four (4) sources in your essay. Make sure to reference the citations using the APA writing style for the essay. The cover page and reference page do not count towards the minimum word amount. Review the rubric criteria for this assignment.

• What is it important for a nurse leader to understand variance reporting? How does this reporting become a valuable tool?

• Because staffing is usually the most expensive resource in the provision of care, what reports would provide you with valuable information for this expense?

• Contract labor is usually the most expensive man-hours. Why?

• What is a cost-to-charge ratio? Why should a nurse manager understand this ratio, and how would he or she use it?

• Finance departments regard nursing units as not being revenue generators. Why do you believe they are inaccurate in their assessment?

• In the new value-based reimbursement environment, what other measures can a nurse manager take to enhance reimbursement and prevent revenue loss?

  • Length: 1200 – 1500 words; answers must thoroughly address the questions in a clear, concise manner.
  • Structure: Include a title page and reference page in APA style. These do not count towards the minimum word count for this assignment.
  • References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least four (4) scholarly sources to support your claims.

Please make introduction clear and be sure to introduce topics concisely. Then a conclusion which clearly summarizes points. 

Mod 8 Discussion Question: Accounting and Financial Analysis

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Welcome to module 8! In this module, basic accounting principles are reviewed. While many healthcare managers may not need the basics of accounting, it is important to understand the language of accountants. In this way a nurse manager is able to understand decisions that are made organizationally. Financial analysis provides the information necessary to determine how the decisions will affect the basic nature of care provided. This module explores the basics of accounting and provides valuable tools for the nursing manager.

Discussion Question:

Interview your nurse manager or department manager and ascertain how they utilize accounting and financial analysis in the decision-making process related to patient care. Provide an example from your interview.

Mod 7 Discussion Question: Budget Strategies

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Welcome to Module 7. Budgeting strategies, and especially cost- cutting methods, are widely used today. Budget strategies need to be aligned with a larger issue, strategic management, which was discussed in this module. Systematic, objective strategic planning, along with the implementation of the plan, drives successful health care organizations. The key to successful planning is to make the process a part of the daily operations of the organization. Strategic management is a continuous process of revisiting the system and restoring balance. This module will identify the factors in strategic management that work and those that need revising. This module also includes rolling forecasts and other strategic management and planning techniques.

Discussion Question:

Describe the similarities and difference between a classical budgetary process and a rolling forecast process. Who are the key players in each and what is his or her role? What are the advantages and disadvantages of each?