MSN6216 – Advanced Finance and Operations Management
Unit 3 Assignment
Mentor Interview
Professional Context
Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.
The assignment in this unit involves you speaking with a leader who has experience with creating and managing budgets. You will learn about that person’s approach to budget management and consider techniques or strategies you may emulate when you are creating and managing budgets.
Scenario
You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year’s operating budget. Like many nurses, you have had little or no direct experience with the budgeting process, and you realize that financial management is not one of your strengths as a leader. Consequently, you have decided to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight.
Instructions
Interview
Conduct an interview with your site supervisor or another nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current role or a previous role. Explore the following topics in your interview:
Their experience managing an operating budget.
Their approach to managing productivity within the parameters of the budget.
Their approach to oversight of the appropriate use and availability of equipment and supplies.
Their experience managing a capital budget.
How managing a capital budget differs from managing an operating budget.
Their application of finance principles to fulfill the organization’s mission and goals.
Analysis
Note: The requirements outlined below correspond to the grading criteria in the Mentor Interview Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Mentor Interview document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
Compare the process of managing an operating budget to that of managing a capital budget.
Describe the process of allocating resources for labor, equipment, and services.
Describe an effective approach that contributes to planning for profitability and fiscal success.
Evaluate the nurse leader’s approach to budget management.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
Note: Remember that you can submit all, or a portion, of your draft analysis to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.
Submission Requirements
Format your paper using APA style.
Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:
A title page and reference page. An abstract is not required.
A running head on all pages.
Appropriate section headings.
A minimum of five properly-formatted citations and references.
Your executive summary should be 3–5 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
MSN6216 – Advanced Finance and Operations Management
Unit 5 Assignment
Preparing and Managing an Operating Budget
Professional Context
Sound financial management is essential to the fiscal well-being of all health care organizations, and the nurse leader plays an important part. Consequently, the preparation and effective management of operating budgets is a critical skill for nurse leaders. The budget guides leaders in optimizing the use of resources, and because nurses are closest to patients, they understand very well what it takes to operate on a daily basis and provide safe, high-quality care.
This assignment provides an opportunity for you to develop an operating budget for a health care unit. Keep in mind, staff is a large part of this budget and is often hard to control.
Scenario
You are the nurse manager of a 35-bed hospital unit with 20 full-time equivalent (FTE) staff. You have been given the task of getting the budget under control. Several people have recently left the unit, and you have been working to fill those open positions. Your staff work scheduled overtime and many sign up to work extra shifts. Your unit serves an older population, as well, and has incurred expenses associated with this group of patients.
Instructions
Note: The requirements outlined below correspond to the grading criteria in the Preparing and Managing an Operating Budget Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Preparing and Managing an Operating Budget document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.
Prepare and submit an operating budget for your hospital unit.
Prepare the operating budget. Note: Assemble your budget figures in a table, using a format of your choice. You may use either Microsoft Word or Excel to create your budget table.
Explain how the budget was designed and created.
Develop a strategic plan.
Develop an approach to ongoing budget management.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.
Note: Remember that you can submit all, or a portion of, your draft budget to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.
Submission Requirements
If you used Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.
Format your budget using APA style.
Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:
An APA-formatted title page and reference page. An abstract is not required.
A minimum of five ;properly-formatted citations and references.
Your budget should be 8–10 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
MSN6216 – Advanced Finance and Operations Management
Unit 7 Assignment
Budget Negotiations and Communication
Professional Context
Negotiating budgets and communicating financial needs to stakeholders are vital skills for nurse leaders. Given today’s numerous constraints on funding and highly competitive environments, the ability to win support for your budget proposals hinges on being able to present a compelling argument based on well documented needs, accurate financial information, and a justifiable business case.
This assignment provides an opportunity for you to examine the mission and goals of a health care organization in order to justify a budget proposal. A persuasive argument requires thoughtful justification and rationale for the expenses required to support your proposal. A proposal that supports the organization’s mission and goals strengthens your argument and is much more likely to get you what you need.
Scenario
The financial department has reviewed your unit’s operating budget and has asked you to submit an executive summary that provides support for your budget proposal. Your challenge is to position your unit favorably within an environment of competing demands for limited funding.
Instructions
Note: The requirements outlined below correspond to the grading criteria in the Budget Negotiations and Communication Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Budget Negotiations and Communication document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.
Write an executive summary of the operating budget you designed in Unit 5. Make a compelling case for why funds should be allocated for your budget.
Outline a strategic plan that ensures profitability and fiscal success.
Present a plan to meet staff productivity goals, while staying within budget parameters.
Justify equipment and service costs.
Analyze department, unit, or project alignment with the organization’s mission and goals.
Write clearly and concisely, using correct grammar and mechanics.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
Note: Remember, you can submit all, or a portion, of your draft paper to Smarthinking for feedback, before you submit the final version for this assessment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.
Submission Requirements
Format your paper using APA style.
Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:
A title page and reference page. An abstract is not required.
A running head on all pages.
Appropriate section headings.
A minimum of five properly-formatted citations and references.
Your paper should be 3–5 pages in length, not including the title page and reference page.
Portfolio Prompt: You may choose to save this learning activity to your ePortfolio.
MSN6216 – Advanced Finance and Operations Management
Unit 9 Assignment
Preparing and Managing a Capital Budget
Professional Context
In today’s health care environment, the focus on major purchases as part of the capital budget has emphasized the need for newer and better technology. Although the need to invest in capital equipment and technology has been ongoing, the nursing workforce must also have a safe and pleasant work environment.
This assignment provides an opportunity for you develop a capital budget for a major facility improvement that will benefit patients, nurses, and the organization.
Scenario
You are the unit manager of a 50-bed, step-down unit, and it is time for you to prepare your annual capital budget. You have seen a significant turnover in your nursing staff in the past three years. A review of exit interviews and patient surveys indicates low nurse satisfaction, poor morale, and complaints of an antiquated and depressing work environment. You have researched the impact of a positive working environment on staff productivity and morale and decided to request a renovation of the nurses’ lounge as the main purchase in your capital budget. You will present your request as a quality improvement investment.
Instructions
Note: The requirements outlined below correspond to the grading criteria in the Preparing and Managing a Capital Budget Scoring Guide, so be sure to address each point. You may also want to review the performance level descriptions for each criterion to see how your work will be assessed. Additionally, the Guiding Questions: Preparing and Managing a Capital Budget document, linked in the Resources, provides additional considerations that may be helpful in completing your assignment.
Prepare a capital budget for a facility renovation.
Note: You may use the budget in the Vila Health: Developing a Capital Budget multimedia exercise from this unit’s studies as an example of how you might format your table. You may also use a budget format used in your organization or a format you find in any of the course resources or on the Internet.
Describe the capital acquisition.
Justify the need for the capital acquisition.
Prepare the capital budget.
Note: Assemble your budget figures in a table, using a format of your choice. You may use either Microsoft Word or Excel to create your budget table.
Describe the process for calculating costs.
Present a plan for budget management.
Explain how the renovation will affect the financial health of the organization.
Present budget data and information clearly and accurately.
Integrate relevant and credible sources of evidence to support your budget data and information, correctly formatting citations and references using APA style.
Note: Remember, you can submit all, or a portion, of your draft budget to Smarthinking for feedback, before you submit the final version for this assignment. However, be mindful of the turnaround time of 24–48 hours for receiving feedback if you plan on using this free service.
Submission Requirements
If you used Microsoft Excel to create your budget table, submit the Excel file along with your budget narrative. You may also add the Excel file to your Word document as an embedded object.
Format your budget using APA style.
Use the APA Style Paper Template linked in the Resources. An APA Style Paper Tutorial is also provided to help you in writing and formatting your analysis. Be sure to include:
An APA-formatted title page and reference page. An abstract is not required.
A minimum of five properly-formatted citations and references.
Your budget should be 4–5 pages in length, not including the title page and reference page.
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