This week’s readings contained a great deal of information on financial and budgeting principles. Some of you may have had some familiarity with the concepts and maybe even experience in working with them. However, there is always something new to learn. Describe your prior experiences with financial and budgeting principles, whether personally or professionally. Include your current involvement in budgeting at your institution.
What pre-conceived notions related to healthcare financial and budgeting principles did you hold before this week that you understand better now or for which you have a different perspective? Reflect on at least two specific concepts. How have these new revelations influenced your thinking related to access, availability, and quality of healthcare?
IMPLICATIONS FOR THE FUTURE
- How has your enhanced knowing affected the way you view your proposed project?
- What areas of additional financial or budgeting data gathering have you identified as a need for your plan?
For my organization, we utilize our financial team members, average daily census, previous operating budget reports to evaluate what the next steps in our budgeting process should be. As a current nurse manager, I am working closely with my director and my CMO to evaluate our budget for the next forecasting budget quarter. After we make suggestions or changes to our quarterly forecast budget, we submit it for approval from our VP of nursing and CNO as well our final sign off from our president and CEO. As the nurse manager I am responsible for the evaluation of variances in our budget and reporting out on how and when variances can be corrected. As the nurse manager I can make direct suggestions for changes such as when an increase is needed in BSN versus ADN due to staff achieving their higher degree within a fiscal year. I feel that my input and influence is great and valued at my current organization. Also, as a nurse manager we are given opportunities to request things from different kinds of budget such as capital request for larger long-term purchases needed for our unit.
EXPERIENCE: My prior experience with financial and budgeting principles is something I am striving to understand and improve upon. I began my nurse manager position in May of 2020 which is just after….Kindly click the purchase icon to purchase the full solution at $5