(Answers) HCM-FPX 6226-Assessment 2 Unit 3-Online Nursing Assignment Help

Introduction

For the nurse leader, a firm understanding of economic concepts and fiscal management is critical. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defense of a budget to meet those needs. The purpose of this assessment is to practice strategic planning as it relates to a nurse leaders’ fiscal management and the techniques the nurse leader uses to assess and plan for a budget.

Note: Each assessment in this course builds on the work you completed in the previous assessment. Therefore, you must complete the assessments in this course in the order in which they are presented.

Instructions

The assessment requires you to consider your business acumen and fiscal management skills. This is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.

Consider the following as you develop this assessment:

• Discuss strategic planning and its impact on budget creation.
  • Discuss the importance of strategic planning as it relates to budgeting.
  • Explain how profitability and fiscal success impact an organization’s strengths and weaknesses.
• Discuss a nurse leader’s approach to budget management.
  • Include a cost-benefit analysis of current state and future fiscal goals.
  • Include considerations for different funding sources, payor mixes that impact an organization’s fiscal success.
• Describe the components of an operating budget.
  • Include a discussion of employee personnel and daily operational needs.
• Describe the components of a capital budget.
  • Consider capital acquisition and how you as the leader would acquire other assets.
  • Include the description of fixed assets, equipment costs, and service costs.
• Compare the process of managing an operating budget to that of managing a capital budget.
  • Be sure to describe the process of allocating resources for labor and services.
• Explain how a capital acquisition will affect the financial health of an organization.
  • Consider how it will affect the organization’s finances and identify strengths and weaknesses.

Submission Requirements

• Length: Your Strategic budget plan should be 5-7 pages in length, not including the title page and reference page.
• APA Format: Format your paper using the current APA style. Refer to Evidence and APA for help. Use the APA Style Paper Tutorial [DOCX] to help you in writing and formatting your analysis. Be sure to include:
  • A title page, reference page, and appropriate section headings.
  • An abstract is not required.
• Sources: A minimum of five properly formatted citations and references. Refer to the Nursing Master’s Program (MSN) Library Guide for library research information.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and rubric criteria:

• Competency 1: Develop an operating budget for a healthcare organization.
  • Describe the components of an operating budget.
• Competency 2: Develop a capital budget for a healthcare organization.
  • Describe the components of a capital budget.
• Competency 3: Apply financial and leadership principles in alignment with a healtcare organization mission, goals, and strategic plan.
  • Discuss strategic planning and the impact on the budget creation.
  • Discuss a nurse leader’s approach to budget management.
  • Compare the process of managing an operating budget to that of managing a capital budget.
  • Explain how a capital acquisition will affect the financial health of an organization.
• Competency 4: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards.
  • Apply APA formatting to in-text citations and references, exhibiting nearly flawless adherence to APA format.