Capella 6216 Assessment 3

NURS FPX 6216 Assessment 3: Budget Negotiations and Communications

Student Name

Capella University

School of Nursing and Health Sciences, Capella University

NURS FPX 6216 Assessment 3:

Advanced Finance and Operations Management

Prof. Name:

Date

Managing Budget Negotiations and Communications in Healthcare: A Strategic Approach

The primary goal of this strategic plan is to aid the Anthony Medical Center, also known as Villa Hospital, in effectively managing operational and financial requirements. Effective budget management requires competent and efficient leadership to gain a competitive edge in the healthcare industry. NURS FPX 6216 Assessment 3: Budget Negotiations and Communications. This research delves into evaluating the budget allocated to healthcare staff, ensuring alignment with the organization’s mission and vision. The original budget proposal is defended herein, highlighting the significance of an operational budget in comprehending daily operational activities and their implications for the organization’s financial framework. The integration of strategic planning is vital for budget control (Durán & Saltman, 2019).

Strategic Plan for Profitability and Fiscal Success

Anthony Medical Center’s strategic approach involves the care of senior patients in 35-bed wards, with a comprehensive budget allocation of $268,600,000. This budget encompasses key components, such as net patient services revenue, inpatient/outpatient revenue, contractual adjustments, and supplementary considerations like charity and uncompensated care. On the cost management side, elements such as wages and salaries, supplies, purchased services, utilities, rent and leases, and depreciation are managed through strategic planning. This strategic plan necessitates discussions with executive members due to its strategic, rather than operational, nature (Rotich, 2021).

Strategic planning empowers staff with responsibilities for daily decision-making within a broader context, guiding professional growth and optimizing environmental impact. Accurate budgeting entails considering factors like direct and indirect costs, fixed and variable expenses, workforce and supplies, technological advancements, workplace considerations, licensing, and other variables influencing organizational expenditures. Learning from past successes and failures, as well as leveraging previous project data, can provide valuable insights for budget development, leading to more precise estimations (Rodríguez-González et al., 2019).

Identifying Areas of Uncertainty

Areas of uncertainty are inherent in any strategic plan, as outcomes may not always align with organizational goals. While this strategic budget plan is designed for control, there is a possibility it might not fully meet corporate objectives. Furthermore, it is crucial to incorporate additional factors like mobility and technology costs within the strategic plan (Rodríguez-González et al., 2019).

Meeting Staff Productivity Goals

Anthony Medical Center allocates $990,000 in its operational budget for staff compensation, emphasizing the significance of staff productivity. NURS FPX 6216 Assessment 3: Budget Negotiations and Communications. To achieve performance objectives, the following goals are outlined:

1. Encouraging employees to communicate productivity enhancement ideas to top management, particularly for projects demanding substantial resources, materials, and efforts.
2. Implementing technological advancements like Electronic Health Records (EHR) and Barcode Medication Administration (BCMA) systems to minimize errors and boost organizational productivity.
3. Select measurable factors for goal definition, such as waste volume, operating costs, labor hours, and workforce engagement.
4. Describing achievement goals for each factor and identifying gaps between current and desired benchmarks.
5. Recognizing the direct influence of staffing levels on organizational productivity, emphasizing the impact of staff performance on overall goals (Ali et al., 2019).

Evaluating significant performance factors, including staff overtime, total payroll costs, and Key Performance Indicators (KPIs), contributes to refining productivity and performance (Ali et al., 2019).

The Rationale for Rejecting Alternative Approaches

The alternative budget proposal was dismissed due to its potential to increase stress, require excessive labor and financial resources, and promote short-termism at the expense of long-term strategic goals, as highlighted in the operational budget analysis (Ali et al., 2019).

Justification of Equipment and Service Costs

Equipment and service expenses are crucial to Anthony Medical Center’s operational goals, as they directly impact patient care quality. Increased machinery utilization correlates with enhanced organizational productivity. These costs are determined by assessing labor efficiency and equipment acquisition expenses (Ho & Huang, 2019).

Projected costs are based on acquisitions planned for Dec 22, 2022. Capella 6216 Assessment 3. The revised Equipment Administration Expenses budget of $650,000 aligns with Anthony Medical Center’s needs. Ensuring machinery costs are incorporated into the budget by Jan 30, 2023, accounts for project timelines and supply procurement uncertainties. Comparing old and new budgets aids in resource optimization (Ho & Huang, 2019).

Alignment with Anthony Medical Center’s Mission and Goals

Anthony Medical Center’s mission emphasizes creating a credible operational budget and strategic plan, underpinning the provision of safe and healthy environments for patients through healthcare departments and units. Ensuring efficiency within the plan enhances its potential for success and overall organizational performance (Businger et al., 2019).

Mission Statement

Anthony Medical Center strives to maximize patient care, Capella 6216 Assessment 3. establish a robust care model, prioritize patient well-being, alleviate staff workloads, enhance organizational efficiency, outperform competitors, and reduce mortality rates (Pelikan et al., 2022).

Goals of Anthony Medical Center

The organization commits to furnishing the necessary resources for ethical, efficient, and dignified healthcare both now and in the future. The Anthony Medical Center also focuses on fostering opportunities for training programs and cultivating a robust managerial succession plan (Pelikan et al., 2022). Capella 6216 Assessment 3.

Vermeulen et al. (2019) present an evidence-based study advocating for strategic planning to enhance the productivity and performance of the pharmacy department. This resonates with our own strategic plan’s intent to improve organizational productivity and performance (Vermeulen et al., 2019).

Capella 6216 Assessment 3

Conclusion
The Strategic Plan for Anthony Medical Center is designed to enhance staff productivity and performance, offering a comprehensive review of managing senior patient care in 35-bed wards. Success evaluation of this strategic plan relies on waste volume, operating costs, labor hours, and workforce engagement metrics. By adhering to the mission and goals of Anthony Medical Center, the plan’s efficiency and overall impact can be maximized, leading to improved organizational performance.

References

Ali, Z., Mahmood, B., & Mehreen, A. (2019). Linking succession planning to employee performance: The mediating roles of career development and performance appraisal. Australian Journal of Career Development, 28(2), 112–121. https://doi.org/10.1177/1038416219830419

Capella 6216 Assessment 3

Businger, A. C., Fuller, T. E., Schnipper, J. L., Rossetti, S. C., Schnock, K. O., Rozenblum, R., Dalal, A. K., Benneyan, J., Bates, D. W., & Dykes, P. C. (2019). Lessons learned implementing a complex and innovative patient safety learning laboratory project in a large academic medical center. Journal of the American Medical Informatics Association, 27(2), 301–307. https://doi.org/10.1093/jamia/ocz193

NURS FPX 6216 Assessment 3: Budget Negotiations and Communications

Durán, A., & Saltman, R. B. (2019). Hospital Governance. Understanding Hospitals in Changing Health Systems, 25–47. https://doi.org/10.1007/978-3-030-28172-4_2

Ho, F. N., & Huang, C. (2019). The interdependencies of marketing capabilities and operations efficiency in hospitals. Journal of Business Research. https://doi.org/10.1016/j.jbusres.2019.09.037

Pelikan, J. M., Metzler, B., & Nowak, P. (2022). Health-Promoting Hospitals. Handbook of Settings-Based Health Promotion, 119–149. https://doi.org/10.1007/978-3-030-95856-5_7

Rodríguez-González, C. G., Sarobe-González, C., Durán-García, M. E., Mur-Mur, A., Sánchez-Fresneda, M. N., Pañero-Taberna, M. de las M., Pla-Mestre, R., Herranz-Alonso, A., & Sanjurjo-Sáez, M. (2019). Use of the efqm excellence model to improve hospital pharmacy performance. Research in Social and Administrative Pharmacy. https://doi.org/10.1016/j.sapharm.2019.08.030

Rotich, D. K. (2021). Assessment of the application of strategic plans towards organizational success: a case study of moi teaching and referral hospital. Erepo.usiu.ac.ke. http://erepo.usiu.ac.ke/handle/11732/7132

NURS FPX 6216 Assessment 3: Budget Negotiations and Communications

Vermeulen, L. C., Swarthout, M. D., Alexander, G. C., Ginsburg, D. B., Pritchett, K. O., White, S. J., Tryon, J., Emmerich, C., Nesbit, T. W., Greene, W., Fox, E. R., Conti, R. M., Scott, B. E., Sheehy, F., Melby, M. J., Lantzy, M. A., Hoffman, J. M., Knoer, S., & Zellmer, W. A. (2019). ASHP foundation pharmacy forecast 2020: Strategic planning advice for pharmacy departments in hospitals and health systems. American Journal of Health-System Pharmacy, 77(2), 84–112. https://doi.org/10.1093/ajhp/zxz283