Capella 6216 Assessment 4

NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget

Student Name

Capella University

School of Nursing and Health Sciences, Capella University

NURS FPX 6216 Assessment 4:

Advanced Finance and Operations Management

Prof. Name:

Date

Preparing and Managing Capital Budgets for Healthcare Improvement

Introduction
The healthcare landscape constantly evolves due to technological advancements and patient needs. Healthcare leaders must employ strategic planning and comprehensive budgeting processes to optimize care and administrative functions. Effective financial planning guides resource allocation across diverse operations and initiatives, enhancing patient services and facility efficiency (Downes & Nicol, 2020). Capital budgeting is pivotal in allocating financial resources for long-term assets such as technology, beds, and facility upgrades. It substantially impacts healthcare capacity and quality care delivery (Downes & Nicol, 2020). This paper explores the importance of capital budgets, their implications, and budget preparation in healthcare contexts.

Capital Acquisition

Securing capital is crucial for initiating projects and investments. The capital acquisition involves gathering funds to support ventures. To secure resources, a thorough exploration of financing options is essential. This process ensures resource availability and successful asset acquisition. NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget. In the case of a lounge renovation for nurses, the Nurse Manager collaborates with financial departments, the board of directors, and staff to devise a realistic budget (Roychowdhury et al., 2019). This project aims to enhance staff engagement and inpatient care quality.

Assumptions

Effective financial planning is essential for healthcare facilities to compete and improve services. The renovation project assumes that nurses prefer a conducive environment for relaxation and interaction. Nurse satisfaction and productivity are expected to increase, subsequently benefiting patient care quality (Vásquez et al., 2019).

Need for Capital Acquisition

Investments in projects like lounge renovations bring substantial benefits to healthcare staff. An upgraded lounge creates a comfortable space for nurses to recharge, communicate, and refresh, enhancing their performance and efficiency. NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget, Elevated job satisfaction and nurse productivity contribute positively to patient care (Degbey et al., 2020).

Pros and Cons of Alternative Perspectives

Capital investments bear benefits like enhanced efficiency and nurse satisfaction, but challenges include budget errors and differing viewpoints. Alternative perspectives suggest considerations like increased financial compensation or altering nurses’ roles (Leach et al., 2023).

Preparation of a Capital Budget

Effective capital budgeting requires meticulous planning before project execution. Capella 6216 Assessment 4. This lounge renovation budget entails a six-month planning period, followed by a six-month implementation phase. Detailed cost estimation, tracking, and budget adjustments are vital for project success (Bhuniya et al., 2020). NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget. Various factors must be considered, such as labor costs, product prices, and unforeseen expenses.

Plan for Budget Management

A well-structured budget management plan involves collaboration between administrative, financial, and project management teams. Detailed record-keeping, timely adjustments, and efficient time management contribute to budget control and project success. The project maintains financial health by ensuring resources align with goals (Heckert et al., 2020).

Impact of Capital Acquisition on Financial Health

Lounge renovation positively affects nurse morale and job satisfaction, reducing turnover rates and enhancing patient care. A content workforce leads to improved patient experiences, revenue growth, and stronger cash flows (Al Breiki & Nobanee, 2019). Capella 6216 Assessment 4.

Conclusion
Capital budgeting is pivotal for healthcare facilities aiming to enhance staff satisfaction and patient care quality. A renovated lounge creates an environment where nurses feel valued, leading to increased efficiency and improved services. To excel in the competitive healthcare landscape, investments in staff well-being yield dividends in patient outcomes and financial performance.

References

Al Breiki, M., & Nobanee, H. (2019, October 19). The role of financial management in promoting sustainable business practices and development. Papers.ssrn.com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3472404 

Capella 6216 Assessment 4

Bhuniya, S., Pareek, S., Sarkar, B., & Sett, B. K. (2020). A smart production process for optimum energy consumption with a maintenance policy under supply chain management. Processes, 9(1), 19. https://doi.org/10.3390/pr9010019 

Degbey, W. Y., Rodgers, P., Kromah, M. D., & Weber, Y. (2020). The impact of psychological ownership on employee retention in mergers and acquisitions. Human Resource Management Review, 31(3), 100745. https://doi.org/10.1016/j.hrmr.2020.100745 

NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget

Downes, R., & Nicol, S. (2020). Designing and implementing gender budgeting: A path to action. OECD Journal on Budgeting, 20(2). https://doi.org/10.1787/689198fa-en

Heckert, A., Forsythe, L. P., Carman, K. L., Frank, L., Hemphill, R., Elstad, E. A., Esmail, L., & Lesch, J. K. (2020). Researchers, patients, and other stakeholders’ perspectives on challenges to and strategies for engagement. Research Involvement and Engagement, 6(1). https://doi.org/10.1186/s40900-020-00227-0 

Leach, J., Agulnik, P., & Armstrong, N. (2023). The development of a creative work rehabilitation organization. History of Psychiatry, 34(1), 48–63. https://doi.org/10.1177/0957154×221138696 

Roychowdhury, S., Shroff, N., & Verdi, R. S. (2019). The effects of financial reporting and disclosure on corporate investment: A review. Journal of Accounting and Economics, 68(3), 101246. https://doi.org/10.1016/j.jacceco.2019.101246 

NURS FPX 6216 Assessment 4: Preparing and Managing a Capital Budget

Vásquez, J., Aguirre, S., Fuquene-Retamoso, C. E., Bruno, G., Priarone, P. C., & Settineri, L. (2019). A conceptual framework for the eco-efficiency assessment of small- and medium-sized enterprises. Journal of Cleaner Production, 237, 117660. https://doi.org/10.1016/j.jclepro.2019.117660