NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Budget Negotiations and Communication 

One of the most important components of managing a business acquisition is the operating budget. While making sure that every part of the facility is run and taken care of, the nursing leader is in charge of creating and overseeing the budget. Establishing and negotiating a budget for a 35-bed hospital that serves an elderly population with 20 equivalent staff members—the majority of whom are also willing to work part-time—is the foundation of the current assessment. The foundation of this assessment is the communication and justification of the previously presented budget, which is based on two important factors: patient-centered care and staff retention. The strategic plan that can be used to increase fiscal profitability is explained in the budget justification, along with how it increased employee productivity, supported the costs of equipment and services, and created a relationship to enhance the budget and the organization’s goals. 

Strategic Plan for Profitability and Fiscal Success 

A need analysis of the current budget revealed that patient-centered care and staff retention were the main issues. Using SWOT analysis, my strategic objective was to improve patient-centered care and staff retention. In addition to determining the organization’s current circumstances and internal capabilities, the SWOT analysis enables a practical analysis of the organization and its environment (Gharachorloo et al., 2021). The plan was created with the intention of giving the nursing leader a path so they could prioritize their needs and adjust their work accordingly.

1. The first section of the plan covers employee retention tactics aimed at keeping current staff members and recruiting new ones. By offering competitive compensation packages and appraisals, the organization hopes to boost employee satisfaction and make them feel appreciated. Clinical results are greatly enhanced by employee retention because motivated employees are more likely to work hard and provide better patient-centered care (Panda & Sahoo, 2021). Performance-based increments can aid in improving employee retention, and the plan was predicated on raising salaries and overtime compensation. These appraisal-based strategies are prioritized because turnover is one of the organization’s major problems. 
2. By implementing an integrated system that can assist in involving patients in their care—such as patient feedback surveys—and encouraging a culture of empathy and customized treatment, the plan highlights the significance of patient-centered care even more. Fostering a patient-centered culture that prioritizes hearing patients’ concerns, supporting innovative ideas, and raising the standard for service quality can improve care management (Kwame & Petrucka, 2021). Healthcare infections, readmissions through hygiene management, and fewer complaints are examples of healthcare improvement strategies that can be used to implement patient-centered care.  

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication  

3. The organization’s lack of training also had an impact on turnover because employees were not happy with their jobs, which in turn affected the quality of care. Thorough training can promote positive interpersonal collaboration by assisting the recently hired and skilled staff in improving their training and using cross-functional teams to manage the infection rate and patient outcomes. 

Nonetheless, there are some unknowns in the strategic planning for financial success since shifts in the economy and market uncertainty may affect the amount of money the company can allocate to the change. The industry’s constantly shifting trends, the stringent requirements and changes in regulatory compliance, and the effect of technology advancements on care standards are additional elements that may cause concern. 

Plan for Staff Productivity Goals 

Employee productivity is crucial to patient-centered care because it keeps staff members motivated to learn and collaborate for the benefit of patients. On the other hand, low productivity promotes defensive approaches to care and increases the risk of infections and complications (Kara Ferris et al., 2021). As a result, it is crucial to maintain employee productivity by enhancing the workplace and offering amenities that make employees feel appreciated. The following strategies can be used to increase staff productivity: 

Feedback loops: 

The organization can gain insight into the challenges faced by employees by using feedback loops to gather their thoughts and feedback. Workload is a major issue that needs to be addressed when staff retention is low (Ghani et al., 2022). As a result, the organization will be able to increase staff productivity by dividing the workload by soliciting feedback and hiring new personnel to ensure that the nurse-to-patient ratio is improved. 

Stakeholder Awareness: 

To help employees feel a sense of belonging within the company, it is important to inform all parties involved about changes in working conditions, including performance-based evaluation, appraisal, and updated pay. Staff retention can also be enhanced by analyzing workload trends and pinpointing areas that require improvement, such as better patient flow, task distribution, and staff scheduling. 

Monitoring the progress:

Any plan is effective when it is continuously modified and evaluated. Therefore, a continuous cycle of feedback that enables staff to adjust to the changes is necessary for the changes to yield effective results.

The practicality of other strategies, like outsourcing and required overtime, led to their rejection. Although outsourcing can lower labor costs, it also lowers staff morale and care quality because of job insecurity. Mandatory overtime can also strain the relationship between the employer and employees, cause compliance problems, and increase job dissatisfaction and fatigue.

Justification of Equipment and Service Costs

Allocating resources can be aided by creating a budget for the costs and utilities necessary for a successful operation. After salaries, benefits, and appraisals, utilities, medical supplies, and prescription drugs are among the major costs that demand the largest budgetary allocation. Businesses can improve their budget management and allocate funds where they will have the biggest impact by allocating resources properly (Xi et al., 2023). Additionally, the amount allotted for medical supplies was linked to technology, medication provision, and machine maintenance—all of which are critical components of patient-centered care. 

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication 

As one of the key components of lowering turnover and delivering patient-centered care, hygiene management, maintenance, and training costs were likewise high in relation to the services. Establishing stringent guidelines for upholding standards can help achieve all of these goals and swiftly contribute to revenue generation. Research has shown that improving services and equipment upkeep can support patient-centered care, which is linked to improved organizational facilities and a greater sense of community among employees (Edgman-Levitan & Schoenbaum, 2021). Furthermore, it is predicated on the idea that better functioning machinery can be obtained through equipment maintenance. On the other hand, this service charge may encourage employees to work with patients more. 

Link Between the Organization’s Mission and the Project 

In order to improve care for the elderly population, the project seeks to support the organization’s mission to provide patient care and interprofessional collaboration. The goal of the current project is to improve financial performance while maintaining patient-centered care and employee retention. By offering patient-centered care, the budget aims to enhance patient interactions within the hospital and raise their degree of satisfaction. In a similar vein, the budget is predicated on increasing retention rates through appraisals and pay packages in order to lower the organization’s turnover rate. According to research, financially stable businesses are better able to plan strategically to enhance patient care (Dennis, 2019); as a result, budget accuracy and efficacy enable the hospital to concentrate on elements like staff development, training, and retention, which further  work in support of increasing the effectiveness of patient care. 

Conclusion  

Effective budget management is therefore the foundation of the current evaluation in order to ensure financial stability and raise the organization’s standards of care. By directing each stage and guaranteeing that the budget is in line with profitability, strategic planning can aid in process improvement. On the other hand, putting feedback loop recommendations into practice, being aware of changes, and carrying out ongoing monitoring can all increase staff productivity. Finally, the organization’s mission and ultimate goal—providing patient-centered care—are connected to the budget.  

References  

Dennis, C. (2019). Strategic planning—A health system operational perspective. Journal of Hospital Management and Health Policy, 3(0). https://doi.org/10.21037/jhmhp.2019.10.03  

Edgman-Levitan, S., & Schoenbaum, S. C. (2021). Patient-centered care: Achieving higher quality by designing care through the patient’s eyes. Israel Journal of Health Policy Research, 10, 21. https://doi.org/10.1186/s13584-021-00459-9  

Ghani, B., Zada, M., Memon, K. R., Ullah, R., Khattak, A., Han, H., Ariza-Montes, A., & Araya-Castillo, L. (2022). Challenges and strategies for employee retention in the hospitality industry: A review. Sustainability, 14(5), 2885. https://doi.org/10.3390/su14052885  

Gharachorloo, N., Nahr, J. G., & Nozari, H. (2021). Swot analysis in the general organization of labor, cooperation and social welfare of east Azerbaijan province with a scientific and technological approach. International Journal of Innovation in Engineering, 1(4), 47–61. https://doi.org/10.59615/ijie.1.4.47  

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Aletras, V., Raikou, M., Karaferis, D., & Niakas, D. (2022). elements affecting healthcare workers’ motivation and engagement at work. 216–224 in Materia Socio-Medica, 34(3). https://doi.org/10.5455/msm.2022.34.216-224  

Petrucka, P. M., and Kwame, A. (2021). A review of the literature on patient-centered care and communication in nurse-patient interactions: obstacles, enablers, and future directions. 158 in BMC Nursing, 20(1). https://doi.org/10.1186/s12912-021-00684-2  

Cheng, Y., Zhao, J., Zhou, M., Xi, Y., Ding, Y., & Qin, S. (2023). Assessment of the distribution of medical resources: Chinese data. Medical Journal, 11(6), 829. https://doi.org/10.3390/healthcare11060829