Week 6: Discussion: Healthcare Financing
1414 unread replies.1414 replies.
Purpose
The purpose of this discussion is to explore the DNP-prepared nurse’s role in meeting the organization’s mission through effective planning, budgeting, and determining the allocation of resources.
Instructions
This week, you will have an opportunity to estimate the resources needed for your practice change project and complete the budget for your practice change project. Reflect upon your readings and professional experience and complete the budget for your practice change project.
1. Start by listing all of the Resources needed for your budget. Include the number of staff and their roles, education time for staff (how many and how long), office and/or medical supplies, marketing materials, statistician consult, meeting rooms, overhead (if renting the room), and any other resources not covered in this list.
2. Next, estimate the Expense for each of the resources. For example, when estimating the salary and benefits for staff, first calculate the number of hours X the hourly salary (including the cost of benefits) X the number of individuals. An example is 20 nurses for 3 hours at an average salary and benefit of $50 hour: 20 x 3 x 50 = $3000. The expenses in your budget can be estimated.
3. Next, discuss the Revenue sources which will pay for the expenses. All expenses in the budget must have a revenue source. Examples of revenue sources are:
· Billing: Encounter Charge X # patients per day X # days per week X # weeks
· Institutional Budget Support (if the hospital or facility is paying the costs of salary, supplies, and/or services).
· In-Kind Donation (If you are paying the statistician consult or out-of-pocket payment for the refreshments for meetings.)
· A grant may be available in your organization. If you received an organizational grant, please add that revenue to your budget.
4. Lastly, Balance the Budget. Add the expenses and the revenues then subtract the expenses from the revenues. The result should be zero-dollar balance or a positive dollar balance. (Revenues – Expenses = 0 or positive $$)
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c Week 6: Healthcare Financing Discussion
1414 unread responses
There were 1414 responses.
Purpose
The goal of this debate is to delve into the role of the DNP-prepared nurse in achieving the organization’s goals through effective planning, budgeting, and resource allocation.
Instructions
This week, you will have the opportunity to assess the resources required for your practice change project and complete the budget. Complete the budget for your practice transformation project based on your studies and professional experience.
1. Begin by compiling a list of all the resources required for your budget. Include the number of staff and their roles, education time for staff (how many and how long), office and/or medical supplies, marketing materials, statistician consult, meeting rooms, overhead (if renting the room
