NURS FPX 6216 Assessment 1 Mentor Interview

Exploring Financial Management in Healthcare

Successful health system managers must be well informed about the expertize of nurses as it helps to address community needs.

Being a master of business is not limited to only knowing how stock works, finance is an art that counts a lot. This applies most often in the healthcare division, where the nurses must be skilled in preparing intelligent and well-defined budget. This is where these budgets get their general direction along with other things such as financial targets and departmental performance evaluation.

Interactional Sense of Conversation with a Competent Nursing Manager
For the reason of getting into a deeper knowledge of financial management in healthcare, I had a talk with Shirley Howard, RN, MSN, an experienced professional whose nursing career started in 2011 year including management of the clinics’ budgets she faced starting from the year 2014 and practicing currently as a Nurse Superintendent at Parkland Memorial Hospital.
Operating and capital are two budget issues that be distinguished.
While talking with Mrs. Howard, she clarified why the two types of budgets have different functions for us. The budget document shows the outgoings and incomings over the reference period, namely the expenses on the run. according to historical data statistics with a view of the future the this ratio are an account of patient appointments, insurance reimbursement as well as the balance between expenditures and revenue. In the course contradictory, capital budgets stress investing on the long-term assets that include machinery purchase or expansion of services which is pivotal in growth and renewing.

Strategies for Resource Allocation

The underlying factor behind health care sustainability is effective resource management in the face of increasing health expenditure. In relation to the last point, Mrs. Howard indicated the need for using research-based programs in order to achieve positive results of patients’ treatment while effectively managing the resources. This comprises strategic staffing and employment of a flexible staff like rotating hours and so on to ensure successful delivery of care while bearing in mind that we do not overspend on allocated hours which subsequently leaves us with significant savings.
Establishment of Strategy and Stable Fiscal Condition
Despite the manifold obstacles that come with the changes brought by healthcare and insurance reimbursements, financial planning is still the best alternative of healthcare administration. Mrs. Howard emphasized the benefit of variance analysis as a potent and cost-effective tool that enables budgetary discrepancies assessment and the provision.

Conclusion
The expertise availed during the conversation with Shirley Howard goes on to illustrate the challenging interplay that exists between the health sector and financial matters. To be an astute budgeter, one must develop a competent grasp of not only day-to-day and long-term expenses but ability of best allocating resources in a goal-oriented and an in-depth assessment of implementation of good practices. The nurse leaders who are similar to the Mrs. Howard form a vital component of the financial institution, preventing mediocre treatment, thereby, implementing the financial strategy.

 

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