NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

Budget Negotiations and Communication


Discussing and communicating are key aspects of financial management that I would implement in the organization. Budget communication is one of the most critical elements that can substantially impact a business’ financial situation through budget decision-making. This study explores the essence of interpersonal communication competencies during budget talks in company settings, being particularly active in the respective 2023 fiscal stability plan prepared for SAMC.


Strategies Addressing Strategic Goals with the Strategic Plan

The SAMC has experienced this fiscal year the largest decrease in revenue ever, amounting to $9,753,215 (Capella University, n.d.). To guarantee fiscal stability and to succeed as a company in the fiscal campaign of next year, a strategic plan has been mapped out. It is our plan that will maximize the revenue stream and reduce the need for over-expenditure on operations.

A strategic plan, being a set of various elements, is one of the core documents of any organization. Firstly, the content marketing channel will be constructed to drive the patient referrals and the setting of the patient-centered model for healthcare services. The content marketing strategy will streamline the development and provide information in the form of content that will be beneficial, and relatable to the patients. These encompasses intellectual property/channels like social media, email marketing and blogs that will elicit a wide audience and visualize the organization as a healthcare leader. It aims at providing individualized care, optimizing patients’ experiences and bettering the quality of the delivered services. We also envisage that this health clinic usage will lead to improved inpatient revenue (Al Thabbah et al., 2022).
 

NURS FPX 6216 Assessment 3 Budget Negotiations and Communication

While this, all the operating expenses will undergo a thorough evaluation so as to identify measures that can lead to cost reduction even as the quality of services offered to the affected patients remains high. It is vital that cost should be considered in every department. I will start implementing this by; renegotiating insurance contracts; streamlining supply chain management and cutting supply costs; and yes, exploring energy saving solutions to minimize utility costs (Hecht et al., 2022).

Moreover, steps will also be taken to help in process improvements that will provide better efficiency and performance and reduce wastage/minimize patient lead time. Due to this, registering the patient will be made easier and fastest, deploying electronic patient records, and scheduling staff for busy hours will be some of the areas that will be considered to boost productivity. Research findings by (Adedeji et al., 2022) Another thing is that service options will be enlarged to draw the attention of a broader consumer. To achieve this objective we shall be extending the range of care services available while at the same time partnering with other service providers for a win-win.

Responsibilities


Tasks for the Chief Operations Officer will include implementation of the strategic plan, and keeping in close collaboration with the Chief Medical Officer, Director of Operations, and Marketing Director.

Areas of Uncertainty


The profit plan and expense optimization mechanism of my enterprise have some unpredictability. These contain such things as *the* effectiveness of marketing strategies, whether cost-cutting measures can have a positive or detrimental impact on patient-care quality, the success of process improvement projects to optimize efficiency, and the expansion of services the hospital offers. The plan will address these uncertainties with its effectiveness and financial targets.

As a support plan for the situation, below is my proposal on how the issue should be handled:
The brunt of the strategic plan’s success lies in the University of Utah Health’s Primary Care Transformation Program (PCTP) as it incorporates process improvements, and efficient resource utilization, and operates at the edges of the spectrum. In this regard, the practice of PCTP employed marketing tactics by bringing the patient experience to the direct focus and ensure that the patient was put at the forefront of the operations, in the possible inference that this will cause more referrals and revenue (Glover et al., 2019). These improvement strategies helped them raise net patient revenue by 12% and cut operational expenses by about $4 million per year (Glover et al., 2019).

NURS FPX 6216 Assessment 3: Budget Negotiations and Communication

The costs for equipment and services are determined based on past usage and anticipated needs for the upcoming year. Assumptions regarding patient volume, staff turnover, and regulatory changes are factored into cost calculations. Research suggests that improving healthcare technology, reducing staff workload, and ensuring adequate medical services can enhance cost-effectiveness, turnover rates, and patient satisfaction (Arage et al., 2022).

Maximizing available resources entails gathering input from stakeholders, including staff, patients, and community members. Staff input aids in identifying equipment and service needs, while patients provide feedback on care quality. Community members contribute insights into the unit’s role and potential areas for enhancement (Durrance-Bagale et al., 2022). By incorporating stakeholder feedback, St. Anthony’s Medical Center (SAMC) can optimize its equipment and service costs to meet organizational and community needs.

Assumption:

  1. The healthcare facility anticipates consistent patient volume and acuity levels.
  2. Cost calculations consider regulatory changes impacting equipment and service costs.
  3. Staff turnover rates are expected to remain stable.
  4. Patient satisfaction and cost-effectiveness are prioritized in budget planning.

Alignment of Budget with Organizational Mission and Goals:

St. Anthony’s Medical Center aims to provide high-quality, compassionate healthcare services and lead healthcare innovation and community health. The budget aligns with these goals by investing in state-of-the-art equipment and technology to enhance patient care and outcomes. Additionally, resources are allocated for staff compensation and supplies to support patient-centered care and community health initiatives (Santos-Jaén et al., 2022).

Conclusion (NURS FPX 6216 Assessment 3 Budget Negotiations and Communication)

SAMC’s strategic plan addresses declining operating revenue by implementing marketing strategies, evaluating expenses, and enhancing efficiency. The plan’s success is supported by stakeholder feedback, cost calculations, and evidence from similar programs. Addressing uncertainties will be essential for achieving organizational objectives, fiscal stability, and quality care delivery (Glover et al., 2019). Overall, the plan provides a roadmap for SAMC to achieve its mission and ensure community well-being.

 References

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