Discussion 1: NUR 621 Topic 3 Discuss the responsibilities that a nurse leader has when it comes to development of the budget. What do you feel is the most important of these responsibilities? Explain your rationale.
NUR 621 Topic 3 Discussion 1: Discuss the responsibilities that a nurse leader has when it comes to development of the budget. What do you feel is the most important of these responsibilities? Explain your rationale.
Assessment Description
Discuss the responsibilities that a nurse leader has when it comes to development of the budget. What do you feel is the most important of these responsibilities? Explain your rationale.
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Topic 3 DQ 1
Nurse leaders usually control the bulk of the labor budget and so, they need to have a strong understanding of budgeting (McFarlan, 2020). A nurse leader should play a pivotal role in ensuring that his or her unit achieves financial goals while realizing patient safety and quality metrics. Regarding the development of the budget, a nurse leader is responsible for establishing budget priorities and ascertaining that the budget portrays the mission and strategic objectives of the organization (Rundio, 2021). A nurse leader should be capable of recognizing areas that require more funding and allocating resources to those areas accordingly. It implies that a nurse leader should suggest sophisticated programs such as quality improvement programs and allocate sufficient funds to such programs during the budgeting process. Other responsibilities of a nurse leader during the development of a budget include analysis of budget spending, allocation of funds to various projects and functions within the unit, optimization of budget based on performance and spending data, assessing and approving team budget requests, and developing and supervising budget planning and processes within the unit.
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Discussion 1: NUR 621 Topic 3 Discuss the responsibilities that a nurse leader has when it comes to development of the budget. What do you feel is the most important of these responsibilities? Explain your rationale.
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The most important responsibility of a nurse leader in budget development is establishing budget priorities. Balancing the budget and setting appropriate budget priorities is crucial in ensuring that the basic needs of the unit are met, the organization is protected from credit, and lowering financial stress (Henson, 2023). Establishing budget priorities also enable nurse leaders to focus on cutting cost on unnecessary spending, making changes in the organization based on operational needs, and planning for the future. With proper budget priorities, a nurse leader can evade challenges such as high cost of care, understaffing, and poor resource allocation and utilization.
References
Henson, C. R. (2023). Healthcare Financial Management: Applied Concepts and Practical Analyses. Springer Publishing Company.
McFarlan, S. (2020). An experiential educational intervention to improve nurse managers’ knowledge and self-assessed competence with health care financial management. The Journal of Continuing Education in Nursing, 51(4), 181-188. https://doi.org/10.3928/00220124-20200317-08
Rundio, A. (2021). The nurse manager’s guide to budgeting & finance. Sigma Theta Tau.
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Discussion 1: NUR 621 Topic 3 Discuss the responsibilities that a nurse leader has when it comes to development of the budget. What do you feel is the most important of these responsibilities? Explain your rationale.
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