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Assessment 3: Budget Negotiations and Communication

Student Name

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Capella University

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Course Name

Prof Name
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April 10, 2024
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Budget Negotiations and Communication
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The management of an operating budget holds significant importance in nursing
leadership, necessitating comprehensive oversight and strategic planning. This
assessment focuses on crafting and negotiating a budget for a 35-bed hospital catering
to the elderly, with a staff of 20 equivalent members, many of whom work part-time.
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Central to the budget's justification and communication are staff retention and
patient-centered care, underlining strategic initiatives aimed at enhancing fiscal
profitability, staff productivity, justifying equipment and service costs, and aligning with
organizational objectives.
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Strategic Plan for Profitability and Fiscal Success

The budget evaluation commences with a needs assessment, identifying staff retention
and patient-centered care as primary priorities. Through a SWOT analysis, the strategic
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plan aims to bolster these areas, prioritizing nursing leader interventions based on
identified needs (Gharachorloo et al., 2021).
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Initially, the plan focuses on employee retention strategies, offering performance

appraisals and competitive compensation packages to boost satisfaction and
motivation. Motivated staff positively impact clinical outcomes and patient-centered care

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through increased salaries, overtime compensation, and performance-based increments
(Panda & Sahoo, 2021).

Patient-centered care is emphasized through an integrated system, incorporating

patient feedback surveys and fostering a culture of empathy and individualized care.
Healthcare improvement strategies, such as infection control and readmission
reduction, contribute to this approach (Kwame & Petrucka, 2021).

Training initiatives are proposed to address staff satisfaction and care standards,
encompassing comprehensive training for both new and seasoned staff members,

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facilitated by cross-functional teams, to manage infection rates and enhance patient
outcomes.

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The plan acknowledges uncertainties in strategic planning for fiscal success,
considering factors like market volatility, economic conditions, industry trends, regulatory

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changes, and technological advancements.
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Plan for Staff Productivity Goals
Enhancing staff productivity is pivotal for patient-centered care. Strategies include
feedback loops to address workload issues, stakeholder awareness for effective
communication of changes, and continuous progress monitoring (Xi et al., 2023).
Alternative approaches like outsourcing and mandatory overtime are dismissed due to
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practicality concerns.

Justification of Equipment and Service Costs

Allocation of the budget prioritizes essential utilities and expenses, particularly medical
supplies, medication, and equipment maintenance, to ensure effective budget
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management and patient-centered care (Xi et al., 2023).

Link Between the Organization’s Mission and the Project

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The budget aligns with the organization's mission of providing patient care and
inter-professional collaboration for the elderly, aiming to improve patient interactions,
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increase satisfaction levels, and reduce turnover. Financial stability supports

organizational goals, including employee retention, training, and development,
ultimately enhancing patient care effectiveness (Dennis, 2019).

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Conclusion
Effective budget management is crucial for financial security and elevating care
standards. Strategic planning guides each step, ensuring alignment with profitability
goals, enhancing staff productivity, and reinforcing patient-centered care principles. The
budget serves as a manifestation of the organization's commitment to its mission of
providing exemplary patient care.

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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

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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

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technological approach. International Journal of Innovation in Engineering, 1(4), 47–61.
https://doi.org/10.59615/ijie.1.4.47

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Karaferis, D., Aletras, V., Raikou, M., & Niakas, D. (2022). Factors influencing motivation and
work engagement of healthcare professionals. Materia Socio-Medica, 34(3), 216–224.
https://doi.org/10.5455/msm.2022.34.216-224
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Kwame, A., & Petrucka, P. M. (2021). A literature-based study of patient-centered care and
communication in nurse-patient interactions: Barriers, facilitators, and the way forward. BMC
Nursing, 20(1), 158. https://doi.org/10.1186/s12912-021-00684-2

Panda, A., & Sahoo, C. K. (2021). Work–life balance, retention of professionals and
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psychological empowerment: An empirical validation. European Journal of Management

Studies, 26(2/3), 103–123. https://doi.org/10.1108/EJMS-12-2020-0003

Xi, Y., Ding, Y., Cheng, Y., Zhao, J., Zhou, M., & Qin, S. (2023). Evaluation of the medical
resource allocation: Evidence from China. Healthcare, 11(6), 829.
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https://doi.org/10.3390/healthcare11060829
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