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Assessment 1: Instructions: Mentor Interview

Student Name

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Capella University

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Prof Name
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FEB 10, 2023

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Exploring Budget Management in Nursing Leadership: An Interview

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It is widely acknowledged that nursing leaders should possess a solid understanding of
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healthcare business and financial management fundamentals. These competencies
empower them to analyze national and international healthcare trends effectively,
thereby driving reforms within their organizations. Research underscores the
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importance of nurses acquiring business skills alongside clinical expertise to enhance

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healthcare system growth and meet community needs.

Comparison Between Operating and Capital Budget Management

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In our interview, Kate, a nursing colleague with a Master's in Business Management,

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discussed two fundamental types of budgeting: operating and capital budgeting. She
defined capital budgeting as the allocation of finances for acquiring or maintaining fixed
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assets, such as land, buildings, or medical equipment. Kate outlined a systematic

approach to managing capital budgeting, involving steps like identification,
development, selection, and post-audit. Her method emphasized setting SMART goals,
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analyzing net cash flow, and monitoring progress through regular reports.
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On the other hand, operating budgeting was described as a forecast budget

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encompassing anticipated revenues and expenses over a defined period. Kate

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emphasized the importance of analyzing fixed and variable costs, collecting past data
for trend analysis, and planning for expected activities and reserves.

Allocating Resources for Labor, Equipment, and Services

Kate highlighted the significance of equitable resource allocation for hospital

employees, medical supplies, equipment, and healthcare services. She discussed the
use of data analysis tools to assess past expenses, identify current and future needs,
and prioritize resource allocation based on strategic planning. Notably, Kate
emphasized aligning resource allocation with organizational objectives and ensuring
employee and patient needs are met.

Effective Planning for Profitability and Fiscal Success

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Strategic planning, including SWOT analysis, was underscored as essential for
achieving profitability and fiscal success. Kate emphasized the importance of setting

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standards by benchmarking against established organizations to drive continuous
improvement and align budget creation with organizational goals.

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Evaluation of Budget Management Approach

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The interview evaluated Kate's budget management approach against criteria such as
efficiency, stakeholder involvement, transparency, and alignment with organizational
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planning. While Kate's approach demonstrated alignment with expected outcomes, it
lacked comprehensive stakeholder involvement. Recommendations included involving
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stakeholders throughout the budgeting process to ensure transparency and

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accountability.

Conclusion
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In conclusion, budget management is a crucial responsibility for nurse leaders,

necessitating a blend of financial management skills and strategic planning. Effective
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budget management facilitates resource allocation, supports organizational goals, and

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enhances healthcare service delivery.

References:
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Abreu, W. M., & Gomes, R. C. (2018). Measuring collaborative stakeholder influence

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and open budget actions. Revista De Administração Pública, 52(4), 593–609.

https://doi.org/10.1590/0034-7612173451
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Benzaghta, M. A., Elwalda, A., Mousa, M., Erkan, I., & Rahman, M. (2021). SWOT
analysis applications: An integrative literature review. Journal of Global Business
Insights, 6(1), 55–73. https://doi.org/10.5038/2640-6489.6.1.1148

Dahana, M. A., & Ermwati, . (2020). Analysis of the budget planning process and
budget execution process. European Journal of Business and Management Research,
5(4). https://doi.org/10.24018/ejbmr.2020.5.4.426

Erdil, A., & Erbıyık, H. (2019). The importance of benchmarking for the management of
the firm: Evaluating the relation between total quality management and benchmarking.
Procedia Computer Science, 158, 705–714. https://doi.org/10.1016/j.procs.2019.09.106

Huang, W. (2019). Developing a better planning, budgeting, and accounting system.

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Built on Value, 303–328. https://doi.org/10.1007/978-981-13-7507-1_11

Michelon, P. de, Lunkes, R. J., & Bornia, A. C. (2020). Capital budgeting: A systematic

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review of the literature. Production, 30. https://doi.org/10.1590/0103-6513.20190020

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Raftery, C., Sassenberg, A.-M., & Bamford-Wade, A. (2021). Business acumen for
nursing leaders, optional or essential in today’s health system? A discussion paper.
Collegian, 28(6), 610–615. https://doi.org/10.1016/j.colegn.2021.08.001
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Seixas, B. V., Regier, D. A., Bryan, S., & Mitton, C. (2021). Describing practices of
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priority setting and resource allocation in publicly funded health care systems of
high-income countries. BMC Health Services Research, 21(1).
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https://doi.org/10.1186/s12913-021-06078-z
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Shen, Y., & Sun, Z. (2022). Estimating the spatial correlation and convergence of
China’s healthcare resources allocation: Evidence from the Yangtze River Delta Region.
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Archives of Public Health, 80(1). https://doi.org/10.1186/s13690-022-00958-4

Zhang, R., & Bohlen, J. (2023). Healthcare business budgeting. In StatPearls.

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StatPearls Publishing. http://www.ncbi.nlm.nih.gov/books/NBK589707/

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