NUR-621 Operational Budget Presentation Assignment
Grand Canyon University NUR-621 Operational Budget Presentation Assignment-Step-By-Step Guide
This guide will demonstrate how to complete the Grand Canyon University NUR-621 Operational Budget Presentation Assignment assignment based on general principles of academic writing. Here, we will show you the A, B, Cs of completing an academic paper, irrespective of the instructions. After guiding you through what to do, the guide will leave one or two sample essays at the end to highlight the various sections discussed below.
How to Research and Prepare for NUR-621 Operational Budget Presentation Assignment
Whether one passes or fails an academic assignment such as the Grand Canyon University NUR-621 Operational Budget Presentation Assignment depends on the preparation done beforehand. The first thing to do once you receive an assignment is to quickly skim through the requirements. Once that is done, start going through the instructions one by one to clearly understand what the instructor wants. The most important thing here is to understand the required format—whether it is APA, MLA, Chicago, etc.
After understanding the requirements of the paper, the next phase is to gather relevant materials. The first place to start the research process is the weekly resources. Go through the resources provided in the instructions to determine which ones fit the assignment. After reviewing the provided resources, use the university library to search for additional resources. After gathering sufficient and necessary resources, you are now ready to start drafting your paper.
How to Write the Introduction for NUR-621 Operational Budget Presentation Assignment
The introduction for the Grand Canyon University NUR-621 Operational Budget Presentation Assignment is where you tell the instructor what your paper will encompass. In three to four statements, highlight the important points that will form the basis of your paper. Here, you can include statistics to show the importance of the topic you will be discussing. At the end of the introduction, write a clear purpose statement outlining what exactly will be contained in the paper. This statement will start with “The purpose of this paper…” and then proceed to outline the various sections of the instructions.
How to Write the Body for NUR-621 Operational Budget Presentation Assignment
After the introduction, move into the main part of the NUR-621 Operational Budget Presentation Assignment assignment, which is the body. Given that the paper you will be writing is not experimental, the way you organize the headings and subheadings of your paper is critically important. In some cases, you might have to use more subheadings to properly organize the assignment. The organization will depend on the rubric provided. Carefully examine the rubric, as it will contain all the detailed requirements of the assignment. Sometimes, the rubric will have information that the normal instructions lack.
Another important factor to consider at this point is how to do citations. In-text citations are fundamental as they support the arguments and points you make in the paper. At this point, the resources gathered at the beginning will come in handy. Integrating the ideas of the authors with your own will ensure that you produce a comprehensive paper. Also, follow the given citation format. In most cases, APA 7 is the preferred format for nursing assignments.
How to Write the Conclusion for NUR-621 Operational Budget Presentation Assignment
After completing the main sections, write the conclusion of your paper. The conclusion is a summary of the main points you made in your paper. However, you need to rewrite the points and not simply copy and paste them. By restating the points from each subheading, you will provide a nuanced overview of the assignment to the reader.
How to Format the References List for NUR-621 Operational Budget Presentation Assignment
The very last part of your paper involves listing the sources used in your paper. These sources should be listed in alphabetical order and double-spaced. Additionally, use a hanging indent for each source that appears in this list. Lastly, only the sources cited within the body of the paper should appear here.
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Sample Answer for NUR-621 Operational Budget Presentation Assignment
Introduction
´Budget – a written formal financial statement of a hospital’s plan for future operations
qit is a management control tool developed annually.
´Development of a budget is a team work which involves all departments including nursing units –
qensure development of an effective strategy for a given facility(Contino, 2001).
´There are different types of financial budgets – in hospital setting, most important ones are –
qcash budget – reflect cash flow metrics in a hospital – enables management to foresee cash shortages so as to seek alternative sources (Mukherjee, Al Rahahleh & Lane, 2016),
qcapital budget – summarizes future plans for procuring plant facilities and equipment and
qoperating budget – comprise of a list of financial activities in a given year- enlists income sources and anticipated expenses
´Subsequent slides is an operational budget for a 20-bed capacity nursing unit.
Nurse Managers are tasked with setting goals and operation objectives in a given nursing units under their own responsibility.
However, they are also involved in the design of budgets. For the latter to happen, nurse managers collaborate with the finance department of a health facility. Following the development of a budget, it is updated and submitted to the hospital administration for its approval from the board of directors. At this point, the budget proposed can either be accepted or rejected based on its effectiveness to address the prevailing hospital revenue and expenditure. Development of a concise budget is vital to ensure that it is approved in a care facility.
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Key Components of Budget Costs: Staff
The budget on staff involves payment of salaries to professionals providing care to the facility. In an overview the facility has 10 physicians, 100 nurses and 30 Pharmacists as key frontline professionals. In addition, the facility has staff from other cadres of health whose roles ensure adequate services to patients. However, about 5 physicians providing specialized care will be hired on contract since retaining them will be costly to the facility (Contino, 2001). Other than salaries, employees especially those retained on permanent basis will receive benefits such as health coverage, health risk allowances, housing and commuter allowances. The rates will be reviewed based on the prevailing income generated by the facility.
Key Components of Budget Costs: Activities
The premise relates to activities the facility anticipates to undertake. The outlined tasks are crucial for the daily operations of the facility. In a preview of the activities, it is anticipated that charges made on in-patient (IP) and out-patient (OP) services are likely to reach 8% which will increase the total revenue to the facility (Mukherjee, Al Rahahleh & Lane, 2016). Payments made by third-party payers is also believed to yield a bundle of evidence in increasing income to the hospital. All these will improve the overall income to the facility as they are activities sought by many patients. These activities also determine the future growth of the hospital.
Sample Answer 2 for NUR-621 Operational Budget Presentation Assignment
Introduction
Financial knowledge is important in any sector, including health and nursing. Nurse managers in particular, should master budgeting principles and use the same principles to ensure an institution’s operational efficiency and financial stability. Operational budget is a vital tool for financial planning and ensuring that there is an appropriate control of the healthcare settings. In particular, operational budget shows projected expenses and revenues over a particular period of time and guides cost management and resource allocation (Anderson et al.,2020). Understanding operational budget component like capital expenditures, variable and fixed costs and revenue stream also helps the leaders to make informed decisions which align with the formulated strategic goals. Therefore, this presentation focuses on budgeting principles and terminology by addressing concepts such as cost concepts, revenue concepts, breakeven analysis and the difference between the operational and capital budgets.
Cost Concepts
One of the most important concepts is the cost concept and having adequate knowledge regarding the same can support better resource allocation and financial planning. One of the cost concepts is fixed costs. These are expenses which remain constant irrespective of the amount of services provided. Some of the fixed costs may include salaries and wages, rent and utilities, depreciation. The fixed costs offer stability in budgeting due to the fact that they are predictable and are not impacted by the patient volume (Spencer et al.,2022). The next concept is variable costs. Variable costs may include laboratory tests, overtime pay and medical supplies. These costs are impacted with changes in patient volumes, implying that a careful monitoring should be done based on the varying patient volumes.
Apart from the variable and fixed costs, the next important cost concepts are direct and indirect costs. Within the context of patient care and healthcare, direct costs are those expected which are attributed directly to patient care. These costs play a crucial role in budgeting since they affect the effectiveness and quality of services offered. Some of them may include labor costs, costs for clinical supplies and costs incurred in purchasing medications. On the other hand, indirect costs are those expenses which are not directly to patient care but are vital for operations of different departments (Spencer et al.,2022). They are also called overheads. Some of such costs include training and development, repairs and maintenance as well as administrative salaries.
Revenue Concepts
It is also important to understand the revenue concepts since it helps in accurate projection of income to boost financial sustainability. One of the major revenue sources is patient service revenue which is the primary source of income in most cases. It is obtained from the services offered to patients including emergency services, outpatient services and inpatient services (Qi & Han, 2020). Another revenue concept is insurance reimbursements where healthcare entities receive payments from sources such as Medicaid and Medicare and private health insurance where private insurers cover the patient treatments and services offered to the patients.
Apart from patient service revenue and insurance reimbursements, other revenue sources for healthcare entities include grants and donations. This revenue source can provide the needed funding for healthcare functionalities such as community outreach and research. Research grants are offered to carry out medical research and clinical trials. Community grants are also provided to help enhance public health. philanthropist donations can also be obtained from foundations, organizations and individuals to help support healthcare organizations’ mission, goals and services (Qi & Han, 2020). Healthcare organizations can also generate revenues through different sources such as consulting services, retail sales as well as ancillary services which are paid upon offering some additional services.
Breakeven Analysis
Another important concept is breakeven. Its analysis is an important financial tools which can be used by an organization in determining if they will be able to recover all the costs and start getting profits. It is a point where the total revenues are equal to the total expenses, implying that there is no loss or profit (Tolzmann et al.,2020). Breakeven helps reveal the amount of revenue required to cover the variable and fixed costs related to the services. In exploring breakeven analysis, various components have to be considered, including, revenue, fixed costs, variable costs and total costs. It is important to calculate the breakeven point to support early planning.
As earlier indicated, it is important to calculate the breakeven point to support earlier planning. It can be calculated using the following formula:
Breakeven Point= Total Fixed Costs/ Revenue per unit- Variable Cost per unit. For example, in a case where an organization has a fixed costs of $200,000 and generating $150 per patient services, with a variable costs of $50 per patient services,
The BEP would be 2000 patient services, implying that the organization needs to offer 2000 patient services to cover the costs.
Difference Between Operational and Capital Budgets
It is important to have adequate understanding of operational budget and capital budget and the difference between them. Operational budget usually focuses on a department’s or an organization’s short-term financial planning, and typically covers a fiscal year. It also includes incomes and expenses needed for the organization’s daily operations. Comparatively, capital budget focuses on a long-term expenditure and investment which offer benefits over several years. In most cases, they are large-scale purchases or projects which foster an organization’s capabilities and capacity (Anderson et al.,2020). The key components of capital budgets include funding sources and capital expenditures. Therefore, it focuses on supporting the strategic growth and development.
There are significant differences between operational and capital budgets. One of the key differences is in their purpose. While operational budget focuses on long-term investments, the operational budget aims at supporting daily operations, the capital budget mainly focuses on long-term investments. Another key difference is in the timeframe or duration. For example, while the operational budget covers a shorter duration, usually a fiscal year, the capital budget can cover multiple or several years. The components are also different since the operational budget includes day-to-day expenses and revenues, while capital budget involves large-scale investments in long-term assets (Anderson et al.,2020). Operational budgets are also more flexible, hence can be adjusted numerous times while capital budgets are more rigid.
References
Anderson, D. M., Cronk, R., Best, L., Radin, M., Schram, H., Tracy, J. W., & Bartram, J. (2020). Budgeting for environmental health services in healthcare facilities: a ten-step model for planning and costing. International Journal of Environmental Research and Public Health, 17(6), 2075. https://doi.org/10.3390/ijerph17062075.
Spencer, K., Defourny, N., Tunstall, D., Cosgrove, V., Kirkby, K., Henry, A., … & Hall, P. (2022). Variable and fixed costs in NHS radiotherapy; consequences for increasing hypo fractionation. Radiotherapy and Oncology, 166, 180-188. https://doi.org/10.1016/j.radonc.2021.11.035
Qi, K., & Han, S. (2020). Does IT improve revenue management in hospitals?. Journal of the Association for Information Systems, 21(6), 7. Doi: 10.17705/1jais.00644
Tolzmann, G. C., Vincent, R. J., & Lewis, M. R. (2024). Costs, budgeting, and financial decision making. Clinical Laboratory Management, 416-441. https://doi.org/10.1002/9781683673941.ch30