NUR-621 Operational Budget Presentation

Grand Canyon University NUR-621 Operational Budget Presentation-Step-By-Step Guide

This guide will demonstrate how to complete the Grand Canyon University NUR-621 Operational Budget Presentation 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

Whether one passes or fails an academic assignment such as the Grand Canyon University NUR-621 Operational Budget Presentation 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

The introduction for the Grand Canyon University NUR-621 Operational Budget Presentation 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

After the introduction, move into the main part of the NUR-621 Operational Budget Presentation 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

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

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

◦Provide critical budgeting components

◦Cost of staff
Activities
Services
Supplies

◦Identify and describe a necessary capital acquisition for this unit including

◦Need
Return on investment
Benefits

Because all nurses are responsible for the budget, it is their responsibility to ensure that resources are used wisely. The nurse manager selects which services are supplied and which will be given if a new service is created when creating the operating budget. The nurse manager must also decide what the client’s outcomes are and whether or not the services or resources being used should be changed. Previous statistical budget reports, as well as the organization’s goals and objectives, strategic plan, and health care trends in both care and reimbursement, are used to compile this information. The budget plan is then created, together with a prediction of what resources would be necessary to deliver the anticipated services. The main objectives of this presentation are to:
Provide critical budgeting components, such as the cost of staff, activities, services, and supplies.
Identify and describe a necessary capital acquisition for this unit, including the need, return on investment, and benefits, among other things.

Key components of budgeting: Revenue and expenses

◦Revenue

◦income gained from the sales

◦Expense

◦cost incurred in the production/delivery of business operation

Expenses and revenue are the two fundamental components of budgeting. Rather, revenue refers to income gained from the sale of a company’s principal goods or services, whereas expense refers to a cost incurred in the production or delivery of a primary business operation.

Annual Revenue Generated January 2020-December 2020

The following items will be included in the revenue for this unit.All care, treatments, and boarding fees are totaled. The gross charges

for a hospital with 20 beds will be around $1,000 per bed. A day =$1000×20=$20,000; a week =$20,000×7=$140,000; and a year =$140,000×52=$7,280,000.

Contractuals: This refers to insurance adjustments or discounts that are made as a result of the insurance charge schedule. The contractuals for the 20-bed unit will be 5%: $100=$50 per bed, $50×20=$1,000 per day, $1,000×7=$7,000 per week, and $7,000×52=$364,000 per year.

Net Profit: Contractuals – Gross charges$7,280,000-$364,000=$6,916,000 in net revenue

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Annual FTEs 20 bed unit

With regards to the key components of budgeting relating to the expenses, the ones related to staffing are as follows.

Full-time equivalents (FTEs)
FTEs: A full-time employee works 40 hours per week, or 2080 hours per year.
Number of FTEs: Total number of hours required for the unit
In the Unit with 20 beds (1:5 ratio)
4 Registered nurses (RNs) on call 24 hours a day, 7 days a week: 96×365 = 35040/2080=16.8 FTEs
2 patient care technicians (PCTs), 24 hours a day, 365 days a year = 17520/2080 = 8.4 FTE

Annual Personnel Salary: January 2020- December 2021

Personnel salary is a large part of the operating budget. As a result, the salary for an RN would be 35040 x 27.25 = $954, 840.00. For the CMTs, Salary will be 17520×15=$262,800. Acuity-based systems are designed to generate staffing patterns based on patient information. If the data indicates that some patients require greater attention, the staffing pattern will include additional nurses, resulting in additional costs (Pliskin, 2018). Out of a total of 20, there are a total of 20 patient beds available. The number of staffed beds should never be less than the number of available beds.

Non-Personnel Expenses

For the involved activities, monthly cost per bed will be $5000 hence annual cost will be $5000×12=$60,000. Services and supplies, as components of the budgeting, include the following.
Inventory management will provide the appropriate supply, at the appropriate levels, at the appropriate location, at the appropriate time, and the appropriate cost and price (Agner, 2020).
For every bed, the expenses will be $20, for 20 beds $20×20=$400, for a week $400×7=$2,800, monthly $2800×4=$11,200. and for a year $2,800×52=$145,600
Patients in the unit will not be charged the same rate for services and materials.
Different insurance policies cover various things.

Sample Answer 2 for NUR-621 Operational Budget Presentation

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.

Break Even Analysis

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