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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◦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
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.
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
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.