Posted: May 5th, 2022

Financial Management, Cost Containment, & Marketing

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Case Study #9 – Financial Management, Cost Containment, & Marketing
Case Studies
Nurse managers set goals and design the budget (usually in collaboration with the finance department) for their own responsibility center, or nursing unit. After the budget has been developed and updated, it is submitted to administration and ultimately to the board of directors for approval. After the budget is approved and the fiscal year begins, the organization must deliver the planned services and programs.
USING THE INFORMATION BELOW:
Create a Budget for your current employers unit.
Please use EXCEL or Google Sheets.
The budget-development work flow involves the following steps:
-Collecting relevant data
-Planning services
-Planning activities
-Implementing the plan
-Monitoring the budget
-Taking corrective measures when necessary
In addition, the following data should be gathered:
-Hours provided per patient day
-Standards of care
-Plans for changes in services provided
-Plans for changes in resource utilization
Reference:
https://www.reflectionsonnursingleadership.org/features/more-features/budget-development-for-the-nurse-manager

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