Get NURS 6211 Week 6: Budgeting essay assignment help
Health care organizations attempt to stay as current as possible with equipment and resources, but today, this can be a costly effort. Just one Magnetic Resonance Imaging (MRI) machine costs millions of dollars. Major purchases such as these are included in capital budgets, and ultimately have an impact on the clinical, operational, and financial budgeting process of an organization.
NURS 6211 Week 6: Budgeting essay assignment
This week, you focus on major expenditures such as equipment and facilities. It is important for nurse managers to understand how capital budgets function so they can make informed contributions to the decision making process.
As a nurse, you are probably very aware of and can speak to the emotional reasons behind the need for certain major expenditures such as a new nurse’s lounge or replacing the current patient information system with a new digital system. You would love to see your nurses have a comfortable area where they can rejuvenate from a stressful day with patients. Alternatively, nurses carrying around PDAs would certainly ease the recording and transmission of vital patient information. However, as a nurse manager you need to be able to support those emotional appeals with reliable financial data. Having a place to refresh will help nurses be more efficient, and could reduce sick days and nurse errors. Being able to quickly access doctor’s orders and previous nurse’s comments allows for a more timely response to patients. As your responsibilities expand, you may find yourself at the table when decisions about capital expenditures are being debated. It is therefore to your advantage to understand the workings of a capital budget.
In this Discussion, you consider the impact of both financial and emotional factors in making a capital budget decision,
By Day 3
Post an analysis of why it is important for nurse managers to understand principles of capital budgeting. Describe a costly new piece of equipment you would like your organization (or one with which you are familiar) to purchase. Explain strategies for demonstrating the need for this equipment to decision makers. Briefly outline how you could use financial data and emotional appeals to demonstrate the benefits of this purchase.
Read a selection of your colleagues’ responses.
By Day 6
Respond to at least two of your colleagues on two different days. Suggest an additional strategy for demonstrating the need for the equipment they described and why you believe it might be successful
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