Homework: Mentor Interview
Interview a leader of your choice who has experience with creating and managing budgets, and write 3 to 5 pages analysis of your findings from the interview.
Introduction
Business acumen, including financial management skills, is a key competency for nurse leaders, and a primary responsibility for many is the development and management of operating and capital budgets.
For this homework, you will speak with a leader of your choice who has experience with creating and managing budgets, learn about that person's approach to budget management, and consider techniques or strategies you may emulate when you create and manage budgets.
Nurse leaders must be well-versed in the fundamentals of health care economics. A firm understanding of these concepts is essential in order to examine national trends and diverse health care organizations. At the organizational level, health care economics operate in a manner very similar to other competitive industries and businesses.
Within any organization, regardless of size, nurse leaders must understand the purpose and complexity of building a solid budget. Nurse leaders must be able to recognize the organizational or unit goals and then be adept and competent in the planning, designing, and defending a budget to meet those needs.
Preparation
You are the nurse manager of a new urgent care clinic, and one of your first tasks is to prepare next year's operating budget. Like many nurses, you have had little or no direct experience with the budgeting process and realize that financial management is not one of your strengths as a leader. Consequently, you have decided that you need to reach out for help from someone in the facility with budgeting experience and financial management expertise who can offer you help and insight.
Note: Remember that you can submit all of, or a portion of, your draft analysis to Smarthinking for feedback, before you submit the final version for this homework. However, be mindful of the turnaround time of 24-48 hours for receiving feedback, if you plan on using this free service.
As you prepare to complete this homework, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your homework.
Capital and operating budgets each play a major role in the financial expenditures of nursing units.
i. What is the purpose of each type of budget?
ii. How does managing these two types of budgets differ?
iii. What financial management techniques are common to both types?
Reflect on your experience with either type of budget.
i. How have one or the other of these two budgets affected the provision of care in your organization or unit?
Requirements
Interview
Conduct an interview with your site supervisor, or other nurse leader whom you consider to be a mentor in the area of health care finance. Discuss their experience with operations and capital budgets in their current or previous role. Explore the following topics in your interview:
i. Their experience managing an operating budget.
ii. Their approach to managing productivity within the parameters of the budget.
iii. Their approach to oversight of the appropriate use and availability of equipment and supplies.
iv. The experience of managing a capital budget.
v. How managing a capital budget differs from managing an operating budget.
vi. Their application of finance principles to fulfill the organization's mission and goals.
Analysis
Note: The requirements outlined below correspond to the grading criteria in the homework scoring guide. Be sure that your written analysis addresses each point, at a minimum. You may also want to read the Guiding Questions: Mentor Interview [DOCX] to better understand how each criterion will be assessed.
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
i. Compare the process of managing an operating budget to that of managing a capital budget.
ii. Describe the process of allocating resources for labor, equipment, and services.
iii. Describe an effective approach that contributes to planning for profitability and fiscal success.
iv. Evaluate the nurse leader's approach to budget management.
v. Write clearly and concisely, using correct grammar and mechanics.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.