Nursing Leadership/Management Role in Budgets Essay

3). In this relationship, each must work through phases including conflict resolution and negotiation as part of the process. Transformational theory further explains leadership must include exhibiting a degree of emotional intelligence. This occurs when perceiving how others feel, understanding how the feelings lead to thinking, understanding the emotions, and managing emotions internally. In respects to this theory, emotional intelligence enhances this bi-directional relationship between the leader and the followers (Spears, 2002).

Budgeting is extremely important for the nurse leader. Furthermore, the budgeting process of the hospital is very important to look at. According to Prefontaine, a couple months before budget was due, she would estimate where it would be spent. The planning process includes three major categories: major medical equipment, minor medical equipment, and employees. Major medical equipment is any larger equipment the hospital would use. An example would be how many more beds the hospital needed. The team leader is also responsible for finding quotes on how much these items would cost. Minor medical equipment is basically anything other than the large medical

Leadership is all about having the right amount of heart and determination to help make a difference in someone’s life. It takes certain qualities to be considered a good leader. A leader should want to help inspire others to make a change and to be the best that they can be. A true leader does not need to feel powerful, instead they empower those around them. Throughout my life I have come across various leaders who have made an impact on my life. It takes a very special person to inspire and touch people’s lives. Leadership is so much deeper than having power and bossing people around.

No matter how great a nurse leader may be, every nurse leader has their strengths and weaknesses. My strengths include being compassionate, humble, and resilient. Whereas my biggest weakness as a leader is not having the appropriate skills to influence others to see things my way.

Managers who are managing health care organizations must be attentive to the accounting practices and must obey and practice the financial management procedures to be able to solve any issues if any should arise. With the continuation of the high costs of health care managers as well as consumers must know how to budget carefully. According to All Business. (2010), the cost of providing health care services, patients way of payment for these services and the environment in which those patients reside and receive those services are important elements that affect the care this is or may not be

Leadership and management are similar; however, have different definitions. Some leaders have an innate ability to learn whereas others may have to learn how to lead. A manager may not be an effective leader. A leader must possess certain characteristics to be effective. Communication, fairness, and leadership knowledge are the top three characteristics of an effective leader.

Overages in salary expense of $115k were somewhat offset by Purchased Services being $73k under budget for the month. Benefits were $80k under budget for March and $325k under budget YTD. Chargeable supplies were $72k over budget for March, a by-product of strong Orthopedic volumes in the OR. The accrual for the Medicaid Enhancement Tax continues to be in excess of budget, due to taxable revenue being over budget in FY15 and much of FY16. Other Expenses were $52k under budget for the month.

One of the major functions of a nurse manager is managing a budget and allocating resources necessary to manage the unit or facility effectively. “Major steps in the budgeting process include gathering information and planning, developing unit budgets, developing cash budgets, negotiating and revising, and using feedback to control budget results and improve future plans”(Yoder-Wise, 2012, p. 244). The nurse manager must be able to accommodate variances and acclimate the budget in both the projections and up-to-date expenditures. Proficiency in managing a unit level budget is essential for both a favorable variance and optimal patient outcomes. Budgeting entails reviewing revenues and expenses, staffing costs, supplies, and capital equipment costs (Contino, 2001). This case study examines personnel, overtime (OT), supplies, travel, equipment, and staff education and the manner in which management can address these factors.

Healthcare changes occurring today along with shrinking budgets and reimbursement rates for hospitals has forced institution CEOs to do more with less. Changes and restructuring of various health facilities require nursing leaders with flexibility and adaptability. Nurse leaders must also consider budgetary constraints, cost effectiveness, patient safety, and quality care while maintaining focus on improved patient outcome. The responsibility of ensuring patients receive safe and high quality care belongs to every employee in the hospital, including support staff such as IV therapy. In this hospital, this led to the development of a nurse director position to oversee the

The budget process may start with a sales forecast that describes "expected revenues from groups of products." (p. 485) Total revenues can be calculated based on a number of factors that include both the product markup as well as a fluctuating commodity price.

Leadership may mean different things to different people, the consensus opinion of experts in this field is that leadership is using power to direct and influence activities of people to achieve set goals or targets. Nursing leadership is all about every nurse providing, facilitating and promoting the best healthcare services to client and to the public. Leadership is a shared responsibility. (CNO 2012). The nursing profession need leaders that can build the capacity of nurses through mentoring, coaching, supporting, developing the expertise and management skills of nurses to make a difference to the quality of patient care at all levels of the profession ( McIntyre & McDonald, 2014 ). At the core of every leadership either political or managerial is power and how the leader uses it. While it is practically impossible to lead without power, how the nurse leader uses this power not only determine the leadership style but also the results or outcomes of what is achieved through the process.

“Since we are a small unit composed of mostly RNs, I sit down with my staff and we go over the budget together. It gives the staff a sense of proprietorship. This way I feel we are sharing the responsibilities and it helps them to understand why we cannot afford a piece of equipment at this time. I can usually depend on someone to think out of the box. Once we went “dumpster diving” for office supplies as one employee suggested. It is actually the hospital’s warehouse for materials nobody wanted. We savaged enough office supplies for the year and was able to purchase a high cost item the unit needed. Plus it was a team building effort.”

Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

Before I started this leadership/management coarse I had no idea what qualities a good leader manager needs to hold. I had no idea a registered nurse was considered a leader/manager. Now that I have reviewed all the chapters in the Leadership Roles and Management Functions in Nursing (Marquis & Huston, 2015) I have a full understanding of how important leadership/management functions play in a nurse’s career. Chapters 12-25 describe roles and functions that are needed for a nurse to become a successful leader/manager. These chapters discussed the roles and functioning of organizing, staffing, directing, and controlling.