Differentiate among various types of budgets

Differentiate among various types of budgets: fixed, variable, capital budgets Essay Assignment Paper

Assignment questions: Post answers in Forums Module VI. See calendar for due date. 1. Discuss steps in developing the unit or department budget. Who all is involved? 2. How is the cost of nursing care incorporated into a budget? 3. How does a nursing unit determine how many nurses are needed for a 12 month period? 4. Differentiate among various types of budgets: fixed, variable, capital budgets. 5. Describe how to calculate hours necessary to equate to one FTE.

6.1 Module VI Overview
MODULE VI

Budget, Finance, Staffing,

Scheduling, FTEs

Learning Objectives

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Module VI concentrates on the following course outcomes—

· Identify the human, fiscal and material resources necessary to efficiently achieve quality health care outcomes.

· Definitions of financial terms often used in healthcare will be identified. Different types of budgets and budget preparation will be reviewed. The role of the nurse manager in the budget process will be discussed in detail, as well as ethical issues associated with budgets in healthcare.

Reading Assignment

Sullivan: Chapters 14, 15, 16

American Nurses Association Policy Statement on Workplace Advocacy:http://nursingworld.org/MainMenuCategories/HealthcareandPolicyIssues/ANAPositionStatements/workplace.aspx (Links to an external site.)

Overview

Budget and Finance

Financial issues in healthcare often seem remote to the nurse and the nurse must have an understanding of financial matters of the health care delivery system, including the viability of the workplace, and the opportunities to optimize healthcare for the welfare of their patient. Key behaviours needed by nurse managers and those who care for groups of patients is ability to: understand the budgeting process; recognize general types of budgets; distinguish between direct and indirect costs; be familiar with the steps of a typical budgetary process and cost out nursing services. Different types of budgets include: operating budget, performance budget, capital budget, expense budget, zero-based budget, product line budget, cash budget. Operational plans, cost center, expense, revenue and profit are other key concept that will be addressed in the readings.

A budget is a formal plan for managing financial resources.

Differentiate among various types of budgets: fixed, variable, capital budgets Essay Assignment Paper

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