EVALUATE VARIANCE ANALYSES AS THEY APPLY TO NURSING BUDGETS WITHIN HEALTHCARE ORGANIZATIONS.
As we begin our lesson this week, we will reflect on some of the course content over the past several weeks, with a specific focus on cost-benefit and cost-effective
analysis. Students will share and discuss the business-plan assignment that was submitted last week. Students will post their business-plan assignments again this week
to seek peer input and recommendations. Last weeks content provided an overview of the development of a business plan.
This weeks graded topics relate to the following Course Outcomes, which are tied to the Program Outcomes (POs).
Evaluate variance analyses as they apply to nursing budgets within healthcare organizations. (PO 4)
Formulate and evaluate a business plan for a healthcare organization. (po4)
What specific knowledge of financial management in healthcare organizations, that you gained through this experience, will be most important as you take on your future
PEER REVIEW DISCUSSION
This class has been very beneficial to me in a number of ways. In many cases I feel that nurse managers and leaders do not have all the financial knowledge because of
their background as a clinical nurse. For me personally some of the topics covered in this class I did not have the greatest knowledge on and have been able to learn
and educate myself on these topics. Learning about marketing and budgetary processes were definitely the most insightful topics. Learning that a marketing plan can
have large or small influences on an organizations operating budget and how a cost benefit analysis (CBA) provides managers and executives with a systematic approach
to estimating the strengths and weaknesses of certain financial decisions such as marketing and helps to determine options which best suit the financial outcomes
desired (Schlissel & Giaclon, 2014).
The forecasting assignment was helpful because I have never thought about forecasting for a healthcare organization. Budget forecasting is a tool accessible to
management and uses estimated information based on past, current and projected future financial conditions and financial forecasting is aimed at evaluating the current
and future fiscal conditions for effectiveness and in order to improve financial outcomes (Rania, 2015). Learning different forecasting, marketing and budgeting
strategies will be helpful in the future when I have to apply that knowledge into practice. The shift from clinical bedside nurse to having an influence on the
financial side of the healthcare organization is something that can be daunting to some and I definitely feel that I learned things that I can apply to the financial
side of management.
It has been my pleasure to interact with all of you in the threaded discussion and I wish you all the best in your future endeavors.
Rania, E. H. (2015). Exploration of revenue management practices. International Journal of Contemporary Management, 27(8), 526-560 doi: 10.1108/IJCHM-08-2013-0390
Schlissel, M. R., & Giacalone, J. A. (2014). Budget the planned marketing strategy. Marketing Horizons, 32(1), 138-142. doi: 10.1007/978-3-317-10966-4_32