Nhs-fpx_6216_assessment_1
Guiding Questions
Mentor Interview
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Mentor Interview assessment. You may find it useful to use this document as a pre-writing exercise, an outlining tool, or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assessment. This document is a resource to help you complete the assessment. Do not turn in this document as your assessment submission.
Interview
Conduct an interview with your site supervisor, or other nurse leader who you would consider to be a mentor in the area of health care finance. Discuss with them their experience with operating and capital budgets in their current or a previous role. Explore the following topics in your interview:
Their experience managing an operating budget.
• How do they define an operational budget?
• How did they gain their experience with the process?
• What challenges have they encountered?
• What is their financial management approach?
• How do they manage budget variances?
• What learned lessons would they offer to other nurse leaders?
• What access do they have to ongoing training and support?
Their approach to managing productivity within the parameters of the budget.
• What are their major challenges, and how did they overcome them?
• What productivity solutions have they found to counter or ameliorate the effects of budget reductions?
Their approach to oversight of the appropriate use and availability of equipment and supplies.
• What steps do they take to help ensure the ongoing availability of equipment and supplies?
• What policies are in place that address this issue?
The experience of managing a capital budget.
• How do they define a capital budget?
• How did they gain their experience with the process?
• What challenges have they encountered?
• What is their financial management approach?
• How do they manage budget variances?
• What lessons learned would they offer to other nurse leaders?
• What access do they have to ongoing training and support?
How managing a capital budget differs from managing an operating budget.
• What are the key considerations for each approach?
• Do the factors that have the greatest effect on successful budget management differ with each approach? Why?
The application of finance principles to fulfill the organization’s mission and goals.
• What strategies or theories do they employ to help ensure their plan for profitability and fiscal success works?
Analysis
Prepare a written analysis of your findings from the interview, supplemented by your own research and evaluation of budget management techniques.
Compare the process of managing an operating budget to that of managing a capital budget.
• How does managing these two types of budgets differ?
• What financial management techniques are common to both?
• What are the key considerations and challenges for nurse leaders?
Describe the process of allocating resources for labor, equipment, and services.
• What are the sources of applicable data and information?
• Who should you consult with? What information can they provide?
• What are the key considerations that enable effective decision making?
Describe an effective approach that contributes to planning for profitability and fiscal success.
• How does budget creation and management affect the financial health of the organization?
• How should budget variances be dealt with?
• What are the implications or potential consequences of discretionary spending?
Evaluate a nurse leader’s approach to budget management.
• What aspects of their approach are effective or ineffective? Why?
• What aspects of their management approach would you adopt as best practices?
• What improvements to their approach would you suggest?
Write clearly and concisely, using correct grammar and mechanics.
• Express your main points and conclusions coherently.
• Proofread your writing to minimize errors that could distract readers and make it more difficult to focus on the substance of your analysis.
Integrate relevant and credible sources of evidence to support your assertions, correctly formatting citations and references using APA style.
• Integrate relevant evidence from at least five scholarly or professional sources.
Submission Reminders
• Have you made a thorough comparison of the processes for managing an operating budget and a capital budget?
• Have you provided a complete description of the process of allocating resources for labor, equipment, and services?
• Have you provided a complete description of an effective approach to planning for profitability and fiscal success?
• Have you provide your evaluation a nurse leader’s approach to budget management?
• Are your claims and conclusions well supported by at least five sources of credible evidence?
• Is your analysis properly formatted and 3–5 pages in length, not including the title page and reference page?
• Have you proofread your writing to minimize errors?
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