Healthcare Financing
Healthcare Financing
Purpose
The purpose of this discussion is to explore the DNP-prepared nurse’s role in meeting the organization’s mission through effective planning, budgeting, and determining the allocation of resources. Healthcare Financing
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Instructions
This week, you will have an opportunity to estimate the budget for your practice change project. The practice change project includes the estimated resources with associated expenses and the estimated revenues. The practice change project budget must balance to a positive number or to zero. (A negative balance reveals there is insufficient planning and revenues needed for the project to be successful.)
Reflect upon your readings and professional experience and complete the budget for your practice change project.
- Start by listing all of the Resources needed for your budget. Some resources that may be needed in your budget are listed here and some items may not apply to your project: the number of staff and their roles, education time for staff (how many and how long), office and/or medical supplies, marketing materials, statistician consult, meeting rooms, overhead (if renting the room), and any other resources not covered in this list.
- Next, estimate the Expense for each of the resources. For example, when estimating the salary and benefits for staff, first calculate the number of hours X the hourly salary (adding in the estimated cost of employee benefits) X the number of individuals. An example is 20 nurses for 3 hours at an average salary and benefit of $50 hour: 20 x 3 x 50 = $3000. The expenses in your budget can be estimated.
- Next, discuss the Revenue sources which will pay for the expenses. All expenses in the budget must have a revenue source. Examples of revenue sources are:
- Institutional Budget Support (if the hospital or facility is paying the costs of salary, supplies, and/or services).
- In-Kind Donation (If you, or a department, or both are paying the statistician consult or out-of-pocket payment for the refreshments for meetings, etc.)
- There are limited projects in which billing for a new procedure or new treatment type is applicable. If the organization is currently billing for the visit or treatment or procedure then do not include this in your budget.(Check the state laws for rules regarding billing and reimbursement for services such as telehealth (Links to an external site.)). Encounter Charge X # patients per day X # days per week X # weeks
- Grant money: If grant money is used, state the name of the grant and the specific elements within the budget that the grant is paying for. Add the revenues for the exact elements of the budget. Please ensure that the grant funding states it will pay for that specific expense(s) in your budget.
- Balance the Budget. Add the expenses and the revenues then subtract the expenses from the revenues. The result should be a zero-dollar balance or a positive dollar balance.
(Revenues – Expenses = 0 or positive $$) - Examine your role in monitoring and controlling your practice change project expenses and resources.
*Know that All responses will be Turnitin checked.
Instructions:
Use an APA 7 style and a minimum of 250 words. Provide support from a minimum of at least (3) scholarly sources. The scholarly source needs to be: 1) evidence-based, 2) scholarly in nature, 3) Sources should be no more than five years old (published within the last 5 years), and 4) an in-text citation. citations and references are included when information is summarized/synthesized and/or direct quotes are used, in which APA style standards apply. Include the Doi or URL link.
• Textbooks are not considered scholarly sources.
• Wikipedia, Wikis, .com website or blogs should not be use
