“Capital Project for my Workplace”
August 14, 2014
Prof. Marynell Lubinski
A mixture of rising health insurance premiums, uninsured Americans and the exorbitant cost of prescription drugs; have pushed healthcare costs across the nation to its highest level in years. “American Teacher” (2002). Every day Manager’s across the nation are more pressured to keep the expenses of their unit within their allocated budget. Creating strategies and implementing new ideas to overcome expenditures and save money for their organization seems to be a big responsibility for Managers and eventually their day-to- day goal. The following paper will describe ways in which this hard task can be achieved.
Health Care Managers within a hospital not only have the difficult responsibility of reducing expenses within their units, but also in meeting patient demands while still providing the highest level of care for their patients. This seems to be an impossible task but must be accomplished for an organization to keep running and offering their services to the community. It is no different at the organization I work for. On the Med Surge unit, I work in, many times you will find there are various supplies that go to waste and can’t be charged to a specific patient; the cost results in an expense to my Manager’s budget that could possibly have been avoided if certain changes are implemented on time. For this reason, I would like to make a Capital Purchase of an Omni cell for the unit. The amount I have estimated for this capital purchase is $5.000. The Omni Cell will be financed through a loan from our local bank at a fixed rate of 3.02%
Management goals and Expenditure Support
Management needs to have a very clear and concise mentality, and this is to avoid any unnecessary expenses and save on any expenses that must be made. However, by management setting a goal in mind is not enough things like Team effort will be crucial for success. These goals need the full support and collaboration from the employees. If all of our floor staff is educated on various ways to save, these goals will become easier to achieve.
Enhance Economic Environment of Organization
The main goal within our unit is to avoid any possible expenses and save on any expenses that are required to be made when providing care to our patients. If these goals are accomplished not only will we be saving money for the unit, but we will also be contributing for increasing the organizations revenue. More revenue will enhance the economic stability of the organization.
Organizational goals and Expenditure Support
One of the roles of budgeting is to help the organization continuously improve over time. The budget should incorporate changes that will allow it to provide services more efficiently. Based on our mission statement, organizational goals and strategic plans can be set that will help in achieving those goals while keeping high-quality patient care as a priority. Ultimately such constant improvement helps the organization to accomplish its mission better while providing it with an edge over its competitors.
Benefit to the Organization and Acquisition as a Whole
Implementing strategies that are cost effective will bring many benefits for all. The organization will can investment on projects they consider important for increasing revenue. Projects that can improve patient care and benefit the community will be of great importance. Contributions for clinical research and more funds for charity care will also make a difference for many sick people in need. Although nurses are motivated by factors other than money, it would be foolish to ignore the potential of monetary rewards to influence behavior. As health care organizations search for the proper mix of incentives that will motivate managers and staff to...
References: Finkler, S., Kovner, C., & Jones, C. (2007). Financial management for Nurse managers and executives (3rd ed.). Retrieved from The University of Phoenix eBook Collection database.
2002, (May/June). “Keeping up with rising healthcare costs”. American Teacher, 86(8), 3-23.
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