n4455 nursing leadership and management module 3 assignment 1 financial management case study vsp203
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N4455 NURSING LEADERSHIP AND MANAGEMENT MODULE 3 (N4455)
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N4455 NURSING LEADERSHIP AND MANAGEMENT MODULE 3 ASSIGNMENT 1: FINANCIAL
MANAGEMENT CASE STUDY vsp20(3)
N4455 Nursing Leadership and Management
Module 3 Assignment 1: Financial Management Case Study vsp20(3)
Name: Tabatha Rogers Date: 21 April 2020
Overview: Financial Management Case Study
One of the important duties of a nurse leader is to manage personnel and personnel budgets. In this
assignment, you will assume the role of a nurse manager. You will use given data to make important
decisions regarding budgets and staffing.
Some nurse managers have computer spreadsheets or software applications to help them make
decisions regarding budgets and staffing. You will only need simple mathematical operations* to
perform the needed calculations in this assignment because the scenario has been simplified.
Furthermore, some data have been provided for you that a nurse leader might need to gather or
compute in a real setting. Still, you will get a glimpse of the complexity of responsibilities nurse leaders’
shoulder regarding financial management.
To calculate the percent of the whole a given number represents, follow these steps:
Change the percentage to a decimal number by moving the decimal twice to the left (or dividing by
100).
Multiply the new decimal number by the whole.
Example: What is 30% of 70?
30%= .30; (.30) × 70 = 21
To find out what percentage a number represents in relation to the whole, follow these steps:
Divide the number by the whole (usually the small number by the large number).
Change the decimal answer to percent by moving the decimal twice to the right (or multiplying by
100).
Example: What percent of 45 is 10?
10 ÷ 45 = .222; so, 10 is 22% of 45.
* You will only need addition, subtraction, multiplication, and division.
Case Study
You are the manager for 3 West, a medical/surgical unit. You have been given the following data to
assist you in preparing your budget for the upcoming fiscal year.
Patient Data
Average Daily Census (ADC): 55
Budget based on 6.2 Avg. Hours per patient day (HPPD)
(6.2 HPPD excludes Nurse Manager and unit secretaries)
Staff Data
Total FTEs 40.0 Variable FTEs
1.0 Nurse Manager
2.5 Unit Secretaries
43.5 Total FTEs
Staffing Mix
RN 75%
LVN 10%
NA 15%
Average Salary Scale per Employee
Benefits are 35% of annual salaries
Nurse Manager $75,000.00 per year
Registered Nurses (RN) $35.00 per hour
Licensed Vocational Nurses (LVN) $20.00 per hour
Nurse Aides (NA) $12.50 per hour
Unit Secretary (US) $11.00 per hour
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