3 Leadership and Management Ch. 16 || Questions and 100% Verified Answers.
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3 Leadership and Management Ch. 16 ||n
Instelling
3 Leadership And Management Ch. 16 ||n
Organizational
Personal correct answers Budgets that we want to stay at or below:
Zero Based Budget correct answers A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
(Don't want to stay below that budget so...
3 Leadership and Management Ch. 16 || Questions and
100% Verified Answers.
Organizational
Personal correct answers Budgets that we want to stay at or below:
Zero Based Budget correct answers A cash flow plan that assigns an expense to every dollar of
your income, wherein the total income minus the total expenses equals zero
(Don't want to stay below that budget so they don't start decreasing funds)
Hindering raises
Hindering staffing correct answers Blowing the budget can effect staff by...
FTE
Ratio, acuity
Average daily census
Staffing
Non-productive time correct answers Things to consider when creating a personnel budget:
Payer mix correct answers The volume and type of reimbursement sources for a healthcare
provider
(Various insurers and third-party payers)
patient-centered care
informatics
(pp 328) correct answers knowledge, skills, and attitude related to budgeting include:
gain high quality value for every dollar spent
(pp 328) correct answers Overall goal for the budgeting process:
nurse manager correct answers responsible for just that units budget expenses
director of critical care correct answers responsible for overseeing the cost centers of the surgical
ICU, medical ICU, cardiac care unit, and telemetry unit
chief nursing manager correct answers responsible for managing all nursing cost centers
Articulate business models for healthcare organizations and fundamental concepts of economics.
Describe the general accounting principles and define the basic accounting terms.
, Analyze financial statements.
Manage financial resources by developing business plans.
Establish procedures to ensure accurate charging mechanisms.
Educate patient care team members on financial implications of patient care decisions.
(pp 328-329) correct answers Financial management falls under the domain of business skills
and includes the following components:
staff
(pp 329) correct answers Engaging ___ in the budget process and emphasizing the financial
impact on the unit when supplies are wasted or not charged can enable managers to maintain
better control over the budget.
(pp 329) correct answers Can help nurse leaders and managers oversee the unit budget, monitor
trends, and make informed budget changes as needed:
1) assess current needs in terms of operating expenses, labor, supplies, and equipment
2) diagnose or determine a cost-effective budget that maximizes the use of resources as well as
ensure safe, quality care
3) plan and develop a realistic budget
4) implementing budget; include ongoing monitoring and analysis of the monthly budget to
identify any variances
5) evaluation
(pp 330) correct answers Steps of forecasting a budget:
average daily census (ADC) (pp 33) correct answers the average number of patients on the unit
at any given day over a period of time
FORMULA:
Total patients on the unit in one year/365 Days
Break-even quantity (pp 330) correct answers the number of patients needed to break even
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