NR 533 Financial Management In Healthcare Organizations

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NR 533 Coursework Altogether Week 1 – 8

NR 533 Week 1 Touchpoint Reflection: Healthcare Systems Financial Environments (3 Variants)

Guidelines for Touchpoint Reflections

Touchpoint Reflections: This is a new type posting that occurs in the same type portal as the discussion thread. However, these are … as “mini”-weekly assignments”. You will … able to see and read the posts of peers but are not … to respond to them. However, if someone responds to your TPR, replying their post is always the collegial thing to do. Your grade is not … either way.

There are specific formatting and content guidelines. Remember to use the headings as defined to address each section, Experience, Reflection, Implications, in your responses. A downloadable version of the guidelines, which includes further information, is available for access below. You are encouraged to download these guidelines and rubric to avoid the need for referring back to this page for the link.

EXPERIENCE

Understanding how your organization is … for services depends on several components. Assess your organization and identify its care delivery system and payer mix make up. Include percentages represented by each payer group. Identify the key people in your organization from whom you obtained your information. Perhaps it is your unit director, operational directors, financial officers, CNOs [chief nursing officers]. Your direct supervisor might … able to point you in the right direction, Since the information … is often available to the public through public reports you might also access the information through online searches of internal systems or external internet searches.

REFLECTION

Based on this data, discuss the assumptions that could … made about the population demographics for your institution. What influence do these variables have on the types of services offered at your facility?

IMPLICATIONS FOR THE FUTURE

What might your analysis tell you about the long-term health of your community?
What future needs might … identified?

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NR 533 Financial Management In Healthcare Organizations

NR-533 Week 2 Discussion: Volume-Based Versus Value-Based Reimbursement (3 Variants)

Models of payment to healthcare organizations have begun to shift from paying for volume (fee for service) to paying for value (quality). Using a Venn Diagram, compare volume-based versus value-based reimbursement. Be sure the overlapping area contains the commonalities between the two systems. Use the editable template for the Venn Diagram, which is available for download above. This template (with your findings) will need to be posted as an attachment in your discussion post along with your written prompt.

Consider Jim, who is 69 years old and comes to your Emergency Department (ED) with severe abdominal pain. His evaluation, besides a physical exam, includes an abdominal ultrasound, a CT scan with and without contrast, multiple lab studies, all lead to his having an emergency appendectomy. Other than having Type II diabetes well controlled on diet and exercise, he is in otherwise good health. Jim is … as an outpatient and is … home the next morning. Two weeks later he returns to the ED with fever, continued abdominal pain, and a surgical site infection. He is … for 5 days before … home.

Using your findings from your comparison of volume- versus value-based reimbursements, analyze the scenario. Determine how the hospital could charge and … reimbursed using the two methods. In this case, which would be better for the hospital? How do each of these payment models contribute to or detract from the goal of the Triple Aim? Considering payer mix, delivery systems, population demographic, and value-based purchasing of the institution. How do all of these elements influence the financing of the type and quality of care provided at your facility? What are the implications on access and availability of types of care provided by your institution?

Remember to support your thoughts with scholarly sources

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NR 533 Week 2 Touchpoint Reflection: Reimbursement Issues (2 Variants)

Guidelines for Touchpoint Reflections

A downloadable version of the guidelines, which includes further information, is available for access in the week 1 discussion thread.

Reflection Information

EXPERIENCE

Using the data collected in Week 1 about your institution’s, provide an overview of the payer mix , delivery system type, and the population demographics. Describe the type of reimbursement system relied upon most heavily by your institution; value- or volume-based.

REFLECTION

Describe how these factors coalesce to influence the financing of the type and quality of care provided at your institution. What are the implications on access and availability of types of care provided at your institution?

IMPLICATIONS FOR FUTURE

How is your proposed project affected by the information you’ve gathered about your facility?
What adjustments might you have to make in your proposal because of the information gathered?

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NR-533 Week 3 Discussion: Process of Budget Preparation (2 Variants)

After exploration of the types of budgets and the processes for their development at your institution. How and from whom is … into the budgets … and … ? Where does control of the budget lie? What influence do unit and midlevel managers have on the various kinds of budgets?

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NR 533 Week 3 Touchpoint Reflection: Financial and Budgeting Principles (2 Variants)

Guidelines for Touchpoint Reflections

A downloadable version of the guidelines, which includes further information, is available for access in the week 1 discussion thread.

Reflection Information

EXPERIENCE

This week’s readings contained a great deal of information on financial and budgeting principles. Some of you may have had some familiarity with the concepts and maybe even experience in working with them. However, there is always something new to learn. Describe your prior experiences with financial and budgeting principles, whether personally or professionally. Include your current involvement in budgeting at your institution.

REFLECTION

What pre-conceived notions related to healthcare financial and budgeting principles did you hold before this week that you understand better now or for which you have a different perspective? Reflect on at least two specific concepts. How have these new revelations influenced your thinking related to access, availability, and quality of healthcare?

IMPLICATIONS FOR THE FUTURE

How has your enhanced knowing affected the way you view your proposed project?
What areas of additional financial or budgeting data gathering have you identified as a need for your plan?

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NR 533 Week 4 Assignment: Staffing Budgets/FTEs/Variance Analysis

Purpose

This assignment provides learners with the opportunity to apply budgeting knowledge and skills by calculating full-time equivalents for a nursing unit, projecting FTE needs related to census changes, and analyzing a variance scenario.

Requirements

Description of the Assignment This assignment is in two scenario-based sections each related to staffing budgets. In the first, the student will perform multistep calculations of FTEs and projection of future FTE needs for a selected nursing unit. The second section involves calculation of budget variance and its analysis. Each section requires supported written interpretation of findings.

Criteria for Content

Answer the questions and complete the calculations required for the two sections of the assignment.
Key points related to Calculations:

1. When performing calculations, standard rounding rules apply. If the number to the right of the decimal is less than 5, round down to the nearest whole number, e.g., 33.4 = 33 If the number to the right of the decimal is 5 or greater, round up to the nearest whole number, e.g. 33.5 =34.

2. Read the question carefully. Pay close attention to the units be asked and keep them consistent. For example, hours vs FTEs; days vs months vs years.

3. Provide ALL formulas with references. Designate which formula associates with which source. It is not sufficient to simply list the source at the beginning of the section. Write out the formula used BEFORE filling in the numbers. Example: Efficiency Variance + Volume Variance + Cost Variance = Total Variance Rundio, A. (2016). The nurse manager’s guide to budgeting and finance. 2nd. Ed., Indianapolis, IN: Sigma Theta Tau International.

 Section One: Staffing Budget and FTEs

o Calculations of full-time equivalents (FTEs)
o Project FTE needs related to census changes

 Section Two: Variance Analysis

o Calculating variance
o Variance analysis with explanation

Download the Assignment Word Document and submit your answers directly onto the form.
When completed, upload into the assignment portal in your course.
WRITING: For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references.
MATH: For the questions requiring calculations, show all your work including the formula used. Include the references for formula chosen.

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PREPARING THE ASSIGNMENT

Section One—Staffing Budget and FTEs
Personnel Budget Case Study

Sandra Chambers has recently accepted the position of assistant administrator for the department of nursing at Potter Regional Medical Center where she will oversee the operations of five medical units. As she evaluates the budgets for the different cost centers, she finds that all are being used at near or full capacity. The activity in four of the five has remained steady over the past 2 years. A fifth unit has realized a steady increase in patient volume during that time and is currently at 88% capacity. It has been projected that within the next 12 months the volume of patients moving through that unit will increase by 20%. Sandra needs to determine if the current FTEs for the unit will be sufficient to ensure quality and safe care continues to be provided, and if not, what is the number of FTEs that will be needed to cover a 20% increase in volume……continue

Section Two—Variance Analysis
Variance Analysis Case Study

During the month of February, an outpatient surgery clinic has incurred a significant unfavorable variance. The director of the clinic is quite concerned, as this has never occurred before. The director gathers information on [a.] total nursing care hours, [b.] average hourly rate of the employees, and [c.] total patient visits to determine what caused the variance. In addition, the director receives the patient acuity levels for the month of February.

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NR-533 Week 4 Discussion: Staffing Ratios (3 Variants)

Staffing is one of the largest expenditures for healthcare organizations. It stands to reason that for some organizations a mandatory staffing ratio could negatively impact their financial bottom line. Sometimes ratios can … different within an organization based on acuity of patients or type of unit. Explore your own organization staffing ratio policy. What is/are the ratio(s) and how they are determined? What variables affect the ratios? Have they … mandated by state legislation or organizational policy? How is your operational budget (unit or department) … by the staffing ratio … to it?

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NR 533 Financial Management In Healthcare Organizations

NR 533 Week 5 Assignment: Break-Even Analysis, Return on Investment (ROI) and Highlighted Beds Calculation

Purpose

The purpose of this assignment is to provide learners with the opportunity to develop break-even-analysis skills. Week 5 Break Even Analysis Assignment and Guidelines

Requirements

Answer the questions and complete the calculations required for the assignment. Submit your answers on a Word document, with the heading of Week 5 Assignment. For the questions requiring a written response, answer directly on the assignment and adhere to proper grammar and syntax, and provide references.

For the questions requiring calculations, show all of your work and follow the format that … provided for the calculations in the lesson for Week 5.
In addition, further explanations and formulas on the break-even analysis are … reading resources.

Preparing the paper

Break-Even Analysis Case Study

You and several of your colleague business partners have decided to establish an outpatient fertility clinic in your service area. All of you are very familiar with this patient population base, have completed an extensive market analysis that demonstrated a great need for the service, and are comfortable with setting up a business and the costs associated with this special group of patients.

As part of the business plan, you and your partners will need to convince stakeholders that this new service endeavor will be viable. They will want to know a) how many patient visits will need to occur annually and b) how long it will take for the service to be at least cost neutral or profitable.

To provide them with this information you will perform a break-even analysis.
Use the following data and conduct the analysis accounting for the contribution margin of each patient acuity category.

Patient acuity is a concept commonly referenced by caregivers and the health science literature but without specificity or consistency of definition or measurement. Acuity has become a reference for estimating nurse staffing allocations and budget determinations. [projected staffing and beds]

Describe your approach to this Case Study. In addition to the numbers given, what do you need to know before you can calculate the break-even analysis?
Perform the calculations needed for the break-even analysis. Show all your work. After you’ve completed the calculations, record your results in the appropriate place in the table.

NR 533 Financial Management In Healthcare Organizations

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NR-533 Week 5 Discussion: Cost Benefit Analysis (2 Variants)

Consider your PICO(T) and the proposal for your final project. When you think of it as a type of new program development, what specific information will you need to obtain to create the cost-benefit analysis as part of our business plan for the project?

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NR 533 Week 6 Discussion: Business Plan Development: SWOT analysis (2 Variants)

The SWOT analysis is a necessary component of planning a project and preparing the business plan. Based on your PICO(T) and project proposal, discuss what information you need for the SWOT in order to provide rationale and validity for your project.

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NR 533 Financial Management In Healthcare Organizations

NR-533 Week 7 Assignment: Business Plan

Purpose

The purpose of this assignment is to develop a business plan for a quality improvement project, program, or service related to an area of student interest within the selected healthcare organization.

I. Requirements:

Address all components of the business plan as outlined in Preparing the Paper.
Refer to the Business Plan Worksheet, available for download on the Course Resources page, as needed to complete the assignment.
This paper will be graded on quality and completeness of information, accuracy of any required calculations, use of citations, use of standard English grammar, sentence structure, and organization based on the required components.
Create this assignment using Microsoft Word, which is the required format for all Chamberlain documents. You can tell that the document is saved as an MS Word document because it will end in.docx.
Use of Turn It In is required for this assignment. Use the draft TII portal prior to final submission. This allows you to check for similarity index to other works and helps you identify areas that need to be referenced. See the Turn It In guidelines under Course Resources.
Submit the final paper to the Files by Sunday 11:59 p.m. MT. Any questions about this paper may be discussed in the weekly Q & A forum under Discussions. Once your paper has been submitted to Files, you are not allowed to resubmit to that portal without express approval by the faculty.
The length of the paper is to be no greater than six pages including the appendices, but excludes title page and reference page. Extra pages will not be read nor graded by the instructor. Content beyond the page limit will not be considered part of the paper.
APA format (6 edition) is required in this assignment, including a title page and a reference page. Use headings for the sections of the paper according to APA format. Remember that the introduction does require a heading. See the APA manual for details of formatting. You may also refer to Guidelines for
Writing Professional Papersfound in Course Resources.
A complete paper will contain all components outlined under Preparing the Paper.

NR 533 Financial Management In Healthcare Organizations

II. Preparing the paper

A business plan is a detailed plan for a proposed program, project, or service. The following sections should … clearly present with headings and complete. Use the headings provided in the outline below.

I. Introduction/Overview

a. Purpose of assignment
b. PICOT
c. Purpose of business plan
d. What will … included
II. Proposal
a. Cover letter
b. Executive Summary

III. Detailed Abstract

a. Two types analyses
b. Marketing and financial plans

IV. Appendices

a. Financial tables
b. Graphs/charts

V. Conclusion

a. What was covered in the plan
b. Strengths and weaknesses of the plan
c. Approach for approval

1. Clearly introduce your business-plan assignment in the Overview section. This should be no longer that one paragraph. Include purpose of your assignment, PICOT as basis for and purpose business plan; and what will … covered in the assignment.
2. Include a clearly articulated cover letter written in business letter format, active voice and exactly as it would … read by leadership. Include overview of issue, proposed solution, and action request.
3. Present a captivating executive summary that is interesting and captures the interest of leadership and draws them in to read further. Content includes (1) a description of the proposed project, program, or service,
(2) why it is being proposed, and (3) what outcomes are most likely to occur as a result.
4. Detailed Abstract expands the three areas of the executive summary.

a. Expand description of project purpose
b. Issue/problem defined; supportive evidence for project
c. Expected outcomes and project timeline
d. Marketing/needs analyses and plans at least two strategies
e. Fit with mission of organization
f. Fit with current services
g. Financial plan including budgetary needs
h. Financial impact on stakeholders (organization, patients, unit of service, community)
i. Break-even analysis and cost/benefit analysis results with reference to actual budget and analysis in
appendices

5. Appendices should include any financial tables, charts, or graphs, or other supporting documents referred to in the detailed abstract.
6. Conclusion for the paper includes an overview of what was covered in the paper, strengths and weaknesses of the plan, and plan for seeking proposal approval.
7. The paper length will be six pages maximum including the appendices and excluding title and reference page(s). Note: If you go over the paper length, the additional information will not … read nor considered for part of you grade by the instructor.
8. Title and reference page(s) must be in APA format (6 edition).
9. Use 12-point Times New Roman font and one-inch margins on all sides of the paper.
10. Note: After submitting your assignment to Files, please upload your completed executive summary into the Week 8 designated Discussion to share with your peers

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NR 533 Financial Management In Healthcare Organizations

NR 533 Week 8 Touchpoint Reflection: Finance, Budgets, and Business Plans-“Oh my!”

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