NR533 2022 August Complete Course Latest (Full)

NR533 Financial Management in Healthcare Organizations

Week 1 Discussion

Introducing Self and Project

You will notice this collaboration café prompt is a bit different than what you have had in previous courses; however, you will follow the same guidelines used before with a couple of recommendations. The content for this assignment provides the foundation for the work you will be doing throughout the course and your final assignment – the Business Plan. It is important for your success that you have a workable and accurate PICOT question. Your instructor will be responding individually related to the formation of your PICOT. It is highly recommended that you respond to the instructor’s post to ensure you are on the right track. If you have further questions about your PICOT reach out to your instructor for additional help.

During this course you will be relating many of your discussions and assignments to your project proposal you anticipate completing for your practicum. Please introduce yourself to the class and instructor and include the following information.

Description of the type of facility by which you are employed.

Your current position and for how long

Your prior experience in financial management

Share the PICO(T) you anticipate using for the final practicum project.

* (For review of creating a PICOT see the example below or watch the media presentation located in resources and announcements)

What led you to choose this issue/topic? With whom have you collaborated, or will you consult about the issue at your facility?

What type of expenses/costs would you need to consider in helping you develop a preliminary budget for your project?

 

NR533 Financial Management in Healthcare Organizations

Week 2 Discussion

Volume-Based Versus Value-Based Reimbursement

Venn Diagram for Discussion Assignment (Week 2)

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 treated as an outpatient and is discharged home the next morning. Two weeks later he returns to the ED with fever, continued abdominal pain, and a surgical site infection. He is admitted and is treated for 5 days before being sent home.

Using your findings from your comparison of volume- versus value-based reimbursements, analyze the scenario. Determine how the hospital could charge and be 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.

 

NR533 Financial Management in Healthcare Organizations

Week 3 Discussion

Process of Budget Preparation

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

 

NR533 Financial Management in Healthcare Organizations

Week 4 Discussion

Staffing Ratios

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 be 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 been mandated by state legislation or organizational policy? How is your operational budget (unit or department) affected by the staffing ratio assigned to it?

 

NR533 Financial Management in Healthcare Organizations

Week 5 Discussion

Cost-Benefit Analysis

Consider and restate 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 your business plan for the project?

 

 

 

NR533 Financial Management in Healthcare Organizations

Week 6 Discussion

Business Plan Development: SWOT analysis

For any new project or revision of a current process, key questions that will need to be answered are whether it’s needed, does the institution have the capacity to support it, what is already in place that will facilitate implementation, and what are the downsides or barriers to development. In short, the SWOT analysis is a necessary component of planning a project and preparing the business plan. Critically examine your PICO(T) and project proposal through the lens of a SWOT analysis of your organization. Determine and describe what information you know and what you need to find out to complete a SWOT analysis that will provide rationale and validity for your project.

 

NR533 Financial Management in Healthcare Organizations

Week 7 Discussion

Business Plan

In addition to being fiscally sound, cost neutral, or revenue producing, a new program/major change must fit with the organization’s philosophy, vision, mission, and strategic plan. Describe with specific examples how your project fits in with your institution’s philosophy, vision, mission, and strategic plan.

Drawing upon your knowledge of various change theories and in particular the McKinsey Influence Model, how will you go about engaging stakeholders to adopt your proposal for change?

 

NR533 Financial Management in Healthcare Organizations

Week 1 Reflection

Healthcare Systems’ Financial Environments

Touch point Reflections: This is a new type posting that occurs in the same type portal as the discussion thread. However, these are treated as “mini”-weekly assignments”. You will be able to see and read the posts of peers but are not required 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 affected 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 reimbursed 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. Your direct supervisor might be able to point you in the right direction, Since the information required 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.

Based on this data, discuss the assumptions that could be 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 be identified?

 

NR533 Financial Management in Healthcare Organizations

Week 2 Reflection

Reimbursement Issues

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?

 

NR533 Financial Management in Healthcare Organizations

Week 3 Reflection

Financial and Budgeting Principles

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?

 

NR533 Financial Management in Healthcare Organizations

Week 8 Reflection

Finance, Budgets, and Business Plans-“Oh my!”

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

This is the final week of discussion and there are two important areas of reflection included in this discussion. Please label each area with a heading to facilitate classmate and instructor response.

EXPERIENCE

Post your executive summary.

Compare your pre-and post-self-assessments.

REFLECTION

Discuss the strengths and weaknesses to the business plan for your final proposal.

Identify areas of strength and weakness related to financial and budgeting principles discovered through your pre- and post- self-assessments comparison.

IMPLICATIONS FOR THE FUTURE

What adjustments are needed for you to create the most compelling plan?

What concepts from the course do you need to study further?

What is your plan for enhancing your knowledge of finance and budgets in the healthcare organization?

 

NR533 Financial Management in Healthcare Organizations

Week 4 Assignment

Staffing Budgets/FTEs/Variance Analysis Assignment V1

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.

Week 4: Staffing Budgets/FTEs/Variance Analysis Agreement V1 (Links to an external site.)

COURSE OUTCOMES

CO 2) Apply evidence based financial knowledge and skills within the context of holistic care principles and caring health environments.

CO 3) Articulate the relationship between managerial and financial decision making and its implication within a culturally diverse healthcare organization and patient population. (POs 1 and 3)

CO 5) Analyze personal gaps in knowledge, skills, and competencies in healthcare financial principles that require further development.

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:

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.

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.

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. (2022). The nurse manager’s guide to budgeting and finance (3rd ed.). Sigma Theta Tau International.

Section One: Staffing Budget and FTEs

Calculations of full-time equivalents (FTEs)

Project FTE needs related to census changes

Section Two: Variance Analysis

Calculating variance

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. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work including the formula used. Include the references for formula chosen.

 

NR533 Financial Management in Healthcare Organizations

Week 5 Assignment

Break-even Analysis Assignment V1

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 V1 (Links to an external site.)

COURSE OUTCOMES

CO 2) Apply evidence based financial knowledge and skills within the context of holistic care principles and caring health environments.

CO 3) Articulate the relationship between managerial and financial decision making and its implication within a culturally diverse healthcare organization and patient population. (POs 1 and 3)

CO 5) Analyze personal gaps in knowledge, skills, and competencies in healthcare financial principles that require further development.

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 has been provided for the calculations in the lesson for Week 5. In addition, further explanations and formulas on the break-even analysis are contained in the required reading resources.

Key points for calculations

When performing calculations, standard rounding rules apply. If the number to the right of the decimal is less than 0.5, round down to the nearest whole number, e.g., 33.4 = 33 If the number to the right of the decimal is 0.5 or greater, round up to the nearest whole number, e.g. 33.5 =34.

Read the question carefully. Pay close attention to the units be asked and keep them consistent. For example, days vs months vs years; charges vs contribution margin; dollars vs percentage

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. Formulas used should be taken from one of the required resources for this course.

Example: Total Contribution Margin (CM) = Contribution margin (CM) category 1 + CM cat 2 + CM 3

Leger, J.M. & Dunham-Taylor, J. (2018). Financial management for nurse managers: Merging the heart with the dollar, 4th Ed. Burlington, MA: Jones-Bartlett.

 

NR533 Financial Management in Healthcare Organizations

Week 7 Assignment

Business Plan Assignment

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.

NR533 Week 7: Business Plan Assignment Guidelines and Rubric (Links to an external site.)

NR533 Week 7: Business Plan Assignment Worksheet (Links to an external site.)

COURSE OUTCOMES

CO 1) Create an evidence-based business plan that promotes high quality and safe care within a person- centered care environment.

CO 2) Apply evidence based financial knowledge and skills within the context of holistic care principles and caring health environments.

CO 3) Articulate the relationship between managerial and financial decision making and its implication within a culturally diverse healthcare organization and patient population.

CO 4) Analyze the connection between healthcare financial systems and access to and availability of care.

CO 5) Analyze personal gaps in knowledge, skills, and competencies in healthcare financial principles that require further development.

Requirements

Address all components of the business plan as outlined in Preparing the Paper.

Use the Business Plan Worksheet at least weekly to collect information necessary for writing the plan. It can be downloaded from the Week 7 assignment page. You will be required to submit this completed document with your Week 7 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 used for this assignment and is part of the submission into the assignment portal.

Submit the final paper by Sunday 11:59 p.m. MT. Any questions about this paper may be discussed in the weekly Q & A forum or reach out to faculty.

The length of the paper is to be no greater than seven pages excluding the appendices, title page, and reference page. Your business plan worksheet should be included in the appendices section.

Remember that the introduction does not require a heading and no running heads are used. Times New Roman Font- 12-point and one-inch margins on all sides of page are required format. You may also refer to Guidelines for Writing Professional Papers found in the Student Resource Center.

A complete paper will contain all components outlined under Preparing the Paper.

Preparing the Paper

A business plan is a detailed plan for a proposed program, project, or service.

The following outline should be used with level I and II headings as required. A template for the cover letter is provided below. Remember, there is no heading used for the introduction section.

Introduction

Purpose of assignment

PICOT

Purpose of business plan

What will be included

Business Plan Proposal

Cover letter

Executive Summary

Detailed Abstract

Expanded description of project

Issue/problem defined

Supportive evidence for the project

Expected outcomes and timeline

Details of the project plan

Market analysis

SWOT

Fit with organizational mission

Fit with current service

Marketing and financial plans

Marketing plan strategies (2)

Financial analysis

Financial Plan (including budgetary needs)

Financial impact on stakeholders

Break-even and/or cost-benefit analysis results

Appendices (documents referred to in the plan)

SWOT analysis

Financials

Budget

Break-even analysis

Cost-benefit analysis

Graphs/charts

Business Plan Worksheet

Conclusion

Summary of what was covered in the assignment

Strengths and weaknesses of the plan

Approach for approval

Clearly introduce your business-plan assignment in the Introduction section. This should be no longer that one paragraph. Include the purpose of your assignment, PICOT as basis and purpose for the business plan; and what will be covered in the assignment.

Include a clearly articulated cover letter written in business letter format, active voice, and exactly as it would be read by leadership. Include overview of issue, proposed solution, and action request.  There should be no other content on this page except for the business letter.

The template to use is as follows:

Cover Letter

Your name

Your address

Date

Name of receiver

Address of receiver

Dear Mr/Ms/Dr. name

In the business letter one paragraph would be an overview the issue, its impact, and solution. Give enough information so they know what you are doing. Do not need references in letter.

Another paragraph would engage the reader to take action such as leaving your phone number and letting the person know that if they have questions to please each out to you.

Or thanking them for reading and tell them you look forward to hearing from them.

Sincerely,

Your name

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 impact and outcomes are most likely to occur as a result.

Detailed Abstract expands the executive summary. Use detailed outline above to ensure adequate inclusion of all elements..

Appendices should include any financial tables, charts, or graphs, or other supporting documents referred to in the detailed abstract. The business plan worksheet should be included in the appendices.

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.

The paper length will be seven pages maximum including the appendices and excluding title and reference page(s).

Note: After submitting your assignment, please upload your completed executive summary into the Week 8 designated Discussion to share with your peers.

Title and reference page(s) must be in APA format (6th edition).

Use 12-point Times New Roman font and one-inch margins on all sides of the paper.

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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