9781935476658

The Nurse Managers Guide to Budgeting and Finance

by
  • ISBN13:

    9781935476658

  • ISBN10:

    1935476653

  • Format: Paperback
  • Copyright: 2/14/2012
  • Publisher: Nursing Knowledge
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Summary

As a nurse, you focus on the art and science of caregiving, but as a nurse manager, you deal with the economic reality of patient-staffing ratios, budgets, reports, and accountants. Acronyms such as FTEs and ADCs can feel like a foreign language you haven't learned yet. Thankfully, there's help.

Author Biography

Al Rundio, PhD, DNP, RN, APRN, NEA-BC, DPNAP, is an experienced clinician, administrator, and educator. He is Assistant Dean, Clinical Professor of Nursing, and Chair of the Doctor of Nursing Practice Program at Drexel University College of Nursing and Health Professions. Formerly Vice President of Nursing at Shore Medical Center in Somers Point, New Jersey, Rundio is co author of Nurse Executive Review and resource Manual, published by American Nurses Credentialing Center.

Table of Contents

About the Authorp. vii
Introductionp. xiii
Budgeting for the Nurse Managerp. 1
What Is a Budgetp. 3
The Benefits of Budgetingp. 4
The Integral Nature of Budgetingp. 8
Summaryp. 10
How Does Health Care Reimbursement Work?p. 11
Health Care Reimbursement in the USAp. 12
The Early Role of Insurance Companiesp. 13
The Advent of Medicare and Medicaidp. 14
Part D and the "Donut Hole"p. 15
Medicaidp. 17
The Role of Philanthropyp. 18
Managed Carep. 18
Types of Health Care Reimbursementp. 20
Capitationp. 22
The Role of Social Policyp. 25
Accountable-Care Organizations (ACOs)p. 27
The Importance of Reimbursement: An Examplep. 29
Summaryp. 31
Varieties of Budgetsp. 33
Forms of Budgetsp. 34
Zero-Based Budgetsp. 35
Fixed Budgetsp. 35
Flexible Budgetsp. 36
Historical Budgetsp. 36
Operating Budgets Versus Capital Budgetsp. 38
Summaryp. 39
The Budget-Development Work Flowp. 41
Collecting Relevant Datap. 42
Planning Servicesp. 46
Planning Activitiesp. 46
Implementing the Planp. 48
Monitoring the Budgetp. 48
Taking Corrective Measures When Necessaryp. 49
Management's Role in Budgetingp. 50
Summaryp. 52
Building an Operating Budgetp. 53
Key Metrics in the Operating Budgetp. 54
Understanding Expensesp. 57
Projecting Expensesp. 59
Calculating Employee-Related Costsp. 60
The Number of FTEs Neededp. 62
Accounting for Benefit Timep. 63
Other Key Calculationsp. 65
Putting It All Togetherp. 66
Busting Budget Mythsp. 68
Summaryp. 70
Fixed Budgetsp. 35
Flexible Budgetsp. 36
Historical Budgetsp. 36
Operating Budgets Versus Capital Budgetsp. 38
Summaryp. 39
The Budget-Development Work Flowp. 41
Collecting Relevant Datap. 42
Planning Servicesp. 46
Planning Activitiesp. 46
Implementing the Planp. 48
Monitoring the Budgetp. 48
Taking Corrective Measures When Necessaryp. 49
Management's Role in Budgetingp. 50
Summaryp. 52
Building an Operating Budgetp. 53
Key Metrics in the Operating Budgetp. 54
Understanding Expensesp. 57
Projecting Expensesp. 59
Calculating Employee-Related Costsp. 60
The Number of FTEs Neededp. 62
Accounting for Benefit Timep. 63
Other Key Calculationsp. 65
Putting It All Togetherp. 66
Busting Budget Mythsp. 68
Summaryp. 70
Understanding Capital Budgetsp. 71
Budgeting for Major Movable Equipmentp. 72
Budgeting for Fixed Assetsp. 73
Examples of Capital Expendituresp. 73
Why Develop a Capital Budget?p. 74
Developing the Capital Budgetp. 75
Including a Contingency Linep. 80
Summaryp. 81
Analyzing Budget Variancesp. 83
Conducting a Variance Analysisp. 84
Calculating Variancesp. 85
Calculating the Efficiency Variancep. 86
Calculating the Volume Variancep. 87
Calculating the Cost Variancep. 89
Putting It All Togetherp. 90
Summaryp. 92
Budget Reportsp. 93
Types of Budget Reportsp. 94
Comparative Staff Summary Report #1p. 96
Comparative Staff Summary Report #2p. 98
Comparative Staff Summary Report #3p. 100
Comparative Staffing Report #4p. 103
Comparative Staffing Report for the ICU/CCUp. 103
Staff Mix Analysis Reportp. 103
Nursing Care Hour Reportp. 107
Summaryp. 107
Conclusionsp. 109
Get Politically Involvedp. 111
Know What Types of Insurance Plans Reimburse Your Organizationp. 112
Develop Strategic Relationships with Key Individuals in Your Organizationp. 113
Speak the Language of Financep. 115
Do Itp. 116
Concluding Remarksp. 117
Glossaryp. 119
Indexp. 133
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