This is a graded discussion: 50 points possible
due March 26
Week 6: Discussion: Healthcare Financing
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The purpose of this discussion is to explore the DNP-prepared nurse’s role in meeting the organization’s mission through effective planning, budgeting, and determining the allocation of resources.
This week, you will have an opportunity to estimate the budget for your practice change project *( my practice budget project is Obesity in my patients in the primary care setting) . The
practice change project
includes the estimated resources with associated expenses and the estimated revenues. The practice change project budget must balance to a positive number or to zero. (A negative balance reveals there is insufficient planning and revenues needed for the project to be successful.)
Reflect upon your readings and professional experience and complete the budget for your practice change project.
1. Start by listing all of the Resources needed for your budget. Some resources that may be needed in your budget are listed here and some items may not apply to your project: the number of staff and their roles, education time for staff (how many and how long), office and/or medical supplies, marketing materials, statistician consult, meeting rooms, overhead (if renting the room), and any other resources not covered in this list.
2. Next, estimate the Expense for each of the resources. For example, when estimating the salary and benefits for staff, first calculate the number of hours X the hourly salary (adding in the estimated cost of employee benefits) X the number of individuals. An example is 20 nurses for 3 hours at an average salary and benefit of $50 hour: 20 x 3 x 50 = $3000. The expenses in your budget can be estimated.
3. Next, discuss the Revenue sources which will pay for the expenses. All expenses in the budget must have a revenue source. Examples of revenue sources are:
· Institutional Budget Support (if the hospital or facility is paying the costs of salary, supplies, and/or services).
· In-Kind Donation (If you, or a department, or both are paying the statistician consult or out-of-pocket payment for the refreshments for meetings, etc.)
· There are limited projects in which billing for a new procedure or new treatment type is applicable. If the organization is currently billing for the visit or treatment or procedure then do not include this in your budget.
(Check the state laws for rules regarding billing and reimbursement for services such as telehealth (Links to an external site.)
· . Encounter Charge X # patients per day X # days per week X # weeks
· Grant money: If grant money is used, state the name of the grant and the specific elements within the budget that the grant is paying for. Add the revenues for the exact elements of the bud
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