Budgeting in Nursing Management Essay

Budgeting in Nursing Management Essay

Group Practice Operations Plan

Budgeting in Nursing Management: Accounting and Budgeting as a Practice Leader

As a practice leader, I am responsible for the supervision and spearheading of programs and projects in budgeting in nursing management for smooth workflow and efficiency. I am required to take part in the identification of the objectives and goals of the project. I would also be required to manage the schedules and budgets something that facilitates risk and cost assessment.

I ought to understand that budgeting in nursing management & health care accounting are quite different from general business accounting, through the inclusion of components such as government back programs such as Medicare and Medicaid in addition to private insurance (Marx, 2019). I also need to familiarize myself with the receivables and payments related to the provision of healthcare services. This is because healthcare organizations have multiple ways via which they get reimbursed something that makes accounting in the healthcare sector more complex.

Budgeting in Nursing Management

Budgeting in nursing management is also unique for hospitals due to the unique challenges facing the healthcare sector. As a practice leader for a healthcare organization, I ought to account for healthcare emergencies such as wars and the 2020 COVID-19 Pandemic. My responsibility involves the definition of the allocation of resources in the production of the best output of revenue in the various forms of revenue.

I ought to consider the impact of budgeting in nursing management, costing, planning, and health policy-making. Part of my duty involves the consideration of the political dynamics to avoid disparity between the internal operations such as budgeting with health planning, policy-making, and budgeting.

Financial Benchmarking

Financial benchmarking in medical practice provides insight along with the provision of evidence through the lifecycle of the organization or product. In the healthcare sector as well as other industries, financial benchmarking plays a critical role in the detection of anomalies in the cost and overall performance of the healthcare product or organization.

Internal Comparison and External Comparison

There are two levels of financial benchmarking namely internal comparison and external comparison. Internal benchmarking involves the comparison of performance and practices between group’s teams and individuals within the healthcare organization. On the other hand, external comparison involves the comparison of the organizational performance to the peers across the industries.

Competitive Benchmarking

External comparison, also known as competitive benchmarking occurs in the healthcare setting when one healthcare organization’s services and processes in the comparison of the healthcare objectives and outcomes. The budgeting in nursing management strategic purpose of financial benchmarking involves the provision of patient satisfaction, patient safety, quality of care, and improving the efficiency of the healthcare organization. Financial benchmarking involves the provision of quality standards in the healthcare setting.

Budgeting in Nursing Management Essay: Role of Telehealth and Telemedicine Services

Telehealth involves the incorporation of telecommunication and electronic technology in the provision of healthcare services virtually over a distance. Telehealth facilitates the addressing of the main challenges in the provision of healthcare services. For example, during the COVID-19 pandemic, it facilitated the provision of healthcare services while avoiding physical contact. Telemedicine on the other hand involves the integration of technology and medicine in the use of telecommunication infrastructure in the delivery of care to a patient from a distance.

Telemedicine involves the specification in the provision of clinical services and the broader scope than telehealth. Telehealth tends to make healthcare services more accessible to people in isolated or rural communities. Both telehealth and telemedicine ensure that the patients are safe through the limiting of the exposure of the workers and patients from the patients with infectious diseases such as COVID-19. Therefore both telehealth and telemedicine ensure that both the patients and the provider are safe through the minimization of contact.

Budgeting in Nursing Management

Budgeting in Nursing Management Essay: Health Information Technology (HIT) System

As a practice leader, I would recommend that the hospital uses medical practice management system, which involves the utilization of electronic health records in the facilitation of the performance of clerical work in the healthcare setting. It involves the streamlining of and automation of activities in the facilitation of the smooth running of the organization.

Some of the processes that are automated by the medical practice management system in the processing of claims, generation of reports, and the handling of the payment and billing systems. The automation of clerical work helps in the reduction of errors in the improvement of the quality of healthcare services (Kruse & Beane, 2018). This is because the coordination of the health care systems facilitates efficiency through the organizations and sector at large.

The medical practice management software facilitates the easy access of healthcare data facilitating the viewing of documents online. Another benefit of the health information technology system involves the facilitation of direct access to health records. Additionally, unnecessary procedures and tests are reduced as a result of health information technology. This is because they facilitate access to the record and results at once.

Budgeting in Nursing Management Essay: Medical Malpractice Insurance

One of the financial risks for healthcare organizations involves medical malpractice lawsuit risk. One budgeting in nursing management strategy that I would recommend is that all healthcare providers be insured for any lawsuit that is related to negligence in their line of work. Often the healthcare providers are accused of negligence in the provision of services through acts of commission or omission. For example, one percent of hospital patients fall victim to negligence in the healthcare setting something that leads to death or injuries.


Medical malpractice insurance is one of the budgeting in nursing management strategies used in the mitigation of this risk (Peters, 2021). It helps take care of the attorney fees, court cost, settlement costs, medical damage, and punitive damages. For example, about twenty thousand medical providers are sued for malpractice annually. This would have a significant toll on the healthcare sector were it not for the medical malpractice lawsuit insurance.

Read Also: 5 Best Nursing Essay Writing Services

Calculate Price

Price (USD)

Calculate Price

Price (USD)