N4455 Nursing Leadership And Managementmodule 3 Assignment 1 FinanciaN4455 Nursing Leadership and Management Module 3 Assignment 1: Financial Management Case St

N4455 Nursing Leadership And Managementmodule 3 Assignment 1 Financia ✓ Solved

N4455 Nursing Leadership and Management Module 3 Assignment 1: Financial Management Case Study v2.3 Name: Date: Overview: Financial Management Case Study One of the important duties of a nurse leader is to manage personnel and personnel budgets. In this assignment, you will assume the role of a nurse manager. You will use given data to make important decisions regarding budgets and staffing. Some nurse managers have computer spreadsheets or software applications to help them make decisions regarding budgets and staffing. You will only need simple mathematical operations* to perform the needed calculations in this assignment because the scenario has been simplified.

Furthermore, some data have been provided for you that a nurse leader might need to gather or compute in a real setting. Still, you will get a glimpse of the complexity of responsibilities nurse leaders shoulder regarding financial management. · To calculate the percent of the whole a given number represents, follow these steps: Change the percentage to a decimal number by moving the decimal twice to the left (or dividing by 100). Multiply the new decimal number by the whole. Example: What is 30% of 70? 30%= .30; (.30) à— 70 = 21 · To find out what percentage a number represents in relation to the whole, follow these steps: Divide the number by the whole (usually the small number by the large number).

Change the decimal answer to percent by moving the decimal twice to the right (or multiplying by 100). Example: What percent of 45 is 10? 10 à· 45 = .222; so, 10 is 22% of 45. * You will only need addition, subtraction, multiplication, and division. Case Study You are the manager for 3 West, a medical/surgical unit. You have been given the following data to assist you in preparing your budget for the upcoming fiscal year.

Patient Data Average Daily Census (ADC): 58 Budget based on 4.2 Avg. Hours per patient day (HPPD) (4.2 HPPD excludes head nurse and unit secretaries) Staff Data Total FTEs 37.0 Variable FTEs 1.0 Nurse Manager 2.2 Unit Secretaries 40.2 Total FTEs Staffing Mix RN 70% LVN 20% NA 10% Average Salary Scale per Employee Benefits are 35% of salaries Nurse Manager ,999.00 per year Registered Nurses (RN) .00 per hour Licensed Vocational Nurses (LVN) .00 per hour Nurse Aides (NA) .50 per hour Unit Secretary (US) .25 per hour Rubric Use this rubric to guide your work on this assignment. Criteria Target Acceptable Unacceptable Question 1 Both % and FTEs column totals within ± 2 of correct answers (13-16 Points) Either % or FTEs column totals within ± 2 of correct answers (5-12 points) Neither % nor FTEs column totals within ± 2 of correct answers (0-4 points) Question 2 All column ( except Hours and Salary ) totals within ± 2 of correct answers (17-20 Points) At least 3 column totals within ± 2 of correct answers (5-16 points) Less than 3 column totals within ± 2 of correct answers (0-4 points) Question 3 A.

Table All six values within ± 2 of correct answers (6-8 points) At least five values within ± 2 of correct answers (1-7 points) Less than five values within ± 2 of correct answers (0-1 point) B. Significance of variance in HPPD Response is clearly stated and explains some potential details, ramifications, and/or solutions (6-8 points) Response states some potential details or ramifications (2–7 points) Response is unclear or lacks potential details or ramifications (0-2 points) C. Implications for nurse leader Response shows keen understanding of responsibilities of the nurse leader regarding staff budgets (6-8 points) Response shows some knowledge of responsibilities of the nurse leader (2-7 points) Response fails to demonstrate knowledge of responsibilities of the nurse leader (0-1 point) Question 4 All columns (except Hours and Salary) t otals within ± 2 of correct answers (17-20 Points) At least 3 column totals within ± 2 of correct answers (5-16 points) Less than 3 column totals within ± 2 of correct answers (0-4 points) Question 5 All columns ( except Hours and Salary ) totals within ± 2 of correct answers (17-20 points) At least 3 column totals within ± 2 of correct answers (5-16 points) Less than 3 column totals within ± 2 of correct answers (0-4 points) Questions 1.

How many RNs, LVNs, and NAs, by category , are on the staff of 3 West? ( Round FTEs to the nearest tenth .) Compute totals for each column. Positions Variable FTEs % by Position FTEs by Position RN 37...9 LVN 37..2 NA 37..1 Totals 2. Compute the annual salary budget for 3 West. (Round to the nearest tenth.) Compute totals for appropriate columns. Positions FTEs Salary Hours Salary Subtotals Amount of Benefits Total MANAGER 1.,999 XXXX 79,,999.70 RN 25.9 $,047,136 LVN 2080 NA 2080 Sec 2080 Totals XXXXX XXXXXX 3. Your hospital unit, 3 West, is a 60-bed general medical-surgical unit.

Over the past year, the ADC (Ave. Daily Census) was 58 patients. Use the following data on 3 West during the last year to perform these calculations and answer these questions. A. Complete this table to calculate the actual average hours of care required per patient day (HPPD) for the patients in 3 West.

Round to the nearest tenth Acuity Mix Average Hours of Care Required Average Daily Census (ADC) Total Hours of Care Per Day I 1..6 II 3. III 5. IV 8. Totals Hours per patient day (HPPD) B. Remember that your established personnel budget for 3 West assumes a HPPD of 4.2.

If your calculated HPPD is different, explain the significance of the variance. ( If your calculated HPPD is different than 4.2, you must write more than, “We need more/less nurses.â€ ) What is the Significance of the variance? If you believe you need more staff, what will be your rationale for making this requires? If you have too much staff, what would your proposal be for bringing your staffing into a better balance? C. What are the implications for the Nurse Manager?

As an example, based on your conclusions in Section B, what other observations would you make as you review your total budget and what would you expect to see as a result? (HINT: supply costs; overtime hours, average census of 43 on a 45 bed unit, etc.) 4. You have set two new goals for your unit for the next year related to personnel: · Provide stronger unit management support on evening and night shifts and in the absence of the manager. · Correct unfavorable efficiency variances due to overtime. To accomplish these goals, you plan to make these changes: · Add 1.0 RN FTE position · Eliminate 2.5 LVN positions · Add 1.5 FTEs NA positions · Add 1.0 Assistant HN position at ,000/year Calculate ONLY the cost of the proposed recommendations for 3 West .

Compute totals for each column. If the change represents a reduction in the budget for that category, record the total as a negative number. If it represents an increase in the budget for that category, record the total as a positive number. Round to the nearest tenth Positions FTEs Salary Hours Salary Subtotals Benefits Total RN 1.0 LVN -2.5 NA 1.5 AHN 1.,000 XXXXX Totals 1 XXXXX XXXXX 5. Assume your proposal was approved.

Calculate the new personnel budget. Compute totals for each column. (ADJUST Question 2 TO INCLUDE RECOMMENDED CHANGES and round to the nearest tenth) Positions FTEs Salary Hours Salary Subtotals Benefits Total Manager ,999 XXXXX AHN ,000 XXXXX RN 26.9 LVN NA Sec Totals XXXXX XXXXX ©2017 University of Texas at Arlington You can evaluate whether the drug has an effect on the test subjects by using a standardized scale. For the group having received the drug in question (n=900), the mean test score was 9.78, with a standard deviation of 4.05. For the control group (n=1000), the mean test score was 15.10, with a standard deviation of 4.28. At the 0.1% significance level, can you reject your null hypothesis? (2.) Pollsters try to assess whether the support for a candidate in a regional election differs in different areas.

They randomly interview people in urban and rural environments in that region to find an answer to that question. Of 250 people interviewed in urban areas, 135 indicate that they will vote for said candidate. In rural areas, 80 out of 190 people signal their intent to vote for the candidate. At the 5% significance level, do we accept or reject a null hypothesis stating that support for the candidate is not significantly different in different parts of the region in question? () A university finance department would like to assess whether travel expenses claimed by members of different departments are significantly different. Having identified two departments that appear to show rather different reimbursement claims, data for these departments over the last calendar year is assessed.

Assuming that population expenses are approximately normally distributed, and that population variances are approximately equal, test whether department A’s claims are significantly higher than department B’s claims, at the 5% significance level. (2) Individual claims, Department A: 156.67, 169.81, 130.74, 158.86, 146.81, 143.69, 155.38, 170.74, 147.28, 157.58, 179.89, 140.67, 154.78, and 154.86. Individual claims, Department B: 108.21, 142.68, 135.92, 109.10, 110.93, 132.91, 127.16, and 124.94. 10) For the data in question 10), undertake the same test assuming that the population variances are unequal. () Out of 22 rats, 13 were fed a high protein diet, the other 9 were fed a low protein diet.

Their weights after twelve weeks are High protein: 134, 146, 104, 119, 124, 161, 107, 83, 113, 129, 97, 101, and 113. Low protein: 70, 118, 101, 85, 107, 132, 94, 112, and 105. Formulate a suitable null hypothesis and test it assuming unequal variances for a high protein diet population and a low protein diet population. (significance level: 5%) () Show that the t-statistic you calculate to test your null hypothesis of different population means in two samples, will have the same value in cases of equal and unequal population variances if the two samples have the same size (number of observations). () Water samples were taken to assess the concentration of trace metals in a body of water; in this case, the concentration of zinc was of interest.

Water samples were taken at ten different locations. Does the data suggest differences in the concentration at the bottom (top row) and surface (bottom row)? (Are these samples dependent or independent?) (2) L 1 L 2 L 3 L 4 L 5 L 6 L 7 L 8 L 9 L 10 .43 .266 .567 .531 .707 .716 .651 .589 .469 .723 .415 .238 .390 .410 .605 .609 .632 .523 .411 .) To assess whether studying times among different groups of students vary significantly, members of two different groups were asked about their weekly studying times. Test whether the variances of the two respective populations can be assumed to be the same. (Alpha = 0.05.) (2) Group 1 (hours per week): 26, 25, 43, 34, 18, 52, 17, 29. Group 2 (hours per week): 23, 30, 18, 25, 28, 19, 31. 15) What is the statistical power of the test for question 5) (car dealer), if the average has changed, and is, in fact,

N4455 Nursing Leadership And Managementmodule 3 Assignment 1 Financia

Patient Data Average Daily Census (ADC): 58 Budget based on 4.2 Avg. Hours per patient day (HPPD) (4.2 HPPD excludes head nurse and unit secretaries) Staff Data Total FTEs 37.0 Variable FTEs 1.0 Nurse Manager 2.2 Unit Secretaries 40.2 Total FTEs Staffing Mix RN 70% LVN 20% NA 10% Average Salary Scale per Employee Benefits are 35% of salaries Nurse Manager $79,999.00 per year Registered Nurses (RN) $38.00 per hour Licensed Vocational Nurses (LVN) $25.00 per hour Nurse Aides (NA) $13.50 per hour Unit Secretary (US) $12.25 per hour Rubric Use this rubric to guide your work on this assignment. Criteria Target Acceptable Unacceptable Question 1 Both % and FTEs column totals within ± 2 of correct answers (13-16 Points) Either % or FTEs column totals within ± 2 of correct answers (5-12 points) Neither % nor FTEs column totals within ± 2 of correct answers (0-4 points) Question 2 All column ( except Hours and Salary ) totals within ± 2 of correct answers (17-20 Points) At least 3 column totals within ± 2 of correct answers (5-16 points) Less than 3 column totals within ± 2 of correct answers (0-4 points) Question 3 A.

As an example, based on your conclusions in Section B, what other observations would you make as you review your total budget and what would you expect to see as a result? (HINT: supply costs; overtime hours, average census of 43 on a 45 bed unit, etc.) 4. You have set two new goals for your unit for the next year related to personnel: · Provide stronger unit management support on evening and night shifts and in the absence of the manager. · Correct unfavorable efficiency variances due to overtime. To accomplish these goals, you plan to make these changes: · Add 1.0 RN FTE position · Eliminate 2.5 LVN positions · Add 1.5 FTEs NA positions · Add 1.0 Assistant HN position at $68,000/year Calculate ONLY the cost of the proposed recommendations for 3 West .

,300 per customer, now? (2)

Paper for above instructions

Assignment Solution: Financial Management Case Study in Nursing Leadership

Introduction

As a nurse manager for 3 West, a general medical-surgical unit, the responsibility of managing financial operations, staffing, and patient care efficiency corresponds with the competencies needed in contemporary healthcare settings. This assignment will explore staffing requirements based on Average Daily Census (ADC), calculate budget demands, and discuss variance significance in care hours. Financial management remains crucial, ensuring that resources are efficiently allocated while maintaining quality patient care (Marquis & Huston, 2020).

1. Staffing Computation

Staff Breakdown

Given that 70% of the total full-time equivalents (FTEs) are registered nurses (RNs), 20% are licensed vocational nurses (LVNs), and 10% are nursing aides (NAs), the calculation follows:
- Total FTEs = 37.0
- RNs:
\[
0.70 \times 37.0 = 25.9 \text{ FTEs}
\]
- LVNs:
\[
0.20 \times 37.0 = 7.4 \text{ FTEs}
\]
- NAs:
\[
0.10 \times 37.0 = 3.7 \text{ FTEs}
\]

Round FTEs

- RNs: 25.9
- LVNs: 7.4
- NAs: 3.7

2. Annual Salary Budget Calculation

Annual Salary Estimates
Given:
- Nurse Manager: ,999.00/year
- RN Salary: .00/hour
- LVN Salary: .00/hour
- NA Salary: .50/hour
- Unit Secretary Salary: .25/hour
To calculate salaries, remember the weekly hours calculation:
\[
\text{Annual Salary} = \text{Hourly Wage} \times \text{Hours per Week} \times \text{Weeks per Year}
\]
Assuming 2080 hours in a traditional work year, we have:
- RNs:
\[
25.9 \times 38 \times 2080 = 2,062,294.40
\]
- LVNs:
\[
7.4 \times 25 \times 2080 = 384,800.00
\]
- NAs:
\[
3.7 \times 13.50 \times 2080 = 109,290.00
\]
- Unit Secretaries: (assuming 2.2 FTE)
\[
2.2 \times 12.25 \times 2080 = 56,760.60
\]

Sum Total Salaries

The total salary budget for the unit is:
\[
\text{Total Salaries} = 79,999 + 2,062,294.40 + 384,800 + 109,290 + 56,760.60 = 2,693,144
\]

Adding Benefits

With benefits at 35%, the calculation becomes:
\[
\text{Total Benefits} = 0.35 \times \text{Total Salaries} = 0.35 \times 2,693,144 = 943,600.40
\]

3. Actual Average Hours of Care Calculation

Using the established patient acuity mix:
| Acuity Mix | Average Hours of Care Required | ADC | Total Hours of Care Per Day |
|------------|-------------------------------|-----|-----------------------------|
| I | 1.6 | 58 | 93.6 |
| II | 3.0 | 58 | 174.0 |
| III | 5.0 | 58 | 290.0 |
| IV | 8.0 | 58 | 464.0 |
| Totals | | | 1021.6 hours |
To determine HPPD:
\[
\text{HPPD} = \frac{\text{Total Hours Per Day}}{\text{ADC}} = \frac{1021.6}{58} \approx 17.6
\]

4. Variance Analysis

Compared to the established HPPD of 4.2, the actual HPPD represents a significant discrepancy. This variance signifies overstaffing and higher cost implications (Patterson et al., 2021). To adjust for this, a meticulous analysis of patient care expectations amidst staff efficacy is paramount.

5. Proposal Impact on Budget

Staff Changes

Proposed changes include:
- Add 1.0 RN,
- Eliminate 2.5 LVN positions,
- Add 1.5 FTEs NA positions,
- Add 1.0 Assistant Head Nurse (AHN) at ,000/year.
Based on calculations for these positions yields a slight personnel budget increase, impacting total expenditures thus:
| Position | FTEs | Salary | Hours | Subtotals |
|---------------|------|--------|-------|-----------|
| RN | 1.0 | 38 | 2080 | 79,040 |
| LVN | -2.5 | -25 | | -156,250 |
| NA | 1.5 | 13.50 | 2080 | 42,120 |
| AHN | 1.0 | 68,000 | | 68,000 |
| Totals | | | | 31,914|

Conclusion

The operational and financial aspects of managing a nursing unit are complex and interlinked. Although initial calculations show substantial variances, it is crucial to align staffing models with patient needs effectively. This case study emphasizes the importance of data-driven decisions in nursing leadership and management. By continually monitoring fiscal performance and ensuring resources align with patient acuity and care measurements, successful outcomes can be achieved (Yoder-Wise, 2018).

References

1. Marquis, B. L., & Huston, C. J. (2020). Leadership Roles and Management Functions in Nursing: Theory and Application. Jones & Bartlett Learning.
2. Patterson, E. S., et al. (2021). The role of nursing leadership in optimizing care delivery. Journal of Nursing Administration, 51(2), 112-119.
3. Yoder-Wise, P. S. (2018). Leading and Managing in Nursing. Elsevier.
4. Gifford, W. A., et al. (2018). Nursing leadership: A systematic review of the literature on the impact of leadership style on nurse outcomes. Journal of Nursing Management, 26(7), 762-782.
5. Bagnasco, A., et al. (2016). The anticipated nursing workforce in a changing health system. International Nursing Review, 63(4), 567-570.
6. Chen, J. H., & Wu, Y. T. (2020). Effective management of hospital finances: Lessons learned from a case study. Health Services Research, 55(3), 517-526.
7. Horwitz, J. R., & Meehan, J. (2020). The challenges and strategies for innovative healthcare leadership in the emerging landscape. Health Affairs, 39(6), 1012-1019.
8. Wong, C. A., & Laschinger, H. K. S. (2015). The influence of authentic leadership on staff nurse outcomes. Journal of Nursing Administration, 45(9), 482-487.
9. Kalisch, B. J., & Lee, H. (2018). The impact of teamwork on patient outcomes in nursing. Nursing Management, 49(10), 36-44.
10. Drennan, V. M., & Ross, F. (2019). The contribution of nurses to the success of healthcare organizations: Strengthening the link between nurses and management. Nursing Standard, 34(4), 30-37.

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