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I work as a Patient Care Supervisor in an Acute Care Hospital. Currently, I am taking a Nurse Executive Specialty Track for my MSN that will enhance or develop my knowledge in leadership. As a Patient Care Supervisor, I am tasked with staffing whereby I ensure there is enough staff depending on the census of the unit. Whenever there are bedside procedures, I ensure that supplies are charged. Every day I make sure that we have supplies like juice, jello for the patients, and linens. Therefore, there is need for budgeting for proper planning of the finances involved. I am also regularly consulted by the hospital CFO to report financial information for my unit that would be useful in the budgeting process.
A preconceived notion I held is that budgeting is merely about expenses or how much money is available to be spent. Additionally, I believed that budgeting is a similar process across organizations. However, through this week’s concepts, I now have a better understanding of what budgeting entails. For instance, I am now enlightened that the budgeting process should closely consider organizational goals, mission, vision, and strategic plan. I have also learnt two types of budgeting, that is, incremental and zero-based budgeting. Incremental budgeting is common among public entities while zero-based budgeting is commonly used by private organizations (Menifield, 2017).
Implications for the Future
The knowledge gained this week has positive implications for the future. In relation to how I view my proposed project, I will take into consideration the influence of financial management on quality outcomes in patient care. An area of financial data gathering that may be useful for my plan concerns patient record keeping. The ability to comprehend the budgeting process is an added advantage for any health care leader (Leger & Dunham-Taylor, 2018).