Fiscal and Resource Utilization sample paper

Fiscal and Resource Utilization

Fiscal planning is key to the appropriate utilization of resources in nursing. Accordingly, the two complement each other as two sides of the same coin. As a learned skill, fiscal planning requires practice to improve, vision, and creativity. A correct assessment can be conducted to achieve the desired health outcome through proper attainment of knowledge regarding political, social, and economic factors. On the other hand, resource utilization entails using a specific amount of goods or services to ensure no redundancy and safeguard both the professional worker and the patient from incurring additional expenses.

For this reason, nursing leaders must seek to have the proper knowledge required on supplies, cost and efficacy, techniques, staff hours and availability, medicines, and technologies to achieve the best possible health outcome for patients, while increasing the overall efficiency of personnel the organization. This paper seeks to deliberate the significance of fiscal and resource utilization in nursing, focusing mainly on issues taken into account while developing a nursing program proposal, strategic decisions considered by nursing leaders, and ways to track these strategies using available tools in nursing.

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Financial and Resource Issues: Developing a Nursing Program

Numerous economic and resource utilization concerns have been identified as the significant driving factors, primarily when developing a nursing program proposal. Transformative changes are taking place in healthcare, and nurses are required to consider specific problems that are crucial to achieving a patient-centered type of care. Scott et al. (2019) believe that issues such as unsustainable cost, access challenges, healthcare disparities, fragmentation, quality care alongside the dynamic societal practices, and other critical concerns must be taken into account when preparing a program proposal. Besides, the means of payment and responsibility for treatment services, particularly those suffering from chronic conditions, are vital to consider as well.

Unsustainable cost becomes a concern where patients from low-income families are unable to access adequate care. Similarly, dynamics in demography, race, and ethnicity create access problems for some patients, denying them the best possible health outcomes (Agger, Lynn, & Oermann, 2017). Nurses should consider formulating ways in which the cost of services can be affordable, hence overcoming access problems. Correspondingly, Scott et al. (2019) further argue that nurses preparing a program proposal must consider the factor of fragmentation, which adversely affects the cost, result, and quality of health through misalignment of incentives. Considering the harmful effects of health disparities on patients due to social dynamics, nursing leaders should educate their personnel to consider making their programs more coordinated and involving. 

Fiscal and Other Types of Resources

As previously indicated, budgetary resources and planning are significant pillars in the quest to achieving the most accurate utilization of resources available. Managing fiscal resources and requires more than conducting a periodic financial status check. As discussed by Agger, Lynn & Oermann (2017), nursing leaders must be proactive in helping their staff adjust to change while they participate in the review of the financial status of their departments or program proposals. In that case, medical technologies, staff and healthcare professionals, online resources, organizational equipment, and training programs are recognized as other types of fiscal resources in nursing.

Medical technologies refer to the proper application and utilization of knowledge and skill in systems, devices, vaccines, and medicines to solve health problems and enhance the quality of life. When accurately applied, such resources enable nurses and other health professionals to detect and diagnose health problems early (Scott et al., 2019). Healthcare personnel and professionals are also available resources since they employ their skills and use other resources like organization facilities and equipment to meet their patients’ health needs. In the long run, Bryant‐Lukosius et al. (2016) argue that health professionals can utilize online resources like the Nurses Code of Ethics and the National League of Nursing to achieve enhanced performance and productivity through training programs.

Strategic Decisions While Developing a Nursing Program

Often, the strategic decisions taken into consideration by nursing leaders depend on the type of leadership style in use. Be that as it may, nursing leaders must think carefully about the strategic decisions to employ based on resource utilization (Carvalho, Oliveira-Kumakura, & Morais 2017). When preparing a program proposal, to begin with, nursing leaders must think of the type of resources needed to achieve the purpose of their programs. Ideally, this is the most fundamental strategic decision to be observed (Lewallen, 2015). Taking note of all potential resources that can be employed in preparing the program helps not only in categorizing the funds but also guides on how to ensure their application accurately.

Another crucial decision is considering the value of collaboration and transparency. Since leaders form part of the team, it means, therefore, that creating an inclusive program for all safeguards the desired outcome in fiscal planning and resource utilization (Carvalho, Oliveira-Kumakura, & Morais (2017). Transparency as a strategic decision ensures that the program creates an interactive working environment, which is essential when allocating resources. Necessary to note, nursing leaders should understand the significance of managing revenue and expenses to develop an active program proposal to secure the desired utilization of resources. Grants, exhibits, sponsorships can be incorporated into the program to help manage fiscal resources by managing the actual expenses to enhance productivity and performance in terms of resource utilization.

Tracking the Impact of Strategic Decisions

The end justifies the means. Monitoring the effectiveness of strategic decisions is more significant than only formulating them. Nursing leaders are encouraged to track their choices, either monthly or annually, to understand the extent of their efficacy. According to Bryant‐Lukosius et al. (2016), one of the most recommended ways is monitoring the overall performance and productivity in the workplace. Since the program proposal contains the ultimate goal, nursing leaders can keep track of their strategies by observing whether their team’s overall performance meets the expected standard.

On a monthly or annual basis, the nursing leader can evaluate financial, departmental, and overall organizational reports submitted by the personnel regarding the program’s general aim. Since technology has become a part of the healthcare industry, by observing the digital trends, nursing leaders can afford the chance to adjust amenably to the latest digital trends and medical improvements (Carvalho, Oliveira-Kumakura, & Morais (2017). Notably, leaders can also evaluate the level of employee and patient satisfaction. Consequently, frictions, pressure, and misunderstandings between employees can be detected using the smart and playful survey system, while analyzing patient worth and satisfaction. Besides, observing for consistency can be a substantive method to keep track of the strategies’ impacts and effectiveness.

Tools for Tracking Impact

Incidentally, tracking the impacts of strategic decisions is impossible without tracking tools. For this reason, nursing leaders should be keen to utilize the available recommended tracking impact and performance. Mentioning but a few, the decision matrix can be an efficient tool based on Bryant‐Lukosius et al. (2016) arguments. The tools work best, especially when working through multiple choices and variables that are otherwise mutually connected. It helps the nursing leader compare the pros and cons, allowing placement of emphasis on each factor, namely, reputation, price, capabilities, and reliabilities.

A SWOT analysis diagram though frequently used in the field of business, is as well helpful mainly when seeking to establish vital changes. The analysis allows nursing leaders to recognize strengths, weaknesses, opportunities, and threats that can favor or hinder the realization of the program’s objectives. According to Carvalho, Oliveira-Kumakura, & Morais (2017), such information can be used to direct leaders and their staff in the right direction and augment further decisions. Lastly, the margin analysis helps to weigh between the benefits and costs. The tool is useful since it focuses on resources, preferences, and informational limits to help leaders make optimal decisions.

Conclusion

In conclusion, this paper has deliberated on the significance of fiscal and resource utilization in nursing. Particularly, has the paper discussed the outlines of what financial and resource utilization issues must be considered when developing a nursing program proposal. Further, other types of resources like medical technologies and organizational equipment to mention but a few have been explored. The development of nursing programs, as previously noted, fundamentally involves taking into consideration strategic decisions, which affect the outcome. Decisions like identifying potential resources and effective management of revenue and expenses are discussed as crucial to the utilization of resources. Monthly or annual tracking of impacts of the considered strategic decision is vital in achieving the desired outcome. Finally, the paper proposes SWOT diagrams, decision matrix, and margin analysis as the best tools to be used by nursing leaders to track the impact of strategic decisions.

References

Agger, C. A., Lynn, M. R., & Oermann, M. H. (2017). Mentoring and development resources available to new doctorally prepared faculty in nursing. Nursing Education Perspectives38(4), 189-192.

Bryant‐Lukosius, D., Spichiger, E., Martin, J., Stoll, H., Kellerhals, S. D., Fliedner, M & Schwendimann, R. (2016). Framework for evaluating the impact of advanced practice nursing roles. Journal of Nursing Scholarship48(2), 201-209.

Carvalho, E. C. D., Oliveira-Kumakura, A. R. D. S., & Morais, S. C. R. V. (2017). Clinical reasoning in nursing: teaching strategies and assessment tools. Revista brasileira de enfermagem70(3), 662-668.

Lewallen, L. P. (2015). Practical strategies for nursing education program evaluation. Journal of Professional Nursing31(2), 133-140.

Scott, P. A., Harvey, C., Felzmann, H., Suhonen, R., Habermann, M., Halvorsen, K & Papastavrou, E. (2019). Resource allocation and rationing in nursing care: A discussion paper. Nursing Ethics26(5), 1528-1539.