Article review

The article by Rundio (2016) outlines the six steps that an organization can follow when developing a budget and they are as follows

• Collecting relevant data

Discusses the activities engaged in by the finance department and the nurse manager to collect relevant data and create a functional budget.

• Planning services

Involves processes engaged in by the nurse manager to ensure that the finace department is kept informed of all associated costs and projected revenues so as to ensure they are included in the budget.

• Planning activities

Involves activities engaged in by the nurse manager to ensure that finance is informed of particular treatments that are new to the department so as to ensure they are planned for in the budget.

• Implementing the plan

This stage discusses the processes engaged in by the nurse manager after a project has been approved by the board and upper-level administration to put the plan into action and provide the services in question.

• Monitoring the budget

This section focuses on activities engaged in by the nurse manager and the finance department when monitoring the budget to give accurate financial reporting on a regular basis.

• Taking corrective measures when necessary

Here, the author focuses on the need for flexibility to allow modification of the initial goals whenever necessary.

 

            From the article, the most important step is implementing the plan. This is the stage where the plan is implemented in an actual setting rather than discussing it in teams or as data and information (Rundio, 2016). Although the first three steps are important, the stage where the plan is implemented determines whether the budget will be successful or not. In the implementation stage, the nurse manager must ensure that all measures have been taken to ensure that the implementation occurs as planned. Its importance lies in the fact that failure to successfully implement the plan would render all the efforts engaged in the first three steps useless and wastage of the institution’s time and resources.

            The nurse manager can however engage employees in the implementation step to increase the chances for success. One approach would be involving members of staff in the entire process. Employees should be asked to give their opinion on what changes they believe should be introduced especially when collecting relevant data (Naranjee et al, 2019). Involving employees helps them to prepare for possible changes as they are aware of the processes being considered for improvement and what disruptions are likely to occur in the work flow.

Allowing employees access to information before any changes are introduced gives them time to prepare mentally for the changes and in so doing, increase the chances for the plan being successful. Another advantage of involving employees in the process is that it helps make them feel as part of the organization. Employees tend to commit more when they feel their interests are aligned with those of the organization (Golway, 2019). When involved in the decision making process, employees are likely to contribute more towards ensuring that the implementation step is successful. The nurse manager should therefore organize training and team building activities and establish proper lines of communication between the top management and other junior staff.  Improved communication and cooperation is likely to foster good relationships that will facilitate successful implementation of the plan and overall success when coming up with a budget.

 

 

 

 

 

 

 

 

 

 

References

Golway M, (2019) “Managing fiscal resources” Journal for Nurses in Professional           Development, retrieved from,            https://www.nursingcenter.com/journalarticle?Article_ID=4883174&Journal_ID=54029     &Issue_ID=4882658

Naranjee, N., Ngxongo, T., & Sibiya, M. N. (2019). Financial management roles of nurse             managers in selected public hospitals in KwaZulu-Natal province, South Africa. African           journal of primary health care & family medicine, 11(1), e1–e8.           https://doi.org/10.4102/phcfm.v11i1.1981

Rundio A, (2016) “Budget development for nurse managers” Reflections on Nursing Leadership.