Exam 18: Budgeting Basics for Nurses

A nursing unit's census consists primarily of long-term residents with a high risk for falls.To meet new safety regulations,the nurse manager must plan to replace all 50 patient beds with new beds equipped with Fall Watch electronic sensors.The manager will be involved in which type of budgeting to replace the beds?

A nurse on the unit is heard saying,"I am not going to document that I used four catheters to start that IV;it doesn't matter anyway." What action can help the staff nurse understand the financial budget goals of the unit?

A nurse manager is preparing a budget that does not base annual budgets on the revenue and expenditures of the prior year and has the advantage that outdated information is not integrated into the budget.The manager is using which budget method?

A nurse manager has calculated that providing 75 hours of direct nursing care per day requires that 120 hours must be worked by nursing staff.The manager is involved in what activity? (Select all that apply. )

Which component of budgeting might normally be addressed in the annual performance evaluation for a nurse manager?

A nurse has recently been appointed to the position of nurse manager.What should the nurse manage do to become successful in managing the unit's budget? (Select all that apply. )

The nurse manager meets with upper administration and learns that the strategic plan for nursing is to have 80% BSN staff within the next 3 years.The nurse manager then builds the unit's budget to meet the organization's strategic goal by providing tuition reimbursement and flexible work hours,which required some agency staffing.Which approach to budgeting is used?

What is the intended action when the nurse manager conducts a qualitative analysis of budget variances?

The financial plan required for the distribution of resources and expenses is a _________.

The nurse manager meets with upper management to share strategic goals agreed upon by her staff for their individual nursing unit as the first step to begin budget negotiations.One strategic goal is that staff will have access to technology that will allow them to incorporate point-of-care devices for all RNs.The second goal is to improve RNs' ability to recognize critical indicators that a patient's health status is deteriorating through advanced health assessment skills.During a meeting with the upper management,the unit manager discusses strategy options and identifies the one that works for the unit.Which type of budget development is being implemented?

The nursing executive team met to review last year's productivity metric to strategize for the upcoming year's metric.The team wants to be certain the productivity metric shows productivity demonstrates what desired outcome?

A nurse manager is working with the financial officer to develop the budget of the nursing unit for the next fiscal year.The nurse manager tells the financial officer that which of the following pieces of information will affect budget assumptions?

Nurses on a unit met with the nurse manager as part of participatory budgeting.They ask,"What exactly is the difference between fixed and variable costs? Understanding this will help us better understand the budgeting process." The manager provides a definition and asks the staff to list types of direct and indirect cost.Which example would indicate a need for further teaching?

Organizations measure the effectiveness of their budgets by examining actual revenues and expenditures versus what?

A primary function of the budgeting process is to provide managers with an opportunity to do what?

In a large health care facility,the executive administrative leaders set the budget goals to decrease full-time equivalents by 3%,eliminate the cost of agency nurses,reduce lost revenue from lost supplies by 1%,and provide a 0.5% hourly salary incentive for working on a float unit when the assigned unit has a low census.Nurse managers meet with nursing administrators to design their unit budgets to meet these established goals.This is an example of what type of budget approach?

A nurse manager plans the fiscal budget to include salaries for two RNs for two 12-hour shifts with a patient census of 6 in the short-stay observation room.The nurse manager reviews the budget report 3 months later and notes that the salary expenses are higher than was budgeted because of higher-than-planned RN staff salaries.This additional RN staff is necessary to meet patient care needs because the census has remained constant at 10 patients rather than the 6 projected when the budget was developed.The difference between the planned budget and the actual cost is referred to by what term?