NR711 Week 6 Discussion | Financial Analysis
NR711 Week 6 Discussion | Financial Analysis – Step-by-Step Guide With Example Solution
The first step before starting to write the NR711 Week 6 Discussion | Financial Analysis is to understand the requirements of the assignment. The first step is to read the assignment prompt carefully to identify the topic, the length and format requirements. You should go through the rubric provided so that you can understand what is needed to score the maximum points for each part of the assignment.
It is also important to identify the paper’s audience and purpose, as this will help you determine the tone and style to use throughout. You can then create a timeline to help you complete each stage of the paper, such as conducting research, writing the paper, and revising it to avoid last-minute stress before the deadline. After identifying the formatting style to be applied to the paper, such as APA, review its use, including writing citations and referencing the resources used. You should also review the formatting requirements for the title page and headings in the paper, as outlined by Chamberlain University.
How to Research and Prepare for NR711 Week 6 Discussion | Financial Analysis
The next step in preparing for your paper is to conduct research and identify the best sources to use to support your arguments. Identify a list of keywords related to your topic using various combinations. The first step is to visit the Chamberlain University library and search through its database using the important keywords related to your topic. You can also find books, peer-reviewed articles, and credible sources for your topic from the Chamberlain University Library, PubMed, JSTOR, ScienceDirect, SpringerLink, and Google Scholar. Ensure that you select the references that have been published in the last 5 years and go through each to check for credibility. Ensure that you obtain the references in the required format, such as APA, so that you can save time when creating the final reference list.
You can also group the references according to their themes that align with the outline of the paper. Go through each reference for its content and summarize the key concepts, arguments and findings for each source. You can write down your reflections on how each reference connects to the topic you are researching. After the above steps, you can develop a strong thesis that is clear, concise and arguable. Next, create a detailed outline of the paper to help you develop headings and subheadings for the content. Ensure that you plan what point will go into each paragraph.
How to Write the Introduction for NR711 Week 6 Discussion | Financial Analysis
The introduction of the paper is the most crucial part, as it helps provide the context of your work and determines whether the reader will be interested in reading through to the end. Begin with a hook, which will help capture the reader’s attention. You should contextualize the topic by offering the reader a concise overview of the topic you are writing about so that they may understand its importance. You should state what you aim to achieve with the paper. The last part of the introduction should be your thesis statement, which provides the main argument of the paper.
How to Write the Body for NR711 Week 6 Discussion | Financial Analysis
The body of the paper helps you to present your arguments and evidence to support your claims. You can use headings and subheadings developed in the paper’s outline to guide you on how to organize the body. Start each paragraph with a topic sentence to help the reader know what point you will be discussing in that paragraph. Support your claims using the evidence collected from the research, and ensure that you cite each source properly using in-text citations. You should analyze the evidence presented and explain its significance, as well as how it relates to the thesis statement. You should maintain a logical flow between paragraphs by using transition words and a flow of ideas.
How to Write the In-text Citations for NR711 Week 6 Discussion | Financial Analysis
In-text citations help readers give credit to the authors of the references they have used in their work. All ideas that have been borrowed from references, any statistics and direct quotes must be referenced properly. The name and date of publication of the paper should be included when writing an in-text citation. For example, in APA, after stating the information, you can put an in-text citation after the end of the sentence, such as (Smith, 2021). If you are quoting directly from a source, include the page number in the citation, for example (Smith, 2021, p. 15). Remember to also include a corresponding reference list at the end of your paper that provides full details of each source cited in your text. An example paragraph highlighting the use of in-text citations is as below:
“The integration of technology in nursing practice has significantly transformed patient care and improved health outcomes. According to Morelli et al. (2024), the use of electronic health records (EHRs) has streamlined communication among healthcare providers, allowing for more coordinated and efficient care delivery. Furthermore, Alawiye (2024) highlights that telehealth services have expanded access to care, particularly for patients in rural areas, thereby reducing barriers to treatment.”
How to Write the Conclusion for NR711 Week 6 Discussion | Financial Analysis
When writing the conclusion of the paper, start by restating your thesis, which helps remind the reader what your paper is about. Summarize the key points of the paper by restating them. Discuss the implications of your findings and your arguments. Conclude with a call to action that leaves a lasting impression on the reader or offers recommendations.
How to Format the Reference List for NR711 Week 6 Discussion | Financial Analysis
The reference helps provide the reader with the complete details of the sources you cited in the paper. The reference list should start with the title “References” on a new page. It should be aligned center and bolded. The references should be organized in an ascending order alphabetically, and each should have a hanging indent. If a source has no author, it should be alphabetized by the title of the work, ignoring any initial articles such as “A,” “An,” or “The.” If you have multiple works by the same author, list them in chronological order, starting with the earliest publication.
Each reference entry should include specific elements depending on the type of source. For books, include the author’s last name, first initial, publication year in parentheses, the title of the book in italics, the edition (if applicable), and the publisher’s name. For journal articles, include the author’s last name, first initial, publication year in parentheses, the title of the article (not italicized), the title of the journal in italics, the volume number in italics, the issue number in parentheses (if applicable), and the page range of the article. For online sources, include the DOI (Digital Object Identifier) or the URL at the end of the reference. An example reference list is as follows:
References
Morelli, S., Daniele, C., D’Avenio, G., Grigioni, M., & Giansanti, D. (2024). Optimizing telehealth: Leveraging Key Performance Indicators for enhanced telehealth and digital healthcare outcomes (Telemechron Study). Healthcare, 12(13), 1319. https://doi.org/10.3390/healthcare12131319
Alawiye, T. (2024). The impact of digital technology on healthcare delivery and patient outcomes. E-Health Telecommunication Systems and Networks, 13, 13-22. 10.4236/etsn.2024.132002.
NR711 Week 6 Discussion | Financial Analysis Instructions
Purpose
The purpose of this discussion is to explore the DNP-prepared nurse’s role in meeting the organization’s mission through effective planning, budgeting, and determining the allocation of resources. Have a look at NR711 Week 6 Assignment: Project Planning and Preparation.
Instructions
This week, you will have an opportunity to estimate the budget for your practice change project. The practice change project includes the estimated resources with associated expenses and the estimated revenues. The practice change project budget must balance to a positive number or to zero. (A negative balance reveals there is insufficient planning and revenues needed for the project to be successful.)
Reflect upon your readings and professional experience and complete the budget for your practice change project.
The first step is to download the attached table and enter your budget details in the table. When finished, save and upload the document as an attachment.
Table TemplateLinks to an external site.
Start by listing all of the Resources needed for your budget. Some resources that may be needed in your budget are listed here and some items may not apply to your project:
number of staff and their roles
education time for staff (how many and how long)
office and/or medical supplies
marketing materials
statistician consult
meeting rooms
overhead (if renting the room)
any other resources not covered in this list
Next, estimate the Expense for each of the resources. The expenses in your budget can be estimated.
Example: When estimating the salary and benefits for staff, first calculate the number of hours X the hourly salary (adding in the estimated cost of employee benefits) X the number of individuals. An example is 20 nurses for 3 hours at an average salary and benefit of $50 hour: 20 x 3 x 50 = $3000.
Next, discuss the Revenue sources that will pay for the expenses. All expenses in the budget must have a revenue source. Examples of revenue sources include the following:
Institutional Budget Support (if the hospital or facility is paying the costs of salary, supplies, and/or services).
In-Kind Donation (If you, or a department, or both are paying the statistician consult or out-of-pocket payment for the refreshments for meetings, etc.)
There are limited projects in which billing for a new procedure or new treatment type is applicable.
Equation: encounter charge X # patients per day X # days per week X # weeks
If the organization is currently billing for the visit or treatment or procedure, then do not include this in your budget. Check the state laws for rules regarding billing and reimbursement for services such as telehealth.
Link (website): Medicaid and Medicare Billing for Asynchronous TelehealthLinks to an external site.
Link (website): Billing for Telehealth During COVIDLinks to an external site.
Grant money: If grant money is used, state the name of the grant and the specific elements within the budget that the grant is paying for. Add the revenues for the exact elements of the budget. Please ensure that the grant funding states it will pay for that specific expense(s) in your budget.
Balance the Budget. Add the expenses and the revenues then subtract the expenses from the revenues. The result should be a zero-dollar balance or a positive dollar balance.
Equation: revenues – expenses = 0 or positive $$
Examine your role in monitoring and controlling your practice change project expenses and resources.
Please click on the following link to review the DNP Discussion Guidelines on the Student Resource Center program page:
Link (webpage): DNP Discussion Guidelines.
Program Competencies
This discussion enables the student to meet the following program competencies:
Integrates scientific underpinnings into everyday clinical practice. (POs 3, 5)
Uses analytic methods to translate critically appraised research and other evidence into clinical scholarship for innovative practice improvements. (POs 3, 5)
Appraises current information systems and technologies to improve healthcare. (POs 6, 7)
Analyzes healthcare policies to advocate for equitable healthcare and social justice to all populations and those at risk due to social determinants of health. (POs 2, 9)
Leads others in professional identity, advanced clinical judgment, systems thinking, resilience, and accountability in selecting, implementing, and evaluating clinical care. (POs 1, 4)
Course Outcomes
This discussion enables the student to meet the following course outcomes:
Examine the role of the DNP-prepared nurse in leading financial planning and management across healthcare settings. (PCs 5, 8; POs 2, 4, 9)
Develop strategies to lead project planning, implementation, management, and evaluation to promote high-value healthcare. (PCs 1, 3, 4; POs 3, 5, 7)
NR711 Week 6 Discussion | Financial Analysis Example
Start by listing all of the Resources needed for your budget. Some resources that may be required in your budget are listed here, and some items may not apply to your project:
Nurse Manager-1
Roles
Coordination of nursing staff
Oversee data collection
Monitor the quality of care delivered through conducting regular audits and reviews.
Resource allocation based on the needs of intervention and budgetary constraints
Nurse Educator- 1
Offer specialized education to nurses on diabetes to gain knowledge on diabetes self-management as an intervention.
Nurse Practitioners – 4
Maintain updated documentation of the patient assessments and outcomes in the electronic health records (EHR).
Offer behavioral support and encouragement to help patients overcome emotional distress and any barriers to self-management.
Assist patients with medication management and educate them on the side effects associated with diabetes medication.
Take part in data collection pre- and post-implementation
Assist patients with medication management, including insulin administration and oral medications
Provide nutritional counseling and guidance to patients, helping them make informed decisions about healthy food choices.
Teach patients about blood glucose monitoring
Statistician- 1
Do data analysis
Meeting Rooms
There will be no expense because the educators will use the institution’s rooms
Expense for each resource
Salary and benefits
Nurse Manager: 1 $ 50 per hour x 1 x 8 hours = $ 400
Nurse staff: 4 RN: $ 45 per hour x 4 nurse staff x 8 hours = $ 1,440
2 Nurse Educators: $ 50 per hour x 1-hour x 3 classes x 2 educators = $ 600
Overhead Expenses: N/A
Statistician Consult: $ 45 per hour x 4 hours = $200
Office and Medical Supplies:
Educational Materials: $ 25
Glucometers – $ 10.99 each x 30= $ 330
Test Strips- 100 strips x 0.40 = $ 40
Refreshments: $ 60
Discuss the revenue sources that will pay for the expenses. All expenses in the budget must have a revenue source.
I will personally be responsible for the expenses associated with the project. The project setting is within the hospital premises, and therefore, most of the overhead expenses will be covered there.
Balance the Budget. Add the expenses and the revenues, then subtract the expenses from the revenues. The result should be a zero-dollar balance or a positive dollar balance.
Equation: revenues – expenses = 0 or positive $$
= $ 3,095 (personal budget) – $ 3,095 (Total expenses) = $0
Examine your role in monitoring and controlling the expenses and resources of your practice change project.
I will ensure that I monitor all expenses closely to avoid any unnecessary expenditures. Comprehension of revenue and spending is an essential aspect of the project, as it helps maintain financial track and accountability (Hamilton-Lyons, 2023; Wang et al., 2017). Financial monitoring will also be necessary for me, as it will ensure that I evaluate the overall success and monitor the predefined objectives. Being present on most occasions will also help me make informed decisions regarding adjustments and meeting project timelines (Homauni et al., 2023).
References
Hamilton-Lyons, A. (2023). Development and implementation of a nurse leader-directed structured appointment policy in a DNP-owned primary care practice. ProQuest Dissertations Publishing. https://doi.org/10.1111/jonm.13820.
Homauni, A., Markazi-Moghaddam, N., Mosadeghkhah, A., Noori, M., Abbasiyan, K., & Jame, S. Z. B. (2023). Budgeting in healthcare systems and organizations: A systematic review. Iranian Journal of Public Health, 52(9), 1889–1901. https://doi.org/10.18502/ijph.v52i9.13571.
Wang, Y., Xue, H., Huang, Y., Huang, L., & Zhang, D. (2017). A Systematic Review of Application and Effectiveness of mHealth Interventions for Obesity and Diabetes Treatment and Self-Management. Advances in Nutrition (Bethesda, Md.), 8(3), 449–462. https://doi.org/10.3945/an.116.014100.
