Topic 1: Variance Analysis
Strategic Budget planning and development would consist of a cost projection strategy. Such would involve the collection of data in a collaboration between the finance department and the nurse executive. The criterial would involve ensuring each activity is outlined in the budget, and deviations are well analyzed. I would collect data on services offered and on what we intend to provide in the future. I would also help in budgeting for material price variances, rates of labor variance, and overhead expenditure variance. For example, nurse managers are well aware of any increment in bed capacity or new personnel, which indicates additional costs. Speziale (2015) outlines that once the finance department calculates patient mix, player mix, and acuity mix, data on patient standard care, services provided, and resource utilization should also be availed as collected by Nurse Manager (NM).
Developing a strategic financial management framework would aid in monitoring financial activities and maximizing value for patients. It would involve evaluating and adjusting goals by preventing bad debts and cost-effectiveness in service delivery. As much as hospitals provide care to their patients, they are also mandated to pay bills and staff and improve services consistently. Naranjee et al. (2019) assert that it is essential to have a framework that monitors expenditure and helps in planning and evaluating finances. Hence, I can analyze the best long-term investment plans to undertake. Still, planning on raising finances on various projects is possible such as determining how much grants we need for the next fiscal year.
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Also, I would use a contract strategy for ease of financial decision making and transparency. It is best to consider the hospital and market conditions' set objectives before selecting a contract strategy (Stengel et al. 2017, p. 420). In any instance, the process should be legal to provide the best quality products without over expenditure. In ensuring that the tender is competitive and useful, I could choose competitive dialogue that the scope of the contract is guided by performance and sensible prices. The contract should also stipulate the compensatory mechanism in case any of the products end up being the non-intended ones; we can always be reimbursed the full amount to avoid losses.
Topic 2: Separation and Retention
Employee’s separation improves on human resources, success, and stability and provides promotion opportunities to staff. Well managed separations should cater to any possibility of legal repercussions, which should be avoided to save the hospital from losses in case of lawsuits. In case of separation, staff with adequate skills are maintained while some are let go for wastage avoidance and use the funds for other purposes. In the process, stability thrives through maintaining a healthy financial status for an entity, and existing personnel stand a chance of promotion. However, organizations must be ready to deal with the aftermath of possible morale change for the remaining workers who could end up with guilt or anger when their colleagues are laid off. (Dasí et al., 2017). Therefore, the criteria used for downsizing should be legal and non-discriminatory.
For employee retention, an organization can establish a retention strategy that caters to employee satisfaction. Such could include a review of employee performance mechanisms rewards. They could offer supervisory support, which assists in achieving individual goals and creating a fruitful relationship with top management. It is also best to establish ways of training them to improve their skills, which further ensures that they can be flexible in assuming various roles within the organization. Silva et al. (2019) argue that the environment should allow growth through healthy competition that does not limit skilled workers' capabilities. That creates a balance and promotes creativity, which limits boredom and helps in work satisfaction.
References
Dasi, A., Pedersen, T., Gooderham, P. N., Elter, F., & Hildrum, J. (2017). The effect of organizational separation on individuals’ knowledge sharing in MNCs. Journal of World Business , 52 (3), 431-446.
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
Silva, M. R. A., de Amorim Carvalho, J. C., & Dias, A. L. (2019). Determinants of Employee Retention: A Study of Reality in Brazil. In Strategy and Superior Performance of Micro and Small Businesses in Volatile Economies (pp. 44-56). IGI Global.
Speziale, G. (2015). Strategic management of a healthcare organization: engagement, behavioral indicators, and clinical performance. European Heart Journal Supplements , 17 (suppl_A), A3-A7.
Stengel, V., Børstad, S. D., Hosseini, A., Lohne, J., & Lædre, O. (2017, June). Contract Strategies in Hospital Projects. In 9th Nordic Conference on Construction Economics and Organization 13-14 June, 2017 at Chalmers University of Technology, Göteborg, SWEDEN (Vol. 13, p. 418).
