Financial burgeting in nursing. Fair Operation Budget. (Essay Sample)

Financial Budgeting In Nursing
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Introduction
In nursing the budgeting process is directly linked to the provision of patients care; this affects the manner in which care is availed (Walsh, 2016). Nurse leaders have a principle responsibility to ensure that resources invested in the provision of care give quality services in return in a cost-effective approach. A budget is typically a tool that helps nurse leaders obtain resources and put them in to use; though in an effective and efficient manner. In most cases, healthcare facilities structure financial budgets annually depending on the performance of the previous budgets and variances (Finkler, Jones & Kovner, 2013). This paper seeks to analyze the importance and role of financial budgeting in nursing.
The Importance of a Reasonable and Fair Operation Budget
It is integral for a nurse leader to avail a fair operational budget to facilitate specific, quantifiable financial performance measures of a budget (Leger & Dunham-Taylor, 2018). Reasonable budgets offer a working plan and focus on attaining a healthcare's ultimate objectives. Besides, the planning phase will also offer practical financial predictions for the latter year's revenue, volume, and expenses. In the process, it becomes less difficult to determine the actual performance against the projected estimates for growth (Walsh, 2016). Budgeting also a way in which nurse leaders introduce and strengthen budget controls. This is done by establishing the financial performance targets that acknowledge reporting and viable management.