Assignment: FTE Budget Budgeting

Assignment: FTE Budget Budgeting
Assignment: FTE Budget Budgeting
Assignment: FTE Budget Budgeting
Discussion Question 2: Strategies for Establishing an FTE Budget Budgeting is a critical and essential component of nursing and patient care. Without proper support for nurses to provide patient-centered care, the organizational mission and goals will not be met. Full-time equivalent (FTE) measures the number of employees working in an organization, assuming they all work on a full-time basis. It measures each employee’s involvement in the organization. Unit managers and CNOs must have fundamental skills and competencies to establish an FTE budget. Using the readings for the week, the South University Online Library, and the Internet, respond to the following: Describe various strategies used for establishing an FTE budget. Examine the advantages and disadvantages of each strategy. Discuss how the unit manager or CNO elicits input into the FTE budget. Describe one software program utilized by the unit manager or CNO to formulate an FTE budget. Identify the timeline a nurse manager or CNO would utilize to plan the development of an FTE budget. Comment on the postings of at least two peers. Evaluation Criteria: Described various strategies used for establishing an FTE budget. Examined the advantages and disadvantages of using each strategy. Discussed how the unit manager or CNO elicits input into the FTE budget. Described one software program utilized by the unit manager or CNO to formulate an FTE budget. Identified the timeline a nurse manager or CNO would utilize to plan the development of an FTE budget. Justified your answers with appropriate research and reasoning. Commented on the postings of at least two peers. Week 5 – Assignment 1 Discussion Discussion Question 1: The Average Daily Census (ADC) and the Target Budget One of the greatest challenges unit managers and CNOs face is predicting and working with the average daily census (ADC), particularly as it relates to the target budget. The average daily inpatient census refers to the number of patients present at the official census-taking time each day. For example, a patient admitted to the coronary care unit at 1:00 pm and who dies at 4:00 pm the same day is a patient admitted and discharged the same day. The ADC is typically calculated each night at midnight. It is a challenge to predict what the ADC will be on any given day. The target budget is targeted or predicted in the zero-based operating budget based on the previous years’ ADC. The target budget is typically projected at least one year in advance. A lot of information goes into the computation of a target budget, and there are many variances once the budget is formulated and approved. Using the readings for the week, the South University Online Library, and the Internet, respond to the following: Explain how the ADC contributes to the target budget. Describe two major challenges in determining the actual target budget and ADC. Identify two major challenges for unit managers and CNOs due to the variances between the actual target budget and the ADC. Comment on the postings of at least two peers. Evaluation Criteria: Explained how the ADC contributes to the target budget. Described two major challenges with the actual target budget and ADC. Identified two major challenges for unit managers and CNOs due to the variances between the actual target budget and the ADC. Justified your answers with appropriate research and reasoning. Commented on the postings of at least two peers.

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Assignment: FTE Budget Budgeting
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