Table of Contents
Action Plan Targeting Financial Variances
Complete your Module 3 Assignment by the end of Week 3.
Operating budget reports with associated labor and supply expenses are important to achieving operational efficiencies on a unit, department, or product line, so the healthcare organization may continue to provide services or products to patients or clients. If variances occur in either revenue or expenses, budgets must be revised to maintain balance, and actions may need to address those variances.
In this assignment, you will interview a nurse leader with operating budget responsibilities. Then, you will identify and describe expense and revenue variances and devise an action plan to correct the identified variances.
Step 1. Schedule and Plan
Schedule an interview with a nurse leader with operating expense responsibilities. Plan for the interview by developing questions regarding the budgeting process.
Step 2. Interview
Interview the nurse leader using your developed questions and any other questions which arise during the conversation. Record the interview (with permission) and/or take good notes for reference. Follow up with an appropriate thank-you acknowledgement.
Step 3. Identify
Identify and describe expense and revenue variances which occurred or which might occur according to the nurse leaders experience.
Step 4. Devise
Devise an action plan based on the identified variances. The plan should include steps to revise the existing budget and steps to contain or adapt to the variances.
Step 5. Summarize
In table format, summarize the expense and revenue variances and the revised budget. Write an introductory paragraph for your associated action plan, then present the plan in chronological steps, including responsible parties and a timeline.
Step 6 . Submit
Submit your APA-formatted document to include an introduction, table, and chronological action plan. Include notes from the interview or a link to the recording of the interview as an appendix.
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