Week 3 Discussion Board
Discuss the following:
- What is your current contribution to the practice you are involved with? Calculate the revenue you generate. Also, evaluate the overhead in your practice site.(Chapter 5 #2a)
- Based on your revenue calculations, what amounts of funds are left for salary and profit? How does this correlate with your current salary? (Chapter 5#2b)
- What opportunities exist in your practice that add value to your services and improve patient care quality? (Chapter 5 #3)
Week 3 Module Reading Assignments
Read the following from the course textbooks:
- Waxman, Chapters 3 & 4
| Discussion Board Initial Posting Rubric | |||||
| Criteria | Ratings | Pts | |||
| This criterion is linked to a Learning OutcomeRelevance to the topic or problem |
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20 pts | |||
| This criterion is linked to a Learning OutcomeInsight and application of course concepts |
|
40 pts | |||
| This criterion is linked to a Learning OutcomeUse of evidence and support |
|
25 pts | |||
| This criterion is linked to a Learning OutcomeGrammar, Punctuation & APA |
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15 pts | |||
Revenue: DNP Contribution
Doctor of Nursing Practice (DNP) nurses play a crucial role in their organizations by performing essential management and leadership functions. For example, they oversee the financial performance of their organizations and participate in decision-making concerning budget allocation and calculation of employee reimbursements (Naranjee et al., 2019). According to Sevy and Warshawsky (2020), nurse leaders utilize financial metrics to evaluate the impacts of quality and safety performances on the entire facility. Based on such metrics, they are able to establish whether their organizations are making profits or losses. The amount of revenue collected by a medical facility has an influence on the amount of salaries paid to employees (Waxman, 2018). The purpose of this discussion is to describe the current contributions to the practice setting, including the amount of revenue generated and the overhead in the practice site. The discussion will also include a description of the amounts of funds that are left for salary and profit based on revenue calculation, and the opportunities that exist in the practice site that add value to healthcare services and improve patient care quality.
I make significant contributions to the practice that I am involved with. For example, I participate in financial management by monitoring key performance indicators (KPIs) and evaluating their impacts on financial performance. As Waxman (2018) points out, KPIs are the foundation of financial management in healthcare organizations. Examples of KPIs that I continuously monitor in the practice setting include patient wait times, patient flow, the rates healthcare-associated infections, and rates of medical errors among other metrics. I also contribute to ensuring budget control and budget accountability. For example, part of my roles entails the development of annual and fiscal budgets for the company. I also prepare daily staffing budgets for employees who are working in the facility, especially those who are not paid at the end of the month. My other contribution to the facility concerns ensuring consistency in billing and coding. Billing and coding are essential medical decision-making components in healthcare organizations (Waxman, 2018). The organization generates revenue of approximately 29.60 billion United States dollars. The overhead costs in my practice setting include rent for the clinic space, payment for a licensed practical nurse’s salary, a certified medical assistant’s salary, and a front office employee’s salary. Overhead costs also include payments for utilities and collaborators (Waxman, 2018).
The amount of revenue that the setting generates determines salary calculations for employees. Based on revenue collections for the organization, the amount of funds left for salary and profit is approximately 4.2 billion United States dollars in a particular year. The organization uses part of this margin to calculate salary payments based on the types of services provided by companies and their job groups (Waxman, 2018). The amount correlates with my current salary in that it is a true reflection of the salary that I am getting at the moment.
A number of opportunities exist in my practice that adds value to my services and improves the quality of patient care. Some of these opportunities include integrating modern technology into healthcare delivery, such as telehealth and those that are used in cancer diagnosis. The use of such technologies will improve the quality of healthcare services delivered to patients (Salmond & Echevarria, 2017). Nurse practitioners can advocate for such changes in their organizations due to their changing roles. They are better positioned to negotiate for the best financial options in their organizations (Salmond & Echevarria, 2017; Waxman, 2018).
References
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
Salmond, S. W., & Echevarria, M. (2017). Healthcare transformation and changing roles for nursing. Orthopedic Nursing, 36(1), 12–25. https://doi.org/10.1097/NOR.0000000000000308
Sevy, M. , J., & Warshawsky, N. (2020). Evidence-based decision-making for nurse leaders. Nurse Leader, 18(5), 471–475. https://doi.org/10.1016/j.mnl.2020.06.006