Healthcare Budget Request – Executive Summary

Part 1: Executive Summary

Using the Healthcare Budget Request Template, develop a 1- to 2-page executive summary that describes the issue or opportunity that you are analyzing.

Part 2: Workbook Template

apply financial ratios and other calculations to make the business case for your idea. In this component of the assignment, you will customize a spreadsheet workbook and prepare it for use in your analysis.

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week2HealthcareBudgetRequestTemplate.docx
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Healthcare Budget Request

Prepared by:

Submitted:

Executive Summary

Projected Expenses and Revenues (Five Year)

Projected Budget (Five Year)

Summary/Elevator Speech (PPT slides)

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Nursing 6211 Finance and Economics in Healthcare Delivery – Week 2 Assignment

Throughout this course, you will develop a comprehensive Healthcare Budget Request to promote commitment from leadership to your idea for a healthcare product or service to address gaps or provide opportunities to your organization. We started thinking about this in the week 1 discussion.

For this Assignment, you will begin this effort by developing an executive summary for the proposal. You will also begin work on a spreadsheet workbook that you will utilize to calculate and present financial analysis in support of your idea.

Photo Credit: Getty Images/Vetta

This assignment has two parts. Part 1 is the development of an executive summary. Part 2 is the development of an Excel workbook template to be used throughout the course and you analyze data related to your proposed healthcare product or service. Be sure to read the details and directions as presented in the Blackboard classroom for this week.

To Prepare

· Reflect on current gaps or opportunities for enhanced services within your healthcare organization.

· Select one of these gaps or opportunities that you would like to analyze and for which you would like to propose a healthcare product or service solution.

· Reflect on the impact this issue/opportunity and product/service solution have (or could have) on various stakeholders and systems across your healthcare organization.

· Identify one or more individuals within your healthcare organization to act as “finance counselor” with whom you can consult on financial and budget items such as costing, estimating, and budget request processes.

· Reflect on the current costs associated with the selected issue or opportunity, including direct financial costs to the organization and financial costs to patients, healthcare providers, and other stakeholders. Also consider non-financial costs, including opportunity costs.

· Consider how you would communicate a proposal to leadership that addresses the selected issue/opportunity within your organization.

The Assignment: Healthcare Budget Request – Executive Summary:

Develop an executive summary and structure for a healthcare budget request for your new product or service idea by completing the following:

Part 1: Executive Summary

Using the Healthcare Budget Request Template, develop a 1- to 2-page executive summary that describes the issue or opportunity that you are analyzing. In your executive summary, you should:

· Describe the healthcare issue or opportunity you selected.

· Describe the stakeholder groups impacted by this issue/opportunity.

· Explain which stakeholder groups would most likely be responsible for helping you address the healthcare issue or opportunity you selected and why. Be specific and provide examples.

· Describe the healthcare product or service that you propose to address the identified gaps/opportunities and explain why.

The instructions from the Healthcare Budget Request Workbook say:

Part 1: Executive Summary

Your executive summary will be a critical first component of your formal healthcare budget request. It will be your first real opportunity to sell leadership and other stakeholders on the value of your proposed product or service. Hence it should be persuasive. It should also be informative without explaining every facet in more detail that anyone cares to read up front. It should outline why the organization should invest resources in your idea. It should be specific and focus on results.

For the purposes of this Assignment, your executive summary should be 1-2 pages in length. Be sure to review the Learning Resources and conduct your own research to review samples of executive summaries (many examples can be found online).

Be sure to save your Executive Summary and submit it to the appropriate Assignment 2 Part 1 submission link by the due date specified in the classroom.

Part 2: Workbook Template

As you progress through this course on the development of a Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this component of the assignment, you will customize a spreadsheet workbook and prepare it for use in your analysis. To do this, you will:

· Review the Healthcare Budget Request Workbook Step-by-Step Guide found in the Resources.Follow the instructions in the guide, which will help you:

· Create a workbook tab for each analysis you will conduct in subsequent parts of your Healthcare Budget Request.

· Format your spreadsheet and presentation of results.

The instructions from the Healthcare Budget Request Workbook say:

Part 2: Workbook Template

As you progress through this course on the development of your Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this Part 2 of this Assignment, you will develop a workbook that will be used in subsequent Assignments for use in your analysis. To do this:

1) Open a blank Excel workbook. Name this “lastname_firstname_assn2part2.xlsx” (where “lastname_firstname” is your last and first name).

2) Create a worksheet for each analysis you will conduct in subsequent parts of your Health Budget Request. Name each worksheet as follows:

· A3 Estimated Expenses

· A4 Budget Development

· A5 Ratio Analysis

· A6 Financial Statement Analysis

3) On each worksheet, include a title/header that reads similar to the following:

You may format these however you see fit, but you should make each worksheet presentable as these will be used by stakeholders considering your budget request.

REFERENCES:

Penner, S. J. (2016). Economics and financial management for nurses and nurse leaders (3rd ed.). New York, NY: Springer Publishing Company.

· Chapter 10, “Writing a Business Plan” (pp. 249–292)

· Chapter 11, “Health Program Grant Writing” (pp. 303–350)

Clark-Burg, K., & Alliex, S. (2017). A study of styles: How do nurse managers make decisions? Nursing Management, 48(7), 44–49. doi:10.1097/01.NUMA.0000520721.78549.ad

Waxman, K.T., & Massarweh, L. (2018). Talking the talk: Financial skills for nurse leaders. Nurse Leader, 16(2), 101–106. doi:10.1016/j.mnl.2017.12.008

 

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