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Assessment 1: Instructions: Mentor Interview

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Student Name

Capella University

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Prof Name
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Nov 10, 2023
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Mentor Interview
Knowledge about business and financial management is crucial for nursing leaders, enabling
effective analysis of current healthcare trends, both local and international. This knowledge
facilitates the implementation of practical, patient-centered outcomes within the organization
(Figueroa et al., 2019). Researchers emphasize that merging clinical and business skills
enables nurses to thrive in the evolving healthcare community (Figueroa et al., 2019).

This comprehensive knowledge empowers nurses with leadership and management skills,

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fostering proactive decision-making and innovation (Mlambo et al., 2021). Ms. Liu, a nursing
leader with expertise in business management and hospital budgeting, shared insights during a
mentor interview at Florida Community Care.

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Comparison Between the Management of the Operating and

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Capital Budgets

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The interview highlighted the distinction between managing operating and capital budgets. Ms.
Liu explained that while both serve financial decision-making, they differ in approach, duration,
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objectives, assets, purchases, and funding (Michelon et al., 2020). The operating budget
focuses on short-term revenue generation and daily expenses, covering routine operational
costs, whereas the capital budget involves long-term investments in assets like buildings and
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technology (Michelon et al., 2020).
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Operational budgeting emphasizes portability and liquidity, while capital budgeting prioritizes
long-term strategic capabilities (Srithongrung et al., 2019). Decision-making processes vary,
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with department heads overseeing operational budgets and board directors and CFOs
managing capital budgets.
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Allocating Resources for Labor, Equipment, and Services

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The interview explored resource allocation within budgeting, emphasizing its role in fair
distribution between labor, equipment, and services (Bouzari et al., 2023). Ms. Liu stressed the
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importance of aligning budgeting with organizational needs, conducting need-based

assessments, and adjusting resources accordingly.
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The allocation process involves assessing needs, identifying resources for labor, equipment,
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and services, and creating budgets based on liquidity and probabilities. Monitoring occurs
through tools like Outlook and Excel, aiding in evaluating budget alignment with goals and
revenue generation (Kruk et al., 2018).

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Effective Approach to Profitability and Fiscal Success
Profitability and fiscal success stem from strategic planning, need-based analysis, risk
assessment, SMART goal setting, and SWOT analysis (Srinivas, 2019). Ms. Liu highlighted the
use of SWOT analysis at Florida Community Care, aligning strengths, weaknesses,
opportunities, and threats with the balanced scorecard for a comprehensive strategic plan
(Quezada et al., 2019).

Alternative approaches for profitability include cross-functional teams exploring unique ideas

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and strategies to increase revenue (Fuertes et al., 2020).

Nursing Leader’s Approach to Budget Management

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A nursing leader's budgeting approach aligns with organizational goals, regulatory

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requirements, and fiscal responsibility (Mlambo et al., 2021). Proficiency in patient-centered
care and transformative leadership aids in efficient resource allocation (Paarima et al., 2021).

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Well-structured training and education, utilizing a multidisciplinary approach, enhance a nurse
leader's budget management skills (Paarima et al., 2021).
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Conclusion
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The interview with Ms. Liu provided insights into operational and capital budgeting differences,
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need-based resource allocation, and flexible budgeting for labor, equipment, and services.
Strategic planning, risk assessment, and effective strategies enhance nursing leaders'
confidence in budget management, aligning with organizational goals.
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References
Bouzari, P., Gyenge, B., Ebrahimi, P., & Fekete-Farkas, M. (2023). Problem solving and budget
allocation of SMES: Application of NCA approach. Computation, 11(3), 48.
https://doi.org/10.3390/computation11030048

Figueroa, C. A., Harrison, R., Chauhan, A., & Meyer, L. (2019). Priorities and challenges for
health leadership and workforce management globally: A rapid review. BMC Health Services
Research, 19(1), 239. https://doi.org/10.1186/s12913-019-4080-7

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Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual
framework for the strategic management: A literature review—descriptive. Journal of

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Engineering, 2020, 1–21. https://doi.org/10.1155/2020/6253013

Kruk, M. E., Gage, A. D., Arsenault, C., Jordan, K., Leslie, H. H., Roder-DeWan, S., Adeyi, O.,

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Barker, P., Daelmans, B., Doubova, S. V., English, M., García-Elorrio, E., Guanais, F., Gureje,
O., Hirschhorn, L. R., Jiang, L., Kelley, E., Lemango, E. T., Liljestrand, J., … Pate, M. (2018).

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High-quality health systems in the Sustainable Development Goals era: Time for a revolution.
The Lancet Global Health, 6(11), e1196–e1252. https://doi.org/10.1016/S2214-
109X(18)30386-3
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Michelon, P. D. S., Lunkes, R. J., & Bornia, A. C. (2020). Capital budgeting: A systematic review
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of the literature. Production, 30, e20190020. https://doi.org/10.1590/0103-6513.20190020
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Mlambo, M., Silén, C., & McGrath, C. (2021). Lifelong learning and nurses’ continuing
professional development, a metasynthesis of the literature. BMC Nursing, 20(1), 62.
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https://doi.org/10.1186/s12912-021-00579-2

Paarima, Y., Kwashie, A. A., & Ofei, A. M. A. (2021). Financial management skills of nurse
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managers in the Eastern Region of Ghana. International Journal of Africa Nursing Sciences, 14,
100269. https://doi.org/10.1016/j.ijans.2020.100269
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Quezada, L. E., Reinao, E. A., Palominos, P. I., & Oddershede, A. M. (2019). Measuring
performance using SWOT analysis and a balanced scorecard. Procedia Manufacturing, 39,
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786–793. https://doi.org/10.1016/j.promfg.2020.01.430
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Srinivas, K. (2019). Process of risk management. In A. G. Hessami (Ed.), Perspectives on Risk,

Assessment and Management Paradigms. IntechOpen.
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https://doi.org/10.5772/intechopen.80804

Srithongrung, A., Yusuf, J.-E. (Wie), & Kriz, K. A. (2019). A systematic public capital
management and budgeting process. *Capital Management and Budget

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ing in the Public Sector*, 1–22. https://doi.org/10.4018/978-1-5225-7329-6.ch001

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