NURS FPX 6216 Assessment 4 Preparing and Managing a Capital Budget

NURS FPX 6216 Assessment 4 Preparing and Managing a Capital Budget

The timeline of the renovation project will be structured to minimize disruptions to daily operations while ensuring timely completion. I plan to utilize a phased approach with initial time for planning and design followed by implementation and finalization with stakeholders within six-eight months, depending on the complexity of the renovation. Throughout planning and implementation, I plan to take nurses’ feedback on plans and designs to incorporate any general need that improves the working environment. 

The assumptions behind investing in a nurse’s lounge renovation include many aspects, such as reducing burnout and turnover rate, which have been prominent in the past few years. It also includes enhancing patient experience and satisfaction levels through high-quality care provided by frontline staff and nurses (Muir et al., 2022). The capital invested in this project will benefit in the long term, balancing between financial stability/growth and quality-care services. It will directly impact nurses’ morale by boosting job satisfaction and reducing stress. The turnover rate is expected to be reduced because of an attractive working environment, improving retention and recruitment (Muir et al., 2022). 

Justification of the Need for a Capital Acquisition

Based on the interviews conducted with nurses during their turnover and patient survey feedback, it was notable that the working environment needs improvement. The current working environment is the reason for low nurse satisfaction and staff well-being. This situation leads to increased turnover, reduced productivity, and ultimately compromised patient care quality (Obeidat et al., 2022). Addressing these issues is crucial for the unit’s sustainability and optimal care delivery. The capital investment for lounge renovation has several benefits for nurses, such as improved morale, job satisfaction, and reduced stress levels. This, in turn, can lead to increased engagement, better teamwork, and a more positive work culture (Riman et al., 2022). Additionally, providing amenities for socialization and relaxation can enhance nursing staff’s well-being and work-life balance

An improved work environment for nurses is expected to impact patient care positively. More satisfied nurses are likely to be more attentive, motivated, and focused on providing high-quality care to patients. Further, enhanced morale and reduced stress levels can lead to better communication, collaboration, and efficiency within the healthcare team, ultimately benefiting patient outcomes and satisfaction (Cho & Kim, 2022). The mission of our unit is to emphasize high-quality patient care and produce financial stability, so investing in a nurse’s lounge will yield results that benefit the staff, patients, and healthcare organization. 

While the proposed improvements to the nurses’ lounge offer substantial benefits, I need to acknowledge potential alternative perspectives as a nurse manager. Some may argue that allocating resources for lounge renovation will divert funds from critical areas of need within the unit or organization, such as staffing levels, training programs, or equipment upgrades. Moreover, there could be differing opinions on the extent of renovation required or amenities, highlighting the importance of careful planning and stakeholder consultation. I expect executive leaders to view the capital budget request with support. They may appreciate improving staff morale and patient care delivery, but they will evaluate financial feasibility and require justification of anticipated benefits (Flaubert et al., 2021).   

Preparing a Capital Budget

The budget is prepared, considering the goal of improving staff working environment and productivity, ultimately benefiting healthcare organizations. This plan entails the direct and indirect costs ($92k) associated with renovations for at least six months or more. The tables below list all the concrete evidence (such as furniture and equipment) along with expected costs for designing, implementing, and maintaining needed to improve aesthetics and increase productivity in working space.