ECO 605 Assignment 7.1: Calculating Personnel Hours
Nurse leaders must balance cost-effectiveness and the quality of care provided in their departments. In this lesson, the tools for monitoring staffing budgets were presented. The lesson covered patient volume, work intensity, workload measures, full-time equivalent, productive cost per patient day, and the nonproductive budget. These tools allow nurse managers to use their staff resources efficiently and effectively while giving patients safe and first-rate care.
- Course Essentials
- Week 1: Demand for Healthcare
- Week 2: Healthcare Production and Costs
- Week 3: Behavior of Supply
- Week 4: Competitive Markets and Monopoly Power
- Week 5: Economic Evaluation and Quality Initiatives of Health Services
- Week 6: Financial Statements and Ratios
- Week 8: Entrepreneurial Leadership
- Course Conclusion
Week 7: Budgeting, Scheduling, and Daily Staffing for Acute Nursing Units
Nurse leaders are responsible for the labor resources of their cost centers. This lesson provides nurse leaders with the tools to budget for these labor costs. Essential budget components such as unit of service (UOS), work intensity, cost center, and hours per patient day or unit of service will be defined. A key issue, which will be analyzed, is the difference between worked (productive) hours, nonproductive hours, and total paid hours. We will also define productive cost or dollar per patient day, which is a key component of maintaining fiscal accountability. Within this discussion, the nonproductive budget will be described.
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Review a list of all items due this week in your course’s syllabus.
Lesson 1: Budgeting, Scheduling, and Daily Staffing for Acute Nursing Units
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