NHS FPX 6008 Assessment 3 Attempt 1 Developing an Implementation Plan, Master’s level nurses are often given the assignment to prepare capital and operating budgets for enabling the management to create implementation plans. These plans help professionals to envision future needs and improvements in their healthcare organizations (Grossman et al., 2019). This report aims to propose a viable budget for material, staffing, and capital costs over the first five years of the new economic initiative. It also analyzes the impact of the budget on the organization and the effects of environmental changes on the initiative. The new initiative Ecosave was proposed to improve urgent care facilities for the employees of Vila Healthy Hospital and the surrounding community. The new initiative expects to deliver timely and patient-focused healthcare services to the community to reduce healthcare inequalities.
A Budget for Expected Costs and Earnings
The management believes that the new Ecosave economic and healthcare initiative will play a strategic role in improving the revenues of Vila Health Hospital. The implementation plan includes preparing a 5-year budget for Ecosave by professional and experienced nurses to improve the projected revenue and the expenses. This budget runs on the assumption that the establishment of Ecosave medical center will be fully accomplished over the period of five years and this budget will provide insights of revenue and expenses for the five years. For example, the expenditure is measured by multiplying the expected patient volume by the physicians’ consultation charges. The management has estimated that almost 360 new patients are expected to arrive at Ecosave per week to contribute to its revenues.
Moreover, the company is expected to earn almost $160 per patient per visit that totals the revenue for the first fiscal year up to $2,731,000. The Ecosave’s total revenue is expected to grow by 5.4% per year with operating expenses including salaries of professionals, utilities expenses, insurance and miscellaneous expenses (Pezzuti et al., 2017). For the first three years, the staff salaries would amount to almost $232,100 while nurses and physicians will be paid salaries up to $112,000. The medical assistants will be paid $35,000 per year while in the fourth and fifth years, new nurses and staff will be hired to cope with the increasing volume of patients. This will include a full-time nurse practitioner along with another full-time physician; they will be paid salaries based on 2.8% per annum estimated actual growth rate of salaries.
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The utilities expenses would increase almost 5% per year; the operating expenses would be 13% of the annual revenue recorded for the company. Hence, the total expected expenses and the capital cost for the new initiative can be around $350,000. The company will arrange this cost through its cash in hand, liquid assets and revenue reserves; while, another way of fulfilling these expenses include a bank loan for the 50% payment of these expenses. This shows that Ecosave will need to apply for a bank loan of almost $176,000 to make this initiative economic and viable. The interest rate can be up to 7% per annum for the five years of loan payment and the company has to pay almost $41,580 per year to the bank.
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Using ethical and culturally equitable strategies, the organization can help to create an implementation plan for this new budget to achieve the quality and service improvement goals. The management has research some implementation strategies to not only control the costs of the firm but also avoid the wastage of supplies and liquid assets to improve quality. To keep the costs under control. For example, the professionals have used the integration of a modified SERVQUAL scale using the Kano framework that helps to improve and prioritize the quality characteristics of the organization. This model is particularly useful because it allows professionals to use their skills and insights to base their findings on nationality. This allows them to use an analysis grid to ensure improvement initiatives are applied to prioritize areas of improvement. These attributes show that different nationalities behave differently according to their views, beliefs, and cultural values (Pezzuti et al., 2017). This allows to improve the perceived service quali
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