The hospital’s annual budget is made by the corporate heads and based on historical data. Thus, my preceptor is not required to make her own budget. Nonetheless, she has to make sure that the costs in her units comply with the set limit and have minimal deviations. She showed me how she manages and adjusts Full-Time Equivalents (FTEs). I learned that sometimes she has to transfer hours from one unit to another in order to maintain the budget. Furthermore, I also attended a budget meeting for the oncology unit. They discussed the chemotherapy costs versus profits, the need for new radiology equipment, and the volume of patients each doctor generates. This meeting helped me achieve my second goal by opening my mind into the business side of healthcare. I realized that sometimes administrators have to wait on purchasing new equipment and technology because it’s not practical. Moreover, I gained a greater understanding on the need for every nurse to properly document medications and interventions for reimbursements. Lastly, I joined a phone conference, which deliberated the budget plan for the renovations of the Bone Marrow Transplant Unit. What I gathered from this experience is that as a nurse leader, you have to consider several factors, such as time, costs, consumers, and employees, before making important budget …show more content…
I participated in the senior leadership meeting, where they discussed the need for a revised vendor policy, Operating Room equipment and availability, and Safe Child Partnership. It was remarkable how the discussions unfolded and how the brainstorming was effectively facilitated by the Chief Executive Officer. I observed different decision making techniques and tools employed during the meeting, which included the Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. Moreover, I also attended a marketing strategy and sales plan meeting for the Cancer Center. This activity gave me the opportunity to learn more about the significance of internal and external stakeholders, communication plans, media representatives, and other creative marketing techniques. Also, I learned that an integral part of a marketing plan is setting up a valid and reliable return on investment (ROI) measure, which is applicable to the type of service or product being promoted. Another noteworthy meeting that I’ve participated in was the planning for the commemoration of the 10th year anniversary of Katrina. It was a highly emotional and sensitive discussion. Despite the apparent tension in the boardroom, I appreciated how the leaders professionally handled their personal feelings and successfully come up with a plan. Thus, at the end of my