1. What did you actually learned from the unit: I learned that there is a lot that goes on with risk management. There is usually a risk management team that takes care of specific situations. There is a lot of be reviewed if there is a problem. Also, it is best to be safe and chart everything to avoid having to go to court and losing a license.
2. Discuss your feelings/experiences from the team activities? Did it change your opinion on the subject? If so, how? If not, why? I thought the team activity was very interesting. We all had similar ideas on how to best approach and deal with the situation. I thought everyone did a great job with adding their thoughts.
3. How you will utilize the information learned in your nursing practice. I will be very careful while at work. I will chart carefully to cover my butt and keep my patients safe. I will follow all protocols to the best of my ability to avoid situations that could have been avoided. I will also stand up for what I believe is right no matter what.
4. You personal feelings about the material covered. It terrifies me to go to court over something work related. It is like my worst nightmare and I think it is for a lot of other nurses/healthcare workers as well. I don’t ever want anything to put my license at risk.
1. What did you actually learned from the unit: I learned that it is very important to motivate your employees. I also learned many ways that managers can do this. This is such an important thing. It can reduce turnover and make the unit a happier and more positive place to be.
2. Discuss your feelings/experiences from the team activities? Did it change your opinion on the subject? If so, how? If not, why? I really liked everyones ideas on motivating employees. There are a lot of simple things that can be done to improve moral and unity. We all had similar ideas and were on the same tract with motivation.
3. How you will utilize the information learned in your nursing practice: If I ever get in a management position, I will try to be good at motivating and recognizing when a good job is done. I will try and make it an open environment to express opinions and ideas to better improve the unit. For now, I will be helpful with management and participate in what they set up to motivate our employees.
4. You personal feelings about the material covered: I can definitely see why it is important to motivate your employees. It feels good to be recognized for your hard work and efforts. It makes you feel beneficial to the unit when you do something outstanding and are applauded for it. Motivating employees is something that helps with moral and team unity.
1. What did you actually learned from the unit: I learned more about communication styles and which are effective in the workplace. Assertive communication is direct, acknowledges the differences between fact and feeling, is respectful and free of intimidation. It is expressing your feelings in a confident way that is not aggressive. I believe this is the best type of communication in the workplace, especially when making big or quick decisions. I also learned that there are big risks associated with bargaining.
2. Discuss your feelings/experiences from the team activities? Did it change your opinion on the subject? If so, how? If not, why? It was interesting to see what my team members thought about conflict and different types of communication. I learned from their examples and got ideas for how to deal with people who display aggressive communication. We all had similar ideas of what the different types of communication were.
3. How you will utilize the information learned in your nursing practice: I will try harder to use assertive communication. I usually am pretty passive and sit back without saying much. I don’t like conflict and try to avoid it at all costs, especially with coworkers. I need to step up more and be more assertive when dealing with things I am passionate about.
4. Your personal feelings about the material covered. I think communication in the workplace is key to avoid conflict. I believe effective communication is what makes a difference among units. It avoids drama and talking behind other peoples backs. Aggressive communication should be avoided because it does not improve the conflict, instead makes it worse.
1. What did you actually learned from the unit: Strategic plans need to be data based to support where you are going with your goals. This is something I hadn’t really thought about before but it makes sense to base goals off of supported data. This will make the executed plans more successful. These can be short or long term plans such as a couple months to many years. It shouldn’t be something that is rushed. I also learned that mission, vision, and values is the makeup of an organization and what there are striving to achieve. It is what they see as their goals and drives strategic plans.
2. Discuss your feelings/experiences from the team activities? Did it change your opinion on the subject? If so, how? If not, why?: I liked hearing what everyones thoughts were on what program to involve in UVU. We were all in agreement in the ideas that we had. Also, it was interesting to decide what buildings and facilities to add into the towns. It was a little difficult to decide which facilities would be of the most benefit.
3. How you will utilize the information learned in your nursing practice: Just because I am not in administration doesn’t mean that strategic planning doesn’t apply to me. It takes everyone’s effort to get there. I will do my best to help with the plans going on in my unit and my hospital.
4. You personal feelings about the material covered: I think I realized that plans can take years to happen so I will be patient not just in my occupation, but life as well. I think strategic plans are very important and keep businesses going.
I interviewed Steven Low from Medical Review Institute of America. This company deals with insurance claims.
1. When planning a budget, what percentage do you allocate for employees’ salaries? This year I allocated 27.5%. As we grow this percent is coming down due to scale.
2. How often do you review your company’s budget? Annually during our budgeting process and then every month in review of our performance against budget.
3. Do you receive bonuses or raises depending on meeting budget goals? Yes
4. What budget goals are you given to meet? Over what time period are these goals for? Primary goals are to meet our budgeted sales/revenue and EBITDA. Another critical goal is our cost of sales number. If we hit this we are more likely to hit EBITDA. Goals are annual.
5. How do you approach budget cuts related to staffing? We’ve never been in a position we’ve had to deal with this. Since we’ve been growing like crazy our challenge has been being able to hire and retain enough people to get the work out.
6. What kinds of rules or restrictions do you put on your employees to help them comply with staying within the budget? We provide our management team MBO’s (management by objectives) bonuses if they meet certain budgeted targets. This is a significant incentive. Additionally, we’ll review progress against budgeted plan with them and discuss if they’re falling short. The primary rule related to employees that have the ability to spend the companies money is to “Spend it as if it were your own”.
7. What do you look at when you are over budget? Where do you go to first to cut back? 40% of employee bonuses are contingent on the company meeting it’s sales and EBITDA goals. That’s the first lever. We would also look at “extras”, not necessities. We could also cut back travel. This has not been an issue for us as we’ve hit our budget for 10 straight years.
8. What is the hardest part about budgeting for your company? Projecting revenue by customer by product. Also projecting new business. Most of our expense categories are pretty consistent so not as hard.
9. What would you say most companies struggle with when budgeting? The budget is our best guess for a year. Things always changes and there’s always variability with customers, expenses, etc. The key is to have strong, experienced professionals to help you figure it all out.
10. How often do you adjust your budget? Usually once a year, around now. By then we have a good sense if we’re trending the right direction. If an account we thought would be huge delivered or not or if new business we budgeted is coming in or not.
11. What incentives do staff receive if budget is met? If none, what is used to motivate staff to hit budget? Executive staff is given bonuses based on hitting budget. We also have a profit sharing program which all employees participate in, even on the front lines. If the company does well everyone is rewarded.
12. Is hitting budget an “all or nothing” or does the amount over or under affect the rating? Amount over/under is very important.
From the responses I got, I think this company does well with their budgeting. I think it is good that they review their budget against performance to keep on track then adjust annually. I like that they teach their employees to “spend company money as if it were their own.” I think this is smart to live by to stay within company means. I also like that they give bonuses based on if they meet budget or not. This gives workers an incentive to reach budget.
1. What did you actually learned from the unit. I learned what the future of nursing could look like and ideas to improve nursing as a whole. I saw a common theme of continuing education and promoting diversity in nursing. I think these would be great things to work towards. I learned that the future is bright for nursing and there is great optimism.
2. Discuss your feelings/experiences from the team activities? Did it change your opinion on the subject? If so, how? If not, why? It was interesting to learn about how my other team members see the future of nursing. They brought up some points that I hadn’t thought about before. I noticed others were a bit more optimistic than me which is a good thing! I see nursing as growing and continuing to improve and so did my other teammates.
3. How you will utilize the information learned in your nursing practice. I think it is important to continue education which is why I am currently in this bachelors program. I will look into continuing education even after this program if I am financially able. I also will be open to pursuing other aspects of education as they come up.
4. You personal feelings about the material covered. I think these are great ideas but there just needs to be plans to make it happen. I have a hard time seeing nursing go to needing a bachelors to practice because nursing is in such high demand right now. Also, I am not sure how you can make a career more diverse. But it would be something that I think would be good for the occupation.