MHA FPX 5012 Assessment 3 Attempt 1 Financial Leadership Get Help With Your Assignment If you need assistance with writing your coursework, Our Professional Help is here for you! Leadership Plan for Closing the Identified Gaps for the Department

The previous report also identified nursing leadership gaps in the environment which need adjustment by using self-assessment
conducted in the previous analysis. The most important and serious gap in nosing leadership is the lack of motivation to conduct
and receive leadership education and training programs in the medical center. According to Lerman (2018), strong leadership
qualities in nursing managers are required to maintain a good hospital financial performance. The goal of leadership planning is to
improve the skill of leading nurses and executives to improve the work in teams. This implies that the leaders must strive hard to
build a culture of collaboration and develop practices to deal more efficiently with the issues of employees (Pedersen, 2018).
Moreover, the leadership development plan includes development of mandatory leadership strengths in nursing leaders. This will
improve the ability to adapt to change and to meet business objectives of the organization.

The leadership plan included help the nursing leaders to develop ability to adapt to change. The skill ranked by many experts
includes managers’ ability to understand their team members. This will help them improve the financial discussions and gain new
insights and budget-related ideas from employees. Hence, the most important leadership strategy is to improve skills and attitudes
of leaders to invest in the culture. Moreover, technical expertise of leaders is also very crucial to determine innovative and efficient
solutions to complex challenges. The strategy includes focusing on resource stewardship that will help to create more patient-
focused business professionals. To bridge the financial gaps, the leaders must hire and develop talented people with innovation
and critical thinking (Waxman, 2018).

After the Improvement and development of these leadership attributes and powers, the nurse managers must use thelr financial
management wits and strategles such as creating a budget first for thelr department. They should submit the budget quarterly and
analyze it with research capabilities. They must also track the vital expenditures and revenues. Moreover, nursing leaders must
also forecast and evaluate the staffing needs. Assessing the staff’s needs requires nursing leaders to talk freely and openly with
them about any work-related disparitles and adjustments. Moreover, another strategy is to help the sharpest minds remain up to
date with the knowledge through trainings (Pedersen et al, 2018).

MHA FPX 5012 Assessment 3 Attempt 1 Financial Leadership
Investing In education of nurses comes with a cost described above; however, the end results would be beneficial for the
organization and nurses. Finally, nurses must also research the most recent healtheare trends to gain more reputation as a leader
In the department. They must develop skills to anticipate Industry progressions to control and plan cost-effectiveness of the
organization and reduce budget (Lerman, 2018). That will also help to set the strategic direction of the organization. Finally, using
Klosks is a cost effective way to help the patlents avold visiting the medical center. This can help to dellver the basic patient care
and will save costs.

Evidence-Based Strategies for Effective team Leadership to Achieve Financial

Goals

The organizational culture and strategic direction are vital to understand for improving leadership and achleving financial goals.
The organization aims to go in a positive direction by utiizing green initlatives within the hospital which can lead to cost reduction.
This Includes upgrading the lighting system of the emergency wards and other areas of the hospital and reducing maintenance
costs (Gresh et al, 2021). Moreover, team-based rewards and incentives are more Important such as profit sharing or providing
monthly bonuses to teams for Improving finandal performance. The rewards can also include a host of things such as offering free
seminars to employees and junior nurses, providing them access to latest software to collaborate with their senlors and
stakeholders. Improving the overall culture will also include motivating teams with the Improved leadership skills and styles.

MHA FPX 5012 Assessment 3 Attempt 1 Financial Leadership
For Instance, the evidence by the study done by Cabral (2019) shows that transformational leadership style becomes the most
effective style that demonstrates passion, empathy, falth, Innovation, team bullding, and risk taking. The team bullding skills
Involve managing and leading and bullding cohesive teams which create a bond and form strong relationships to avold toxicity and
high costs. These leadership skills will result in high levels of patient satisfaction to ralse the financiall performance of the hospltal.
This will raise the profit margin of the firm to at least 30% by fostering leadership qualities by making smart decisions. Moreover,
leadership skills in nursing leaders will allow them to face challenges to Improve operational efficiencles to ensure lower costs
(Beltz, 2019). Applied in a consistent manner in the nursing department to plan budgets and improve teamwork, non-labor costs
will also reduce with better optimization of staffing and financial resources. This will allow the organization to reduce gaps iin Its
financial goals and actual YTD performance by Incorporating nursing leadership skills.

References

Beltz, J. M. (2019). The perioperative succession crisis: A cross sectional study of clinical realitles and strategles for academic
nursing. Nursing Economics, 37[4), 179-197.

Cabral, A., Oram, C., & Allum, S. (2019). Developing nursing leadership talent-Views from the NHS nursing leadership for south
cast England. Journal of Nursing Management, 27[1), 75-83.

Gresh, A., LaFave, S., Thamilselvan, V., Batchelder, A, Mermer, J., Jacques, K., .. & Warren, N. (2021). Service learning In public
health nursing education: How COWID-19 accelerated community-academic partnership. Publc Health Nursing, 38(2), 248-257.