(Answered)NR630 Week 6:Budgeting and Cost Management

Discuss with the nurse executive/mentor in your practicum setting how various costs are managed. Describe the extent to which cost-benefit analysis is used as a financial strategy to address the relative costs and benefits associated with a particular project or task. How are costs compared in terms of economic and financial impact?


Managing healthcare costs in a healthcare setup provides an important avenue through which healthcare services can be streamlined and enhanced. Where healthcare costs are left uncontrolled, healthcare delivery may be negatively affected, which may lead to overutilization of health care resources (Eckelman & Sherman, 2016). Labor costs are managed by refocusing on the labor structure through ensuring the healthcare staff matches the right skill for the workload. The healthcare setup also offsets the operating expenses through developing outpatient centers to minimize the strain towards an emergency. Besides, to lower the costs of taking care of patients, healthcare-based technology has been improved to modify resource use, allow for centralization of skills, and care assets…..