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Running head: New Service

Financial Analysis for New Service/Activity

Christina Vidrich
University of Saint Mary
Human Resource Management
February 21, 2015

Running head: New Service


Financial Analysis for New Service

There is perhaps no better time to take the advantage to further educate our nursing
leaders than now. The Institute of Medicine has recognized nurses should achieve higher levels
of education and training through an improved education system that promotes seamless
academic progression (IOM, 2011, p.4). Nursing leaders in the facility are novice and deserve
the opportunity to further their leadership skills. The Essentials of Nurse Manager Orientation
offered by the American Organization of Nurse Executives (AONE) would help achieve a
process to expand the nursing leaders to greater heights. The success of the organization depends
on the development of quality leaders and devoting our attention to resourceful online
educational opportunities to assist manager development is imperative. An innovative, financial
savvy way to further educate the large group of novice nursing managers would be to implement
an online program that encompasses key skills for successful leadership (AACN).
With the growing demand for nursing leaders, the American Organization of Nurse
Executives (AONE) offers an online educational course Essentials of Nurse Manager
Orientation (AACN).This online course is designed to benefit nurse managers in facilities with
courses created specifically for nursing leaders. The modules cover educational elements to
expand leadership knowledge and help develop management skills that are beneficial. This
course would assist in developing a strong foundation with online modules that educate areas of
finance, leadership, management, and personal development (AACN).
Implementation plan

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The course would be offered to the front-line nursing managers in each unit consisting of
10 managers. The managers would be given a six month time line to finish the course and would
be consistently monitored during this time by myself the Chief Nursing Officer. The nurse
manager would be allotted a 2 hour period each week to devote to the course. They would be
evaluated weekly by me and other department leaders weekly at the daily huddle. The managers
would be provided the opportunity to present feedback on their development weekly at the
The cost analysis that was conducted concluded that it would be most cost effective to
buy the learn center licensing contract and apply for available volume discounts. The
justifications of whether to buy the program or teach a similar program in house supported the
online program. The program has been developed by clinical experts and is highly recommended
by the AONE. It would be very time consuming and costly to develop a similar program onsite
that would requiring a dedicated instructor as well as time to develop a program. The estimate to
have the education deigned onsite would be in the area of 28,000. This would take the RN
Educator away from front line staff leading to dissatisfaction. The program is self-paced to help
the nurse leader focus on the main areas of improvement needed and can be done on down time
or at home. The education of all 10 managers instead of sending only 3 to a conference is
beneficial and when asked for input, the mangers agreed this would benefit the entire leadership
team. It would cost approximately 11,000 for 3 nurses to attend a national conference. The
14,950 that would need to be allotted, was unfortunately not in the budget would benefit 10 nurse
managers. The nurse manager group unanimously agreed to forgo sending nurses to the
conference and use the money toward the leadership program.

Running head: New Service


Online education-Essentials
of Nurse Manager
Orientation Multi learn
center(one year term)




Explanation Justifiable



online program
to ensure all
managers have
the opportunity
to be provided

Per student fee 475 x 10




24 weeks 2hours
per week for 10
Average pay per
0 in salaries

Man-hours education


The budgeted
11,000 was
intended to
send 3 RNs to
attend a
This program
would educate
all 10 RN
Minimal time
to purchase the
program and
load on
The leadership
staff is already
required to




1 hours for IT to
load the program100 IT tech

Evaluation /management

Feedback weekly
at daily huddle

Total costs associated to
implement online program



500 in savings
for multiple

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Evaluation plan
The evaluation plan would include an ongoing collaboration effort between nurse
mangers and administration. The nurse would be expected to educate their staff and
communicated to administration their progress and valuable skills developed. The Nurse leaders
are already meeting daily to communicate any quality and safety concerns on their units. This
time at the huddle would be an effective time to share with other facility leaders the leadership
concepts learned in the program Essentials of Nurse Manager Orientation (AACN) .This arena
would show the skills of leadership that the managers have developed.
The 14,950 that is requested from finance would be a positive effort to plan for
succession planning for nursing leaders. This online leadership program will help the facility
cultivate a culture of performance excellence as the benefits outweigh the minimal costs
associated to retain excellent nurse leaders (Dunham-Taylor & Pinczuk, 2015). This way to
educate utilizes technology ensuring our nursing leaders have opportunities to succeed and is
valuable. Nursing understands the importance of the proposed endeavor and believes a positive
cost-benefit is expected ((Dunham-Taylor & Pinczuk, 2015, p. 585).

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Double-click the PowerPoint object, and then press ENTER to run the slide show.

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AACN (American Association of Critical-Care Nurses). n.d. Retrieved February 21, 2015, from
Dunham-Taylor, J., & Pinczuk, J., (2015). Financial management for nurse managers: Merging
the heart with the dollar. (Third ed.). Burlington, MA.
IOM (Institute of Medicine). 2011. The Future of Nursing: Leading Change, Advancing Health.
Washington, DC: The National Academies Press.