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Budget strategies

HCPro's Weekly Update on the ANCC Magnet Recognition Program®*, May 16, 2006

Budgeting for ANCC Magnet Recognition Program® (MRP)-related costs looks different from one organization to the next. For example, at the University of Missouri Health Care, a 267-bed medical center in the application process, all costs are budgeted in the CNO administrative budget, says LuAnn Tandy, RN, BSN, coordinator, Magnet Recognition Program project. "We have placed dollars for shared governance (e.g., staff nurse time) in this budget and will give staff a special time clock code to use when going to shared governance meetings and activities." Additionally, the coordinator FTE is in the CNO administrative office budget, says Tandy.

At the University of Iowa Hospitals and Clinics (UIHC) in Iowa City, IA, the MRP budget at this 750-bed hospital comes from an institutionwide service leadership program. "MRP is seen as institutionwide at our hospital so my MRP budget [is part of this program]," says Barbara (BJ) Hannon, RN, MSN, MRP coordinator and chair of professional nursing practice at UIHC. She says that an initial amount of money was set aside by the institution four years ago to achieve designation. "Since we received designation in 2004, I have submitted a yearly budget for continued MRP activities, such as attendance at the ANCC's National Conference, etc." Hannon says. No matter what budget strategy your organization adopts for the journey, be sure that it is one that meets the unique needs of your institution.

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