By Gen Guanci MEd, RN-BC, CCRN-K

Depending upon when your fiscal year starts you may be in the midst of budget development or will be in the next few months. When it comes to the development of a “Magnet®” budget careful consideration should be given to the full spectrum of the journey and not just to the costs associated with application and site visit. In addition, costs should be included in the initial development of the annual budget, not just “added costs” incorporated into the already developed budget. The journey is a multi-year journey, so costs will be spread over several budget years. Also, many if not most, of the costs will remain after an organization reaches its excellence destination so that will also need strong advocacy and consideration. Organizations often underestimate the cost of their journey, so be sure to allow adequate time for brainstorming all the potential costs associated with your journey. Costs to consider include:

Just as when renovating a home, keep in mind that things often cost more and take longer to implement than originally thought, so plan accordingly. Using the home renovation suggestion of adding 15–20% to what you think you need, both in terms of time and dollars, is a good practice to adopt.

If you need help building and/or addressing the business case for your budget, contact Gen Guanci or Marky Medeiros. We can help!