In a binary quantum droplet, the interspecies attraction dominates over the intraspecies repulsions and the mean-field energy is unstable. The mechanical stability is restored by the repulsive Lee-Huang-Yang (LHY) energy [1]. In the Bogoliubov theory of the binary quantum droplet, there are two branches of gapless excitations. The lower branch describes the phonon excitation and its energy is imaginary in the long-wavelength limit, implying dynamical instability. Recently it is found that the phonon energy is renormalized by higher-order quantum fluctuations and the dynamical instability is removed [2]. In this work, we study a binary quantum droplet in the path integral formalism to construct an effective model with the correct phonon energy. By integrating out the upper excitation branch, we obtain an effective single-mode model describing density fluctuations, and derive the extended Gross-Pitaevskii equation. In this approach, the LHY energy in the extended-GP equation is purely positive without any assumption of neglecting the imaginary part. This effective single-mode model can be also used outside and close to the quantum droplet region such as in the LHY gas.