Financial Savvy: The Value of Business Acumen in Oncology Nursing

Abstract

Have you given serious thought to your individual ability to affect the high cost of health care? If so, you may have determined that the opportunity to have any meaningful effect on cost of services for patients with cancer is limited. You may believe that budgets are the responsibility of nursing leadership. Indeed, the development of the unit or department budget is an activity that many of us have no direct (or even indirect) role in completing. Once the budget is finalized, we are frequently given directives to control our costs and improve the financial bottom line for our employers. One could argue that this is a particularly difficult missive for oncology nurses with the soaring costs of chemotherapy and biotherapy drugs, the expenses incurred to provide supportive care needed by patients with cancer, and the need to provide services to the increasing number of cancer survivors.

Evaluating an Online Training Course to Develop and Sustain Cancer Navigation and Survivorship Programs

“…However, some have recognized that nurses may lack the background to "speak finance" to "have a seat at the strategic table," resulting in marginalization of the important nursing perspective in organizational decisions (Muller & Karsten, 2012;Saxe-Braithwaite, 2003). To secure administrative buy-in for patient-centered services in a resource-scarce environment, it is important that leaders in this area have the abilities to strategically plan programs, establish metrics to rigorously demonstrate value, and communicate with financial savvy (Grant, Economou, Ferrell, & Uman, 2012;Johnston, Sein, & Strusowski, 2017;Lubejko et al, 2017;Rishel, 2014).…”

“…However, Rishel (2014) makes a compelling argument that all nurses, not just those in senior leadership, should have an understanding and appreciation of evaluation and financial measures involved in organizational decision-making. She calls on oncology nurses at all levels to "develop business acumen" and understand bigger picture cost and vision elements in decision-making, stating that "it is no longer sufficient for oncology nurses to make an emotional plea to organizational leadership that a certain program is needed" (Rishel 2014). Nurses who document and track patient information or communicate resource needs play important roles in overall evaluation and sustainability, even if they are not directly responsible for budgetary issues.…”

Business acumen for nursing leaders: A scoping review

“…A decade later, Rutherford (2012, p.193) described this as 'Nursing is the room rate'. While there has been an evolving theme on business acumen for nursing leaders, Rishel (2014) (Platten & Durham, 2020). While there are numerous studies that note the value of leadership skills in nursing, as well as the opportunity for the profession in being prominent health care leaders, in contrast, only a fraction of studies considered research with the particular focus of business acumen as part of health care leadership.…”

“…A decade later, Rutherford (2012, p.193) described this as ‘Nursing is the room rate’. While there has been an evolving theme on business acumen for nursing leaders, Rishel (2014) went one step further in noting the potential of the broader nursing workforce having foundation business acumen. This view is supported by Fuster Linares et al (2020) who noted leadership development needs to commence as part of undergraduate training.…”

Custo direto do procedimento de manutenção da permeabilidade de cateter venoso central totalmente implantado

“…Dessa forma, a melhoria dos resultados e da qualidade de vida para pacientes oncológicos é uma responsabilidade a ser compartilhada por todos os enfermeiros. Para atender a essa responsabilidade, enfermeiros oncologistas devem compreender a gestão de custos dos cuidados de saúde e as implicações financeiras dos serviços de saúde prestados (43) .…”