Do Nurse Managers Feel Competent in the Financial and Business Aspects of Their Roles?

Abstract

OBJECTIVEThe aim of this study was to assess the influence of 3 variables on unit-based nurse managers' self-perception of business and financial competence in patient care: 1) educational degree; 2) participation in leadership development continuing education; and 3) prior nursing management experience.BACKGROUNDNurse managers must develop business acumen to support patient care and the nurses who provide care. Successful managers must become fluent in the language of finance and must understand how to use it. Their ability to promote continuous quality improvement (QI) in a cost-effective, resource-conscious manner is the foundation of economic viability.METHODSA feasibility study was conducted using Facebook to recruit nurse managers nationally and to distribute an electronic survey designed to assess the unit-based managers' self-perceptions of business and financial competence in patient care.RESULTSThe strongest predictors of self-perceived business and financial competence were continuing education and MSN degree. Years of experience in a leadership role did not predict self-reported levels of business or financial competence in patient care.CONCLUSIONFindings suggest that nursing leadership competency in the area of finance is developed through continuing education. Healthcare organizations should implement comprehensive nursing leadership mentoring and orientation programs for nurse managers to improve their self-perceptions of business and financial competencies.

Organizational socialization

“…Onboarding plays a fundamental role in unit functioning, and a wealth of evidence exists regarding the influence of nurse leader engagement on RN retention and satisfaction 35. However, as the findings herein reflect, NMs are challenged to find sufficient time for staff interaction because of competing operational and administrative responsibilities 35,36. According to Gleason, 45% of NM respondents had inadequate time to interact with staff 37.…”

“…35 However, as the findings herein reflect, NMs are challenged to find sufficient time for staff interaction because of competing operational and administrative responsibilities. 35,36 According to Gleason, 45% of NM respondents had inadequate time to interact with staff. 37 Furthermore, as evidenced by Jackson and Nowell, demands on NMs only worsened during the pandemic as the scope of their responsibilities increased.…”

The Interplay of Profitability and Social Responsibility in Achieving Institutional Excellence: An Exploratory Study in Government and Private Hospitals in Jeddah, Kingdom of Saudi Arabia

“…This worldwide trend emphasizes how crucial it is for Saudi Arabia's healthcare system to strike a balance between social obligations and financial considerations in order to deliver medical services that adhere to international standards (Welch, 2022).…”