Economics and Financial Management for Nurses and Nurse Leaders

Penner, Susan

doi:10.1891/9780826160027

Cited by 18 publications

(22 citation statements)

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“…Doctor and nursing leaders at Intensive Care Units (ICUs) are increasingly obligated to know, manage, and prepare budget and business plans to secure their sources required for providing and improving care in their units. 1 Patient care in (ICUs) is becoming increasingly expensive yet; cost analysis studies of ICUs are rare. 2 In previous decades costs in the health sector and particular in ICUs have shown rates greater than inflation, making the cost of these services unsustainable for many countries.…”

Section: Introductionmentioning

confidence: 99%

Cost evaluation in adult ICU: α two-year study in a Greek State Hospital

Kosmidis¹,

Koutsouki

Lampiri³

et al. 2021

HealthResJ

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Background: During the last decades the combination of international economic and healthcare crisis has led to pressure on healthcare systems and has made financial evaluations particularly important.Aim: To measure the total cost in ICUs, to analyze its components, and their changes during the study period.Method and Material: All cost components in four cost categories (direct-variable, direct-fixed, indirect-variable, and indirect-fixed) of all patients admitted in a 6-bed mixed type adult ICU in a general (non-university) hospital of northern Greece in two consecutive periods, with total duration 2 years was measured. The direct-variable cost (medications, consumables, and diagnostic tests) was assessed with bottom-up (micro-costing) method while for the cost components of rest three categories the top-down (attributable costing) was used. Results: In a 331 patients’ sample with 2823 total patient days, the sum cost was 2,417,788€ (1,370,420€ and 1,047,368€ in 1st and 2nd period respectively). The direct variable cost was 897,866.07€ (37.14%), the direct-fixed 1,049,068.6€ (43.39%), the indirect-variable 45,210.6€ (1.87%), and the indirect-fixed 425,643.0€ (17.60%). The mean daily cost per patient was 835.62€ and 885.35€, and the total cost per patient was 7,967.6€ and 6,587.2€ in the two periods of study respectively. The total cost of all non-survivors’ patients (N=85, 25.7%) was 595,009.1€ and the efficiency cost per survivor 9,828.4€. The mean daily cost and the total cost per survivor was 840.8€ and 7,409.7€ while for non-survivors was και 908.4€ and 7,000.1€ respectively. During the second study period, a reduction in total costs was observed and especially in direct-variable category attributed mainly to the prices of medicines consumables, and staff gradual costs reductions.Conclusions: Changes in cost categories vary over time due to social and financial factors while the variables as the ICU environment or patient’s characteristics as severity of disease are the main cost drivers. Monitoring and recording of cost components variance would help with valuable information to healthcare managers, doctors, or nursing leaders. Extending this study with a multicenter to more ICUs could provide clearer conclusions about cost variability.

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Section: Introductionmentioning

confidence: 99%

Cost evaluation in adult ICU: α two-year study in a Greek State Hospital

Kosmidis¹,

Koutsouki

Lampiri³

et al. 2021

HealthResJ

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“…relative to the costs of a program or service (Penner, 2017). This analysis helps to identify the optimal size for projects or programs and can provide a framework for program evaluation or the financial analysis in a business plan (Penner, 2017).…”

Section: Return On Investment Cost-benefit Analysis Is a Useful Methmentioning

confidence: 99%

Improving Quiet at Night on a Telemetry Unit: Introducing a Holistic Sleep Menu Intervention

Antonio¹

2020

AJN, American Journal of Nursing

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A hospital in San Francisco, California has performed poorly on patient care service as evidenced by low Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) scores. The survey's lowest score was from the "Quiet at Night" measure. Context A Sleep Menu initiative was implemented in the hospital's telemetry unit. Microsystem assessment and Strengths-Weakness-Opportunities-Threats (SWOT) analysis identified practices that might impede intervention success. Findings showed that benefits and opportunities outweighed costs; cost-benefit analysis estimated an annual net benefit of $6,354. Other benefits included improved patient well-being, higher HCAHPS scores, increased reimbursement, and improved institutional reputation. Interventions A clinical nurse leader led the 3-month Sleep Menu practice change project that included several components, including staff education, authentic hourly rounding, mandatory quiet time, and noise mitigation. Measures The outcome measure of self-reported hours of sleep was assessed via pre-post survey. Process measures included adherence to a small test of change and a patient survey. Balancing outcome measures were evaluated in terms of staff satisfaction.

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“…However, not only should nursing leaders develop financial competency, but they also have to present financial data to clinical nurses (Talley et al ., ). Accordingly, it is important that clinical nurses understand financial fundamentals, because this affects the quality of patient care (Penner, ).…”

Section: Introductionmentioning

confidence: 99%

“…As a result, hospital nurses are being increasingly confronted with business administration tasks, especially those related to financial analysis, due to their responsibilities for ward and/or hospital management. Scoble and Russell (2003) suggested that the most important core competencies for future nursing leaders were leadership behavior and techniques, followed by finance and budgeting. In addition, they proposed these concepts be included in nursing curricula.…”

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confidence: 99%

Key components of financial‐analysis education for clinical nurses

Lim

Noh

2015

Nursing & Health Sciences

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In this study, we identified key components of financial-analysis education for clinical nurses. We used a literature review, focus group discussions, and a content validity index survey to develop key components of financial-analysis education. First, a wide range of references were reviewed, and 55 financial-analysis education components were gathered. Second, two focus group discussions were performed; the participants were 11 nurses who had worked for more than 3 years in a hospital, and nine components were agreed upon. Third, 12 professionals, including professors, nurse executive, nurse managers, and an accountant, participated in the content validity index. Finally, six key components of financial-analysis education were selected. These key components were as follows: understanding the need for financial analysis, introduction to financial analysis, reading and implementing balance sheets, reading and implementing income statements, understanding the concepts of financial ratios, and interpretation and practice of financial ratio analysis. The results of this study will be used to develop an education program to increase financial-management competency among clinical nurses.

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Economics and Financial Management for Nurses and Nurse Leaders

Cited by 18 publications

References 0 publications

Cost evaluation in adult ICU: α two-year study in a Greek State Hospital

Cost evaluation in adult ICU: α two-year study in a Greek State Hospital

Improving Quiet at Night on a Telemetry Unit: Introducing a Holistic Sleep Menu Intervention

Key components of financial‐analysis education for clinical nurses

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