Key components of financial‐analysis education for clinical nurses

Abstract

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.

The challenges that head nurses confront on financial management today: A qualitative study

“…With the advent of doctor multi-sited license, the reform of hospital cost accounting is imperative [9]. Head nurses, as active or key team members involved to deal with financial management, are being increasingly confronted with business administration tasks [10].…”

Constructing a nursing budget using a patient classification system

“…7 It's been our experience that providing a foundation of basic financial concepts and education courses based on evidence and best practices has led to effective allocation and utilization of nursing resources.…”

The importance of financial literacy in nursing

“…Zaradi medsebojnega prepleta različnih vidikov oskrbe in z njo povezanih stroškov postajajo te odločitve vse bolj težavne (Meyer, 2017). Integracija tovrstnih vidikov je zato ključnega pomena za zagotavljanje najboljše kakovosti zdravstvene nege in izpolnitev pričakovanj posameznikov in organizacij, prav tako pa tudi za premagovanje finančnih izzivov (Lim & Noh, 2015).…”

“…Nurses' decisions have increased in complexity due to the intertwined aspects of care and cost (Meyer, 2017). Integrating these aspects plays a substantial role in ensuring the best quality of nursing care to meet the expectations of citizens and organizations and in overcoming the financial challenges (Lim & Noh, 2015).…”

“…Using ethical principles in the assessment of financial decisions is a significant nursing role, especially in the care of vulnerable or disadvantaged individuals. Despite all of the above mentioned elements and implications, nurses still have limited financial literacy (Lim & Noh, 2015) which, combined with their role in managing financial challenges, is a matter of rising importance (Naranjee et al, 2019). Therefore, nurses are expected to include the ability to consider financial…”