The Financial Landscape and the Implications for Nursing

Rome, Barbara; Nickitas, Donna M; Lawrence, Deborah A.

doi:10.1016/j.mnl.2015.11.001

Cited by 4 publications

(16 citation statements)

References 5 publications

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“…Nurses comprise the largest portion of the healthcare workforce in the United States with an estimated 3.1 million licensed professional nurses currently in practice. 8 According to a 2017 national survey of registered nurses (RNs) conducted by the National Council of State Boards of Nursing (NCSBN), 55.6% of respondents work in acute care hospitals. 9 As the largest payer in healthcare, the CMS has implemented financial models based on value-based purchasing.…”

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

“…8 As a result, there is intense scrutiny surrounding the patients' perception of quality and the cost of processes that deliver high-quality, resource-sensitive care. 8 Unitbased managers are directly responsible and accountable for the allocation and consumption of healthcare resources used for patient care. 4,8 The nursing unit, as a part of the larger organizational whole, depends on well-trained managers to ensure patient care delivery.…”

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

“…8 Unitbased managers are directly responsible and accountable for the allocation and consumption of healthcare resources used for patient care. 4,8 The nursing unit, as a part of the larger organizational whole, depends on well-trained managers to ensure patient care delivery. The ability of the nurse manager to maintain continuous operational excellence and QI in an efficient and cost-effective manner is the foundation of economic viability and success for healthcare institutions.…”

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

“…The ability of the nurse manager to maintain continuous operational excellence and QI in an efficient and cost-effective manner is the foundation of economic viability and success for healthcare institutions. [1][2][3][4]8 To reign in the escalating costs of healthcare, nurses must understand healthcare finance and basic accounting skills. 4,8 These skills are essential for developing proficiency in fiscal resource management and engaging with nonnursing professionals when advocating for resources to meet patient care needs.…”

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

“…[1][2][3][4]8 To reign in the escalating costs of healthcare, nurses must understand healthcare finance and basic accounting skills. 4,8 These skills are essential for developing proficiency in fiscal resource management and engaging with nonnursing professionals when advocating for resources to meet patient care needs. 8,10 Initiatives to control cost and spending will not succeed until nurse managers become engaged and fluent in business and financial skills to control costs at the point of care.…”

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

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

Welch¹

2022

JONA: The Journal of Nursing Administration

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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.

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Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

Section: T H E J O U R N a L O F N U R S I N G A D M I N I S T R A T ...mentioning

confidence: 99%

See 3 more Smart Citations

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

Welch¹

2022

JONA: The Journal of Nursing Administration

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When Mistakes Happen:

Fowler¹

2020

Nurse Leader

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Creating a Business Case for Success

Welch

Smith

Niklinski

2023

Nursing Administration Quarterly

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Health care is a highly competitive environment where managers must compete for finite resources. The Centers for Medicare & Medicaid Services–directed reimbursement models such as value-based purchasing and pay-for-performance heavily focused on quality improvement and nursing excellence are having a major impact on financial reimbursement for health care services in the United States. As such, nurse leaders must function in a business-focused environment where decisions regarding resource allocation are driven by quantifiable data, the potential return on investment, and the organization's ability to provide quality patient care in an efficient manner. It is imperative for nurse leaders to recognize the financial impact of potential additional revenue streams, as well as avoidable costs. Nurse leaders must also be skilled at translating the return on investment for nursing-centric programs and initiatives, often hidden in anecdotal terms and cost avoidance rather than revenue generation, to ensure appropriate resource allocation and budgetary assumptions. This article uses a case study framed within the business case to review a structured approach to operationalizing nursing-centric programs and highlights key strategies for success.

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The Financial Landscape and the Implications for Nursing

Cited by 4 publications

References 5 publications

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

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

When Mistakes Happen:

Creating a Business Case for Success

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