Financial Management in Nursing

The nursing field is extremely sensitive. The burden to care not only involves providing care, but also ensuring that, as a nurse manager, one is able to amply balance the financial obligations of the institution in a bid to maintain the quality of care offered to patients. This paper combines the ways of knowing with the financial needs and aspects of the nursing practice.

If this sample essay on"Financial Management in Nursing" doesn’t help,
our writers will!

Trust an expert

In terms of aesthetics knowing, the largest part of the nursing practice largely involves planning, especially financial planning because of the large workforce involved. For the purpose of nursing practice and management, the need arises for the nurse leader to have adequate financial knowledge to ensure the productivity at the institution. Just like any other enterprise, the business of care is required to ensure that there is optimum performance on the least possible costs (Muller & Karsten, 2012). Muller and Karsten (2012) find that there is need for nurse managers to become fluent in financial language in order to maintain their influence in future as planners for the care sector. The major contemplation to make this statement was that there has been declining reimbursements as well as financial incentives in the field. Therefore, the nursing practice, just like any other area of business, it requires sufficient financial knowledge for successful administration.

In terms of personal knowledge, every proper business must have sound financial principles that ensure that the business stays afloat, or better yet, profitable. A consideration of the most successful companies in the market shows that there are genius financial plans in place, including incentive plans that ensure the optimal employee performance. While the nursing field may have solid plans in ensuring that quality services are provided, the nurses and nurse practitioners equally need sufficient motivation to actualize these plans. The implementation process equally involves engaging the workforce, who comprises the largest part of the practice. In my opinion, the nurse manager requires sufficient knowledge in financial matters if they are going to run a successful nursing enterprise, namely the provision of quality services and achieving employee satisfaction.

In terms of ethical knowledge, it fairly applies that the provision of the care service is one of the most taxing activities on a mental and physical scale. As such, it only requires that incentives that are both leisurely and rewarding can be developed to ensure that such practitioners do not experience burnouts. Nurse Managers have therefore taken to ensuring that their workers have educational and recreational activities that increase nurse engagement in the workplace (Pappas, 2007). Nurse shortages in many countries may cause a stretch of the existing workforce, creating the need to ensure that the existing workforce has proper access to engagement practices.

In terms of empirical knowledge, nursing is quite literally the business of care (Sherman & Bishop, 2012). The role of the nurse manager is to ensure that the hospital can gain money, even on declining patient bookings. Cost cutting projects in the nursing area are important parts of the financial management of the practice. Some of the already-implemented practices include accountable care practice, which seeks to reduce the repetition of processes in care in a bid to reduce costs both to the patient and the institution (McClellan, McKethan, Lewis, Roski, & Fisher, 2010). Similar practices could be upheld for the purpose of ensuring proper care practice.

The different ways of knowledge thus bring into light the need for proper financial management in the care industry. The continued implementation of cost cutting practices brings to the limelight the need to impart financial knowledge on nurse managers.

References

McClellan, M., McKethan, A., Lewis, J., Roski, J., & Fisher, E. (2010). A National Strategy To Put Accountable Care Into Practice. Health Affairs, 982-990.

Muller, R., & Karsten, M. (2012). Do you speak finance? Nursing Management, 50-54.

Pappas, S. (2007). Improving patient safety and nurse engagement with a dedicated education unit. Nurse Leader, 40-43.

Sherman, R., & Bishop, M. (2012). The business of caring: What every nurse should know about cutting costs . American Nurse Today.