Healthcare economics encompasses the issues relevant to the provision of health care. It looks at issues to do with efficiency and effectiveness (Feldstein, 2012). It systematically examines all matters, challenges, and problems affecting health. Moreover, the value is a necessity and also evaluates the trends in health care consumption. For better results, the whole system must function efficiently and any possible gap fixed in time. It also looks at people’s living patterns and behaviors that affect their health such as smoking, alcoholism, and exercise. Overall, it is all about the factors that influence the provision of health at a considerable cost.
In regard, the greatest challenge facing nursing executives is in maintaining an environment where there is efficient healthcare amidst the many problems facing the industry. As leaders, the executives have an obligation to ensure there is a conducive working environment, develop and nurture future leaders among their juniors which means they have to embrace succession planning although there is inadequate leadership pipeline in nursing today (Bulmer, 2013). In like manner, healthcare providers are an essential but costly resources for hospitals and if mismanaged the cost increases as well. As a result, the entire process becomes expensive and difficult to manage.
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To maintain a balance to ensure efficiency, many health institutions in the present day have staffs with different mixes, trained differently, and with different critical thinking levels, research, and skills (Hader, Saver & Stelzer, 2006). Consequently, managing such an environment as an executive continues to pose a challenge to efficiency as well. However, irrespective of that complexity, it is imperative for the nursing managers to understand the industry’s dynamics and establish all sources of unpredictability for early planning.
References
Bulmer, J. (2013). Leadership aspirations of Registered Nurses: Who wants to follow us. Journal of Nursing Administration. 43( 3), 130-132.
Feldstein, P. J. (2012). Health Care Economics . Clifton Park, NY: Delmar Cengage Learning.
Hader, R., Saver, C., & Stelzer, T. (2006). No time to lose. Nursing Management. 37 (7), 23-29, 48.
