Following the many financial management issues that are facing healthcare providers, it was important to conduct an interview regarding the increasing nurse debts. From the previous findings, nurses have been facing challenges on finance such as inadequate of essential finance motivation strategies, inadequate education and training on management of finance and nursing economics, and insufficient referential management tools which have adversely increased nurses’ debts (Well, First, Dignity & Training, 2011). In this paper, the findings of the interview with the nurse manager who plays a critical role in managing hospital operations will be discussed at large. In addition, the plans to address the financial issues that face the majority of the nurses across the world among other issues will be tackled.
First, one of the major issues that have led to the increasing nurse debt is the rising tuition cost in most countries where many graduates enter their workforce with debt. There are several ways to reduce nurse education loan. Being in a nursing school is a huge achievement but paying for the nursing programs is a challenge to many (Finkler, Smith, Calabrese, & Purtell, 2016). In order to bridge the wide gap between the financial aid the nurses get and the final amount required, one may consider getting several financial aid package which includes school scholarships, grants and federal loans.
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Free scholarships are one of the most convenient way to help in education. Most people are not aware of these scholarships that do not necessarily require a higher GPA; the student just requires a little research concerning the scholarship and should not find trouble in applying them. In addition, being a member of a professional organization such as the black nurses’ organization, national student nurses’ organization may offer opportunities to get scholarships. One may also consider investing in special opportunities that offer assistance to minor nursing students like the Cherokee Nation does.
Secondly, the nurse movement organization have been advocating for retirement account among many nurses. Increasing the art of saving for the purpose of a better future for nurses is important. The nurse organization helps the nurse in coming up with strategic plans that assist in making a good decision when budgeting their income. Furthermore, the organization has been educating the nurses on the need for implementing a working budgeting tool and strategies that will aid in better management of funds (Finkler, Smith, Calabrese, & Purtell, 2016).
Basically, most nurses lack financial management knowledge and skills. The organization is now considering training the nurses and educating them on ways managing their funds in the case of the working nurses. Moreover, the organization advocates for the introduction of finance management units in nurse learning institutions. Having the financial management knowledge will assist the nurses in mastering the basic principles such as the inflation and compound interest therefore, helping them in better financial decisions.
Having financial plan is very important. The nurse organization advice the nurses on the need for continuous saving. Using money only for the important needs can help one save a huge amount of money. For instance, an article from the Time magazine in America found that an average American nurse could save $2500 per annum by simply carrying packed lunch from home to lunch. Analyzing daily expenses and good plans may actually help in increasing savings and therefore reduce the need for taking loans (Aitamaa, Leino-Kilpi, Iltanen & Suhonen, 2016). In addition, taking a close look at the nurses’ income, most nurses are not pleased by their earning. The nursing movement is highly campaigning for the salary increments since the nurses perform vital roles in the healthcare administration process.
The issues on financial management have been throughout the country for years affecting the graduate nurses and nursing generation. The nurses’ financial management problems especially nurses’ debt is known to have adversely increased from 2002 to 2017 by approximately 64 percent. In the past, the organization took measures on reducing nurses’ debts by forming the Nurse Corps Loan repayment programs that help the nurses’ work in public and private sectors and pay the remaining 60% of the student loan (Patidar, Gupta, Azbik, & Weech-Maldonado, 2016). Furthermore, nursing scholarships have always been available in the United States. Nowadays, the scholarships are more readily available and there increasing the numbers of nurses getting free scholarships. More to that, the average GPA required to get scholarships have been reduced thereby increasing the chances. Their programs have also helped in reducing the debts of the graduate nurses.
The nursing organization has been facing problems in implementing different strategies. For instance, the campaign on salary increment has not been easy and well responded to. These problems have been witnessed to cause a more complicated situation that leads to nursing boycott their duties. In addition, ensuring financial management education has been introduced to nursing school and ensuring strategies across the world has been a challenge to the organization.
On the contrary, instead of just working towards scholarship availability, I would prefer the nursing organization to highly campaign on the reduction of tuition fee in both the local colleges and international universities. This would make nursing programs affordable to many students. In addition, the organization would also consider increasing the pensions given to nurses and assist them after retirement. Moreover, by simply avoiding debts would help in reducing debts.
References
Aitamaa, E., Leino-Kilpi, H., Iltanen, S., & Suhonen, R. (2016). Ethical problems in nursing management: the views of nurse managers. Nursing Ethics, 23(6), 646-658.
Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial management for public, health, and not-for-profit organizations. CQ Press.
Patidar, N., Gupta, S., Azbik, G., & Weech-Maldonado, R. (2016). Succession Planning and Financial Performance: Does Competition Matter?.Journal of Healthcare Management, 61(3), 215-227.
Well, E., First, F., Dignity, P., it Out, W., & Training, C. B. (2011). How will tomorrow’s nurses be able to repay their student debts? Nursing Standard, 26(12).
