Why must nurse managers and executives be knowledgeable of current issues in the field of financial management in nursing?
A nurse manager should ideally have numerous skills. Indeed, in the nursing profession, good performance underlines opportunity for progress. Such performance often leads to the identification of growth areas, which in turn inspires other junior nurses. Ideally, a front-line manager should have innate knowledge as well as utmost proficiency in skills, respect, empathy, and compassion. In addition, contemporary healthcare environs require business competency.
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While a plethora of articles concerning the values of a great nurse manager exists, minimal documentation concerning the sense of business in healthcare exists. Having a service setting, healthcare faces constant challenges to increase output with much lesser financial input. Moreover, healthcare settings need to deliver quality care to a significant number of persons. Therefore, the need for nurse managers and executives to be knowledgeable of current financial management issues stems from the fact that nurses not only form a large proportion of the management team in a healthcare organization, but also mounting demands to ensure services meet conventional goals.
How can nursing research help the nurse manager or executive? Give three examples of specific areas of research that the nurse manager or executive can use.
In nursing, research provides the sole underpinning of high quality, evidence-based nursing care. While some scholars may argue the inability of research to form a direct flow of knowledge in practice settings, its principal purpose in the nursing world remains unquestionable. Among nurse managers and executives, research amplifies the specialization of the nurse in question. Typically, nurses need to display strong leadership as well as communication skills. In addition, they should equally display adeptness in meeting goals and objectives, as well as the coordination of resources and personnel.
Such proficiencies become well tested in the conduction of research. Moreover, the Agency for Healthcare Research and Quality, a subsidiary of the US Department of Health and Human Services refers to managers as change agents, and individuals who are able to implement pertinent changes that result in patient safety and overall wellness. As such, to implement such changes and realize better healthcare, research remains necessary. Examples of research areas for nursing managers and executives include leadership research, clinical practices and professional studies, and clinical health policies research
What are the major current issues in financial management in nursing?
In the present healthcare environment, it remains increasingly challenging for hospitals to find enough money to fund care programs as well as offer adequate improvements. According to Siemens Financial Services, healthcare finance managers face numerous economic challenges, the first being managing the pertinent investment in a finance-constrained setting. Present changing laws, exponential patient demands, and health access expansion require hefty financial resources to break even within any healthcare facility. Such demands place increasing pressure on hospitals to not only cut costs but also boost patient health improvement.
In addition to patient care, present healthcare facilities require access to technological transformation as well as digital innovation. This becomes a challenge as novel medical technology faces exponential development. To keep pace, hospitals have to come up with the necessary funds to purchase medical equipment. Therefore, such compromises, in addition to factors such as regulatory compliance requirements and unpredictable market forces result in major challenges within financial management in nursing.
How is the role of the Chief Nurse Executive (CNE) likely to change in the future?
As the healthcare environment continually evolves to more integration in terms of care, present trends point towards the consolidation of healthcare facilities into much bigger systems. Factually, four crucial and evolving competencies are poised to alter the role of the Chief Nurse Executive (CNE) in future: collaboration, spanning boundaries, acute innovation, and the expansion of technology use in quality healthcare. As systems continue to move from traditional-centric configurations, facets such as acute care are becoming a component of a larger system that includes post-acute care, ambulatory care, end-of-life management, and chronic diseases management among others. As such, to provide ample leadership among these novel models, the CNE role is perched to change into a crosswalk that incorporates systems management, integrates care, and homogenizes the nursing practice across all continuums.
