Question

What are the three most important financial concerns that the nursing profession faces? Please provide one reference

Answer 1

Nurses are one of the largest cost machinery of any health care system because of their large numbers compared with other staff.

The nursing activity fund accounts for around one-third of the total budget of the hospital.

Furthermore head nurses, who are the leaders of each nursing unit, control the whole labor costs, which is the largest part of the labor budget of a hospital affecting hugely the financial concerns of health care industry.

Head nurses, as active team members of healthcare industry are actively involved in dealing with financial management.

Hence nursing staff play a vital role in financial management in healthcare system.

At the same time nurses face financial challenges as:

Following are the most important financial concerns that the nursing profession faces:

·         As the scenario Financial management and business skills are gradually required at the time of appointment and during working due to crucial competencies to be a successful leader concerning the Business of Health Care.

In this way roles of the nurse manager is increasing day by day in cost accounting ranging from resource manager, charge supervisor as well as cost inspector.

·         Furthermore due to increasing costs of medical care nursing administrators are expected to provide better care to ensure positive patient outcomes with limited resources as budget concerns.

Hence nursing administrators must create realistic strategies & plans for effective patient care and thus maximizing the resources available, both equipment and employees utilizing their skills of budgeting, information technology, organizational leadership as well as human resources effectively.

·         Moreover nursing staffs are attaining minimal financial compensation as the role concerned:

When it comes to nurse compensation, there are so many differences based on their role in healthcare system.

Except this there is gender based difference in pay. Male registered nurses earn more than their female counterparts.

·         Short staffing: it is the another concern the nurses face as indirectly it is due to financial concerns:

Hence these were some major concerns faced by the nursing staffs as the financial points are take in consideration.

Reference:

Yang et.al.The challenges that head nurses confront on financial management today: A qualitative study. 2017; International Journal of Nursing Sciences: Volume 4, Issue 2, pp 122-127