Question

what is the financial management skill or competencies of nirsing leaders amd managers?

Answer 1

Nurse managers must understand the following financial skills:

• Budgeting

Nurse managers ensure the unit's expenses fall within its budget. This includes sharing financial expectations with unit staff so staff members are aware of the unit's financial goals.

• Staffing costs

Nurse managers ensure staffing costs remain within the budgeted amounts. They prepare for fluctuations in staffing needs without accruing staff overtime, and when staffing needs overwhelm unit resources, they are responsible for budgeting for temporary help. Nurse managers also support the efforts of the CUSP team by helping the team develop a way for its work to be completed within available staffing resources.

• Operating costs and physical plant costs

Nurse managers are responsible for the maintenance of operating and physical plant costs for the unit. They are responsible for ensuring these costs are kept at a minimum while making sure the needs of the unit are met.

• Necessary equipment and supplies

The nurse manager makes sure that staff members have access to the equipment and supplies they need to complete their CUSP interventions. While the senior executive member of the CUSP team helps the team secure resources, it is the responsibility of the nurse manager to ensure that the team is able to effectively use those resources. When these items become expensive, the nurse manager needs to create a solution that satisfies the needs of their staff and does not compromised patient care.