Role of Finance in Nursing - Essay Example

The efficiency of managing the responsibility between the financial stability and financial turmoil in an organization is thus an unavoidable task that every nurse should be conversant with. Therefore, in today’s world which is characterized by high financial risks and global economic recession, it is necessary that all nurses be competent business as well as financial leaders.

Nurses should have a clear understanding of the financial aspects of healthcare for multiple reasons. Acquiring financial knowledge will enable the nurses to create an environment of accountability and deep ownership of financial performance. This will thus enable them to set and acquire the standards of inclusion and transparency that are essential in the nursing career. In addition, the nurses will be able to acquire data expertise, through the use of proactive data-driven approaches to find critical answers to cost-related problems, thereby improving their skills in financial management. Equally important, understanding the financial aspects will enable the nurses to learn the language of money and finance, thereby attaining knowledge on the key concepts of care delivery (Dickson & Flynn, 2008). Besides, this will enable nurses to strategize and acquire good spending skills that will be of fundamental importance in their financial breakthrough.

Furthermore, attaining financial knowledge has numerous positive impacts on the nursing care of patients in healthcare facilities. For instance, acquiring this knowledge will enable nurses to make appropriate financial decisions that would lead to the improvement of other healthcare services offered in the hospitals. The nurses will also be able to push for the increment of their salaries through joining various associations and trade unions that will negotiate on their behalf. Equally, they will also push for the introduction of financial education in the nursing education systems in order to address the financial gap available in the nursing career (Penner, 2013). This aspect will be of great importance to future nurses and other medical practitioners since it will prepare them in meeting the demands of present nursing realities.

Finally, in my opinion, the hospital managers are responsible for keeping the staff informed of the economic factors that affect their daily duties. Enabling nurses to acquire financial knowledge will have a generally positive impact not only on the nurses but on the entire state of health. Moreover, this will also increase the morale of nurses thus making them to effectively take up their responsibilities of providing sufficient health care to the nursing clients. The government should therefore encouraging hospitals and nursing schools to invest more in financial education. Doing this will enable future nurses to build resilient relationships between them and the hospitals’ finance departments consequently improving their work relationships. Besides, the government should also invest in financial technology and innovation in hospitals in order to enable nurses to learn and acquire up to date financial knowledge thus giving them the ability to have new insights that will enable them to make appropriate decisions.
  Read More