Over the past decades, acquiring financial knowledge, skills and understanding the various financial aspects has become an integral part not only in the business related careers but also in nursing. There has been rising call for a deeper understanding of financial aspects among…
The efficiency of managing the responsibility between the financial stability and financial turmoil in an organization is thus 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 a multiple of 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 on the nursing education systems in order to address the financial gap available in the ...
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