Talking the Talk: Financial Skills for Nurse Leaders

Waxman, KT; Massarweh, Lisa J.

doi:10.1016/j.mnl.2017.12.008

Cited by 18 publications

(28 citation statements)

References 8 publications

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“…The aim of this scoping review was to assess the available literature on the value, gaining and application of business acumen in health care, to scope research gaps for future exploration. Leadership and management in health care have been relatively well covered in the literature, yet a focus on business principles of the system and the associated skill set appear to be still moderately under-considered (Waxman & Massarweh, 2018). Of the 17 studies reviewed from the past decade, each reflected a perspective of value or training or the utilization of business acumen.…”

Section: Discussionmentioning

confidence: 99%

“…Nurse leaders were described in the literature as having strengths in people management and integrity but were overall less equipped with business management skills (Graham et al, 2006; Kang et al, 2012; Lourenco et al, 2005). Despite Brown commencing the conversation in the 1980s around nurses needing to be more business savvy, business administration did not become a focus for nurse leaders until after the year 2000 and is now considered as one of the top priority competencies for emerging nurse leaders (Caveiao et al, 2014; Patz et al, 1991; Waxman & Massarweh, 2018). Globally, while nurse leaders have played a certain role in health care, significant strategic potential has been noted in nurse leaders in the management of both fiscal and care quality (Abraham, 2011; Arnold et al, 2006; Cummings et al, 2008; Watson, 2006).…”

Section: Introductionmentioning

confidence: 99%

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Business acumen for nursing leaders: A scoping review

Raftery

Sassenberg

Bamford‐Wade

2022

J Nursing Management

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Aim The aim of this study is to explore the current evidence on business acumen of nurse leaders. Background Health systems across the world are under immense pressure to stay solvent, maintaining services within a defined budget as we recover from the COVID‐19 pandemic. Effective nurse leaders not only need to have strong leadership and management skills but also strong business acumen to navigate the complexity of the system. Evaluation A scoping review of research was undertaken, using preferred reporting items for systematic reviews and meta‐analyses (PRISMA) scoping extension checklist, with 571 studies found across multiple databases, 17 meeting final review eligibility. Key Issues Findings were noted surrounding three themes: the value of business acumen in nursing, the gaining of business acumen in health care as a nursing leader and the utilizing business acumen as a nurse leader in the health care industry. Conclusion While nursing leadership and management were well researched, limited studies covered the specific focus of business acumen in health care for nurses or broader clinicians. Implications for Nursing Management While evidence points towards business acumen being important for health care leaders in balancing care and cost, inadequate research limits the recognition of these professional capabilities of nurse leaders. Further understanding could inform future policy and curriculum, as well as empower our next generation of clinicians.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Business acumen for nursing leaders: A scoping review

Raftery

Sassenberg

Bamford‐Wade

2022

J Nursing Management

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“…The need to increase economic knowledge in operating room decision‐making and for more cost‐effective patient care have been indicated in another research. Waxman and Massarweh (2018) found that business knowledge was one of the key imperatives of nurse managers’ competencies. Addressing the lack of budgetary knowledge among managers in the surgical department has been a focus of the American Organization of Nurse Executives (AONE), which develops nursing knowledge and cost awareness for surgical departments.…”

Section: Discussionmentioning

confidence: 99%

“…Nurse managers must have better visibility, understanding, and voice in addressing unit budgets, including the way funds are allocated. It would be useful for surgical departments within publicly funded healthcare systems to be managed in an economically sustainable manner (Golden, 2008; Madigan & Harden, 2012; Waxman & Massarweh, 2018). An economically sustainable perspective in care requires an interdisciplinary approach with measurable impact value that includes collaboration between hospital management, surgeons, nurse managers, and nurses.…”

Section: Discussionmentioning

confidence: 99%

“…It is important that surgical departments are delivering quality care while balancing cost and equal access to care (Chasseigne et al, 2018). However, healthcare managers seem to have limited knowledge about economics, lack budgeting information and input within their own organisations (Al‐Rundio, 2019, Bai et al, 2017, Waxman & Massarweh, 2018). Only a few studies exist about sustainability in operating rooms (Anåker et al, 2015; Nichols & Mukonoweshuro, 2017).…”

Section: Introductionmentioning

confidence: 99%

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Nurses´ and nurse managers´ perceptions of sustainable development in perioperative work: A qualitative study

Leppänen

Kvist

McDermott-Levy

et al. 2021

Journal of Clinical Nursing

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Aims and objectives To describe how nurses and nurse managers consider sustainable development principles in their daily work, how well they recognise these principles and how these principles are considered in decision‐making in perioperative work. Background Sustainable development involves interpersonal social and cultural relations and long‐term economic and ecological thinking in societal decision‐making. These dimensions are well‐suited for a foundation of decision‐making in acute health care. No previous research has been performed on perioperative work from the sustainable development perspective. Design Qualitative descriptive design was used. Data were collected from perioperative nurses (n = 20) and nurse managers (n = 6) working in five surgical departments in a Finnish university hospital. Data were analysed by content analysis. The reporting follows qualitative research checklist (COREQ). Results The principles of sustainable development were poorly known among the participants. Nurse managers considered their opportunities to influence decision‐making were reduced by their limited economic knowledge. Resource use, individuality, and ecological viewpoints were emphasised in the decision‐making process in perioperative work. Conclusions Findings reveal that perioperative nurses and nurse managers are aware of economic and ecological sustainability, but they do not actively consider it as part of their work. Social and cultural sustainability must be developed further in decision‐making in perioperative work. Relevance to clinical practice Perioperative nurses and nurse managers consider that it is important to develop the principles of sustainable development in perioperative work. This research indicates that economic understanding is not guiding decision‐making, and there is a lack of knowledge about the benefits of ecological procedures. Social and cultural sustainability are not connected in perioperative work, although there is collaboration between the surgical team and the patient is essential. This study helps to organise operating room management effectively and diversely.

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Staffing resource allocation, budgets and management

Hovenga¹,

Lowe²

2020

Measuring Capacity to Care Using Nursing Data

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Talking the Talk: Financial Skills for Nurse Leaders

Cited by 18 publications

References 8 publications

Business acumen for nursing leaders: A scoping review

Business acumen for nursing leaders: A scoping review

Nurses´ and nurse managers´ perceptions of sustainable development in perioperative work: A qualitative study

Staffing resource allocation, budgets and management

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