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Developing an economic IQ in primary care
Elizabeth Abel1, Judith C D Longworth
1University of Texas at Austin, USA. eabel@mail.utexas.edu
Purpose:
To describe elements of an economic intelligence quotient (IQ) that can be used to enhance the nurse practitioner's (NP) fiscal viability in a primary care setting.
Data Sources:
Anecdotal data from providers and administrators; clinical experiences of the authors; scientific and government publications and guidelines.
Conclusions:
In the United States, managed care cost-containment initiatives have led to competition among physicians and NPs for patients and jobs. An understanding of the economic base of a practice is essential to fiscal viability in this market.
Practice Implications:
When turf and job competition are the norm, it is essential that the NP develop an economic IQ. Knowledge of coding, billing, reimbursement, and documentation are critical to identifying the NP's value to the practice and promoting job retention. The challenge is for the NP to give high-quality, cost-effective, and safe patient care and to be a productive provider.