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Related Experiment Videos

Creating a Business Case for Success.

Teresa D Welch1, Todd B Smith, Erin Niklinski

  • 1Capstone College of Nursing, The University of Alabama, Tuscaloosa.

Nursing Administration Quarterly
|March 2, 2023
PubMed
Summary

Nurse leaders must adopt a business mindset to manage resources effectively. Understanding the financial impact of nursing initiatives is crucial for securing funding and improving patient care quality.

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Area of Science:

  • Healthcare Management
  • Nursing Leadership
  • Health Economics

Background:

  • Healthcare operates in a competitive market with limited resources.
  • Reimbursement models (e.g., value-based purchasing, pay-for-performance) from the Centers for Medicare & Medicaid Services emphasize quality and nursing excellence.
  • These models significantly influence financial reimbursements for healthcare services in the U.S.

Purpose of the Study:

  • To provide nurse leaders with a business case framework for operationalizing nursing-centric programs.
  • To highlight strategies for demonstrating the return on investment (ROI) of nursing initiatives.
  • To guide resource allocation decisions based on quantifiable data and financial impact.

Main Methods:

  • A case study approach was used to frame the business case.

Related Experiment Videos

  • Review of structured methods for operationalizing nursing programs.
  • Identification of key strategies for success in financial management of nursing initiatives.

    • Main Results:

    • Nurse leaders need to identify revenue streams and cost avoidance opportunities.
    • Translating the ROI of nursing programs from anecdotal terms to financial metrics is essential.
    • Quantifiable data and ROI are key drivers for resource allocation decisions.

    Conclusions:

    • Nurse leaders must integrate business acumen into their practice.
    • Effective financial justification of nursing programs is vital for resource allocation.
    • A structured approach enhances the ability to demonstrate the value of nursing initiatives.