![]() It conveys management’s intentions and financial expectations regarding revenues and expenditures. This plan becomes a guiding framework for organizational activities. A budget is a plan that is specified in dollar amounts. Staff nurses’ involvement is essential to the ability to contain costs at the unit level because they make many decisions about supply and resource use.īudgeting is a major aspect of an organization’s or unit’s planning processes. In many organizations, staff nurses are expected to be aware of their unit’s financial performance and the impact their decisions may have on it. Given that health care resources are limited, nurses do compete for these resources and need to understand financial management. ![]() Staff nurses in particular often report, “I just want to take care of patients-don’t bother me with money matters.” Some nurse administrators have said, “Show me your budget and I will tell you your values.” Nurses at all levels need to understand that “finance is not a dirty word” (Sorbello, 2008). Understanding budgeting, productivity, and costing out nursing and relating that knowledge to the management of professional nursing is a leadership skill that will serve the nursing profession in an era of accelerating health care expenditures.Īll nurses will be involved in budgeting for nursing services in different ways and to different degrees. ![]() The magnitude of these expenditure increases emphasizes the need for nurses, as members of the largest health care profession, to understand the implications of these data for clinical practice. By 2014, when major coverage expansions from the Affordable Care Act begin, national spending growth is expected to reach 8.4%. By 2020, NHE is projected to represent 19.8% of the GDP. Considered from another perspective, this amount of money in 1998 represented 13.1% of the gross domestic product (GDP), the value of all the goods and services produced in the United States in 1 year. By 2020, NHE are projected to increase to $4.6 trillion (Keehan et al., 2011). In 1998, NHE exceeded $1 trillion for the first time. National Health Expenditures (NHEs) are a measure of spending for health care in the United States.
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