Overcoming “Financial-Phobia”

Abstract

It’s not uncommon in nursing circles, whether in practice or academe, to see eyes roll back and mouths utter words of anguish when those proposing a solution or new initiative know that leaders will expect solid financial rationale as an integral part of the proposal. For many historical and contextual reasons, nurses and nursing have often shied away from putting serious effort into the development of financial expertise. What is now incredibly clear is that if one expects to be “at the table” influencing key decisions affecting healthcare, then the development of one’s own financial acumen is an imperative. Developing expertise involves both a basic understanding of financial/accounting principles as well as the ability to use financial information to think strategically and realistically about the pros and cons of various decisions. In addition, all leaders need an in depth understanding of how healthcare is reimbursed and which levers can be used to maximize revenues while protecting resources that most ensure the quality and safety of patient care. Many nurses have the desire to learn, but fear the topic and don’t know exactly where to start. This article will outline some practical advice about what to learn and will offer some helpful resources for getting started as well.