Which weekly objectives do you have prior knowledge of and to what extent? Regulatory compliance, finance, staffing, and staffing matrices
Which weekly objectives do you have no prior knowledge of? Internal and external environmental analysis.
What course-related topics would you like to discuss with your instructor and classmates? What questions or concerns do you have about this course? I would like to discuss all the topics within this course as they are pertinent to daily nursing operations within units or facilities. I have been fortunate to be in nursing leadership for a brief time and have always wanted to learn more about my craft. Thus, the concepts like regulatory compliance, when practicing as a nursing leader, hit you like a brick wall. Regulatory compliance has many facets and caveats and navigating through them can mean success or failure of the unit. Additionally, staffing matrices and staffing models depending on the organization may be utilized individually or concurrently depending on size and scope of services rendered.
I have been working in nursing leadership over the past several years and have gained some basic knowledge of healthcare finance. Not all of the topics are totally foreign to me but I have varying levels of comfort with the different topics. I have never been personally involved with much strategic planning and know very little about the details of healthcare reimbursement. Our new CEO has been doing a good job giving our entire team some basic knowledge of finance and budget variances. We have started focusing on our GMLOS at our leadership meetings so I hope I am able to learn more about how that impacts our hospital and reimbursement. I don’t have any questions or concerns regarding this class at this time.
Summary of current course content knowledge
Weekly objectives with prior knowledge about
After reviewing the course content and the syllabus, the weekly objectives that I have prior knowledge about include: the impact that health economics has on patient outcomes; the impact of health policy in the United States healthcare; the difference between cost, charge, and payment; how nursing units generate revenue; purpose of a balanced scorecard; how a balanced scorecard drives quality improvement; financial strategies recommended by the American Hospital Association as being successful in value-base health care; financial elements found on a balance sheet. On these objectives, I have great knowledge about.
Weekly objectives without prior knowledge about
Objectives without prior knowledge about include: budgeting principles and terminology; information required for capital purchases; applying sound financial management principles to allocate resources within health care organizations; budgetary implications of staffing models; methods used to respond to budget variances; the impact of unplanned overages on the staffing budget; how insurance reimbursement affects private pay patients; the difference between for-profit and not-for-profit entities and the major ratio categories.
Course-related topics to discuss with the instructor and classmates
The topics that I would like to discuss with the instructor and classmates is on include the basic financial skills required to make well-informed, data-based decisions that improve the cost and quality of health care; how to make a staffing budget, and the impact of health economics on patient outcomes. My question for this class is, what is the minimum number of peer responses that should be made on each discussion post?
Health policy and regulations guide the decisions, roles, plans, priorities, and actions an individual must adhere to achieve a common goal (Anders, 2021). Before approving a capital purchase, nurse leaders must understand the approved budget, cost, and revenue. I look forward to learning and gaining an in-depth understanding of FTEs, budget variances, and how the budget impacts healthcare which I have some understanding of. I am also looking forward to learning about financial management in healthcare, how nurse leaders can best use the resources available, and how far can my MSN-Leadership program help me accomplish more in the future. Our Principles of Health Care Financial Management class can help me fully understand the operational budget and use of resources that impact access, reducing risk, health care delivery, staffing, patient care, and reaching the organizational goal, vision, and mission, which are course-related topics that I would like to discuss with Professor Michelle and my classmates throughout the class.
References:
Anders, R. L. (2021). Engaging nurses in health policy in the era of covid‐19. Nursing Forum, 56(1), 89-94. https://doi.org/10.1111/nuf.12514
I have foundational knowledge of how nursing units generate revenue, internal and external environmental analysis, and the difference between for-profit and not-for-profit entities. However, my prior knowledge is very limited to vague concepts. I have a lot to learn from this class!
I have no prior knowledge of financial management principles, budgeting, staffing matrix with labor hours, insurance reimbursement, a balanced scorecard, or business plans. Finance classes of any sort were not required in my undergrad, I hope to learn quickly and build a solid foundation.
I want to discuss financial management principles and business plans. What is a balanced scorecard? I hope I am not behind on concepts; I’m concerned that I lack a finance foundation.
