Strategic Planning and Financial Management.

Posted: January 7th, 2023

Strategic Planning and Financial Management.

POWERPOINT PRESENTATION:
DNP Essential IV: Interprofessional Collaboration for improving patient and population health outcomes
How does the competency that you choose to prepare you to address an increasingly complex practice, faculty, and leadership roles related to complex healthcare finance?
How does enhanced knowledge help to improve nursing practice and patient outcomes fiscally. Strategic Planning and Financial Management.

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How does the advanced practice nurse lead inter-professional teams in the analysis of complex financial concepts?
How does the advanced practice nurse integrate considerations of fiscal responsibility into professional practice?
As you reflect on being an advanced practice nurse, how will this role enhance global nursing practice? Strategic Planning and Financial Management.

STRATEGIC PLANNING AND FINANCIAL MANAGEMENT
NAME:
INSTITUTION:
COMPETENCIES RELATED TO HEALTH CARE FINANCE
Five competencies
Information utilization
Using information knowledge systems to communicate, manage knowledge, mitigate errors, and support decision-making.
Quality improvements application
Design and test interventions.
Understand and measure care quality.
Understand and implement basic safety design principles.
Identify hazards and errors in care.
COMPETENCIES RELATED TO HEALTH CARE FINANCE cont’d
Employ evidence-based practice
Integrate best research with patient values.
Work with and in interdisciplinary teams
Deliver reliable and continuous care.
Provide patient-centered care
Identify, respect and care about patients’ needs, preferences, values and differences. Strategic Planning and Financial Management.
ENHANCED KNOWLEDGE TO IMPROVE PRACTICE AND OUTCOMES FISCALLY
Achieve lower costs and better care quality.
Nurses can lead the transformative change.
Focus on quality improvement, data analytics, care coordination, and patient-centered care.
Comprehended advanced competencies that include attitudes, skills and knowledge.
Enhanced knowledge to improve nursing practice and patient outcomes fiscally.
LEAD ANALYSIS OF COMPLEX FINANCIAL CONCEPTS
Leadership role that transcends nursing profession.
Responsibility:
Identify areas of waste and problems.
Make necessary adjustments to realized established objectives.
Track improvements over time.
Formulate and implement plans for improvement
Strong advocates of patients.
Budgetary responsibility.
INTEGRATE FISCAL RESPONSIBILITY INTO PROFESSIONAL PRACTICE
Information technology and management activities.
Use technology in systems and clinical leadership settings.
Prioritize use of resources.
Identify technology trends.
Offer leadership in technology implementation.
Strategic management activities.
Formulate and implement corporate objectives and goals.
Efficient and competitive operation.
Defend business case for nurses.
INTEGRATE FISCAL RESPONSIBILITY INTO PROFESSIONAL PRACTICE cont’d
Human resource management activities
Workforce planning.
Ergonomically sound workplace.
Encourage life and work balance.
Emergency preparedness.
Financial management activities
Develop and manage budgets.
Evaluate billing mechanisms.
Manage resources.
Interpret financial statements.
ROLE IN ENHANCING GLOBAL NURSING PRACTICE
Increasing demand for critical and emergency care.
Reduced supply of medical personnel, especially physicians.
50% of expenditure is on salaries and wages.
Advanced practice nurses address physical shortage and reduce wage costs. Strategic Planning and Financial Management.
References
Joel, L. (2018). Advanced practice nursing: essentials for role development (4th ed.). Philadelphia, PA: F. A. Davis Company.
Marshall, E. & Broome, M. (2017). Transformational leadership in nursing: from expert clinician to influential leader (2nd ed.). New York, NY: Springer.
Salmond, S. W., & Echevarria, M. (2017). Healthcare Transformation and Changing Roles for Nursing. Orthopedic nursing, 36(1), 12–25. DOI: 10.1097/NOR.0000000000000308
Sang, D. & Dearholt, S. (2018). John Hopkins nursing evidence-based practice (3rd ed.). Indianapolis, IN: Sigma Theta Tau International.
Woo, B.F.Y., Lee, J.X.Y. & Tam, W.W.S. The impact of the advanced practice nursing role on quality of care, clinical outcomes, patient satisfaction, and cost in the emergency and critical care settings: a systematic review. Hum Resour Health, 15, Article number 63. DOI: 10.1186/s12960-017-0237-9

Strategic Planning and Financial Management.