Financial Management for Nurse Leaders
Subject: Administration & Regulation
Budgeting and Financial Management Although the connection between nursing and finances might seem rather loose, the insights that the course on budgeting and finances has led to are bound to be very helpful in my future nursing career. By focusing on a careful choice of an appropriate leadership strategy and the allocation of the available resources, a nurse will be able to meet the needs of patients as successfully as possible. Thus, active use of leadership skills and the ability to carry out financial tasks will be pivotal to the improvement of service quality in a nursing setting.
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Key Goals and How They Were Met: Retrospect For this week, several goals linked to financing and leadership analysis were set. Among the key ones, the identification of the key stages of budgeting and the analysis of the differences between leadership and management should be listed first. Shedding a lot of light on the goals that a manager and leader must achieve to make a project work, as well as detailing the key stages of the budgeting process, course discussions provided a clear insight into the issues. Particularly, a deeper understanding of the essential financial processes and the choice of leadership and management goals occurred after a class discussion and a short simulation. Integrating Crucial Concepts: Critical Thinking and Leadership Theory This week’s practicum served as an eye-opener. It helped me realize how important critical thinking and the proper use of the leadership theory are. After assisting a nurse administrator in scheduling the work of registered nurses working in a local facility, I developed the skills that will help me approach dilemmas related to nursing and the management of patients’ needs from the perspective of critical thinking (Roberts, 2015). For instance, the proper allocation of resources and efficient time management can be considered important skills that will allow improving the quality of nursing services significantly and require the active use of critical thinking. The leadership theory, in turn, can be used to design an appropriate leadership framework for meeting nursing goals (Dunham-Taylor & Pinczuk, 2014). Area of the Greatest Learning: Financial Management Although the information related to leadership, management, and critical thinking was a crucial addition to my system of knowledge, it did not surprise me since the key provisions were logical and often self-explanatory. Financial management, however, was definitely the area that I had the least awareness of and that I needed to study desperately. Therefore, the information linked to managing budgets, carrying out crucial financial tasks, etc., was a welcome addition to my current knowledge system. Although managing financial transactions and tasks is admittedly difficult, I am positively certain that I will be able to master the specified area. Conclusion: Leadership and Financial Aspects of Nursing Being a good leader and using resources, including financial ones, successfully is a crucial goal that a nurse must meet so that the needs of patients could be managed accordingly. Therefore, the information and skills learned during the course were most valuable. However, it is important to keep moving forward and expanding the current knowledge system by acquiring new skills and information. Consequently, the basic information about finances and leadership provided so far needs to be expanded. The identified strategy will help me engage in lifelong learning so that the services that I provide to the target population could be up-to-date and of high quality. References Dunham-Taylor, J., & Pinczuk, J. Z. (2014). Financial management for nurse managers: Merging the heart with the dollar. New York, NY: Jones & Bartlett Publishers.
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Roberts, M. (2015). Critical thinking and reflection for mental health nursing students. Thousand Oaks, CA: SAGE.