Nursing

Web site spotlight: How it all adds up

Staff Development Weekly: Insight on Evidence-Based Practice in Education, May 22, 2008

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Finances are the focus of many nurse managers. But often, the exact skills that managers should master are a bit unclear. The following are five key skills all nurse managers must have:

  1. Proficiency in reading, analyzing, and explaining variances on monthly financial reports
  2. The ability to obtain necessary data for tracking, trending, and appropriately forecasting departmental expenses for the next fiscal year
  3. The ability to understand and explain variances by using an adequate productivity tool
  4. A clear understanding of the basic formulas needed to define commonly used financial acronyms and terminology
  5. The ability to effectively communicate financial matters with staff and stakeholders by using terminology that they understand

Editor's note: This excerpt was taken from "Five financial survival skills for nurse managers," found in the Tools Library at www.StrategiesForNurseManagers.com. Get a free trial membership that will give you 30 days to "test drive" all the exciting features on the Web site.



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