Ask the expert: Understanding the nurse manager's role in finance and budgeting decisions
Nurse Leader Weekly, June 14, 2010
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This week, KT Waxman, DNP, MBA, RN, CNL, discusses the various roles a nurse manager may have when dealing with finances and budgeting at a new place of employment.
Q: I just transferred to a new organization, and as a nurse manager, what kind of financial role should I expect to have at my new place of employment?
A: The authority and responsibilities of nurse managers differ from organization to organization. However, there are some core competencies that consistently are required of you. Interpersonal skills, resource management, time management, communication skills, and a clinical background are all part of the nurse manager's repertoire.
Some of the essential functions expected of the nurse manager include the following:
- Develop a practical annual budget for a unit or department that includes volume, revenues, personnel, supplies, and capital equipment
- Give weekly or monthly reports of budgetary variances to your supervisor and review end-of-year data with the finance department and the chief nurse executive
To read about additional financial roles nurse managers can expect at a new organization, click here.
Editor’s note: Do you have a question for our experts? E-mail your queries to Editorial Assistant Sarah Kearns at skearns@hcpro.com and see your name in print next week! In the meantime, head over to our Web site and view a growing collection of advice from our experts.
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