![]() ![]() Payer mix evaluates the percentages and types of insurance that provide reimbursements for patient care. Market share refers to the number of admissions - or perhaps the number of specific procedures completed - compared to competitors in the same area. Market share and payer mix are two additional metrics that can influence revenues and expenses. Properly identifying such costs can be helpful in calculating the cost per patient, which, in turn, can improve future resource allocation. They may have to determine the revenue their unit generates, the cost of the supplies and medication it uses, and its staffing expenses. Nurse administrators may be responsible for an annual operating budget for their units and making adjustments throughout the year. However, online MSN in Nursing Administration programs have started to incorporate financial management coursework to ensure that nurses entering leadership positions have the skills they need beforehand. The bulk of this knowledge once came simply through on-the-job training following a promotion into leadership. In addition to clinical practice, nurse administrators must also manage staffing, employee and patient satisfaction, safety, quality and budgeting. However, as revenues have increasingly started to depend on patient satisfaction and quality scores, nurse leaders are finding that they must explore this topic as well. While many nurses may understand healthcare finance in a general sense, managing the nuances of a facility’s finances has typically been a job for top executives and board members. ![]() Nurses enrolled in the Master of Science in Nursing Administration (MSN) program at the University of Texas at Arlington will explore the fundamentals of financial management. As revenues grow more dependent on value and quality measures, nursing administrators must foster a deeper understanding of how healthcare facilities manage their finances. Nurse managers, leaders and administrators, however, need expertise beyond clinical care. Nurses need to be knowledgeable in a variety of areas. ![]()
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