Author, Economics and Financial Management for Nurses and Nurse Leaders, 3rd Edition, 2016, and adjunct faculty at the University of San Francisco School of Nursing and Health Profession

The third edition of Economics and Financial Management for Nurses and Nurse Leaders was published in August. This post shares some of the highlights of the latest edition.

Nurses who are experts at assessing their patient’s health often do not understand the financial operations of their hospital or clinic. Nurses manage complex clinical problems, yet may not know how to analyze a healthcare budget. Nurses have excellent ideas for improving patient care, but lack the skills to present a business case to get the resources to implement these ideas. Nurse leaders need a practical financial reference to enhance their financial skills and to keep up-to-date.

This is a time of tremendous change, challenge and opportunity in the health care industry. Reimbursement models are moving from volume based to value based payment strategies. Changing reimbursement increases the already overwhelming complexity of American healthcare financing. Now more than ever, nurses and nurse leaders must understand the financial context of their work setting and financial implications for their health care institution.

Economics and Financial Management for Nurses and Nurse Leaders, 3rd Edition is designed help nurses and nurse leaders develop the financial understanding and skills they need for 21st century healthcare careers. The book has been updated on new developments in areas such as the Affordable Care Act (ACA), Accountable Care Organizations (ACOs) and in healthcare spending and other statistics. The topics of assessing the financial health of institutions and of entrepreneurship are developed in more depth in separate chapters. More checklists, worksheets, report templates and sample financial reports are available to guide the reader in developing their own business plans and analyses.

Valuable features have been retained in the new edition. For example, the 3rd edition’s learning objectives continue to be aligned with guidelines for the financial education of baccalaureate and master's level nurses developed by the American Association of Colleges of Nursing (AACN), the American Organization of Nurse Executives (AONE) and other professional nursing and health care organizations. Chapters on writing a business plan and on grant writing include information useful to nurses who seek funding to improve health care. The 3rd edition has the same practical focus as the earlier edition, with budget and other financial data drawn from actual healthcare settings. The extensive glossary is a comprehensive reference for nurses and nurse leaders. Instructors have crossword puzzles, end of chapter exercises and quizzes to enhance learning activities.

Economics and Financial Management for Nurses and Nurse Leaders, 3rd Edition meets the needs of nurses and nurse leaders in all areas of health care. Students and teachers will appreciate the many learning activities provided in the text. Staff nurses will appreciate the practical, hands-on approach that encourages them to build on their experience and direct their own learning. Nurse leaders will appreciate the up-to-date financial information and the enhanced content on financial assessment and on nurse entrepreneurship. Examples from both inpatient and outpatient settings allow all nurses and nurse leaders to learn and apply the financial concepts presented in this book. Economics and Financial Management for Nurses and Nurse Leaders, 3rd Edition will give any nurse the start they need to develop and enhance their financial knowledge and skills.