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Item type Presentation

Title Teaching Financial Literacy: Preparing Future NurseExecutives

Authors Cleveland, Kimberly A.; Smith, Yvonne M.

Downloaded 21-Jun-2018 16:16:11

Link to item http://hdl.handle.net/10755/620197

Teaching Financial Literacy: Preparing

Future Nurse ExecutivesKimberly A. Cleveland JD, MSN, RN, C-MBC

Yvonne M. Smith PhD, APRN-CNS

Kent State University College of Nursing

Author Conflicts/Disclosures

The authors have no conflicts of interest or disclosures to make.

“All good things are wild and free.”

- Henry David Thoreau

“Today’s health care professional is increasingly impacted in numerous and profound ways by health care reform.

Patient safety priorities, quality outcome initiatives, and financial accountability are

more imperative than ever.”- Linda Talley

(Talley, L.B., 2013, p. 82)

Observations and Concerns

• Lack of consistency with executive competencies• Lack of preparation for professional certification• Concerns about depth and breadth of knowledge• Concerns about ability to apply financial principles• Concerns about ability to navigate financial

databases

• Concerns that graduates could not “hit the ground running”

The Gaps in Budget and Fiscal Management

• Narrow focus• Staffing• Budget variance

• Narrative• Limited database exposure• Limited financial language exposure

• No policy foundation• Limited finance foundation

• No revenue cycle discussion• No business case development

Course Development

• 15 Weeks On Line (3 Semester Hours)

• Synchronous• Presentations

• Asynchronous• Reading • Spreadsheet development• Discussion boards

Competency Foundation

• American Organization of Nurse Executives (AONE) Competencies for Nurse Leaders

• American Association of Colleges of Nursing (AACN) Essentials of Master’s Education in Nursing

• American College of Health Care Executives (ACHE) Competencies

Faculty Expertise

• Master’s of Science in Nursing & Juris Doctorate• Advance integration and application of policy with

reimbursement, ethical distribution and discussion of budget, program development & patient satisfaction

• Nursing & Healthcare CEO Experience• Engage discussion of nursing’s unique contribution to the

finance of healthcare• Raise awareness of how the board hears the voice of

nursing during budget discussions

• Non-Profit & Profit • Assure application in all environments

Closing The Gap

• Regulatory, financial and policy foundation

• Health care accounting/budgeting principles

• Financial planning

Regulatory, Financial and Policy Foundation Learning Activities

• Patient Protection and Affordable Care Act (ACA) based discussion

• Integrated research paper on one financial regulation of the ACA to develop conceptual analysis

• Quizzes to test vocabulary

• Discussion boards that highlighted current changes in financial reimbursement

Health Care Accounting/Budgeting Principles Learning Activities

• Introduced to budget and revenue cycle

• Students prepared a budget and Power Point presentation using revenue cycle information and spreadsheets

• Developed skill in assessing financial assumptions, spreadsheet preparation and manipulation

• Built confidence in testing financial predictions and application of terms and tools

Financial Planning Learning Activities

• Development of Health Care Business Plan• Integrated ACA initiatives

• Applied of revenue cycle analysis

• Built presentations skills which integrated spread sheet analysis

• Tested financial assumptions with peers

• Provided peer feedback on the persuasion of financial and program development

Student Outcomes

• 100% gained valuable information in course• 100% earned a grade of B or higher• 100% of students taking this course concurrently with

the management practicum utilized the principles in drafting their journal experience and querying preceptors

“This course flowed very well and was set up for maximum learning. The business proposal was a wonderful idea. The assignments all connects and will make a great template for future learning.” - Student

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”

- Ayn Rand

References• American Association of Colleges of Nursing (2011) Essentials of master’s education in

nursing. Retrieved from http://www.aacn.nche.edu/educationresources/MastersEssentials11.pdf

• American Organization of Nurse Executives (n.d.) Nurse leader competencies. • Retrieved from http://www.aone.org/resources/nurse-leader-competencies.shtml• Dunham-Taylor, J., & Pinczuk, J.Z. (2015). Financial management for nurse managers: Merging

the heart with the dollar (3rd ed.). Boston, MA: Jones and Bartlett Publishers.• Omoike, O., Stratton, K.M., Brooks, B.A., Ohlson, S., & Storfjell, J.L. (2011). Advancing nursing

leadership: A model for program implementation and measurement. Nursing Administration Quarterly, 35(4), 323-332. doi: 10.1097/NAQ.0b013e31822f1529

• Pizzi, R. (2011). Improving relationships: Finance and nursing workforce. Healthcare Finance.Retrieved from http://www.healthcarefinancenews.com/news/improving-relationships-finance-and-nursing-workforce\

• Rosenthal, N. & Stilgenbauer, D. (2015). Demystifying finance in perioperative nursing. OR Nurse, 9(2), 10-14. doi: 10.1097/01.ORN.0000460907.96093.39

• Sanford, K.D. (2011). A case for nursing leadership development. Healthcare Financial Management, 65(3), 100 – 106.

• Smith, Y. & Caplin, M. (2012). Teaching the literacy of professionalism: When clinical skills are not enough. Nurse Educator 37(3), 121-125.

• Talley, L.B., Thorgrimson, D.H. & Robinson, N.C. (2013). Financial literacy as an essential element in nursing management practice. Nursing Economics, 31(2), 77-82.

• White, K.R. & Griffith, J.R. (2010, reprinted 2014). The well-managed healthcare organization. (7th ed.). Chicago: Health Administration Press.