NHS6012: Strategic Financial Management for Nurse Leaders

Course Overview

This course equips nurse leaders with strategic financial management skills essential for decision-making in healthcare organizations. It emphasizes financial literacy, budget management, cost-benefit analysis, and resource allocation within nursing leadership. Students will learn to interpret financial data, develop fiscal strategies, and align budgetary practices with organizational and patient care goals.

Assessment 1: Financial Analysis and Strategic Budget Proposal

Assignment Type:

Individual Written Report (2,500 words)

Submission Date:

Week 8 (Spring 2025)

Weighting:

50% of final grade

Purpose:

To evaluate the student’s ability to apply principles of strategic financial management to a real-world healthcare context. The task involves critical analysis of financial data, application of evidence-based strategies, and demonstration of fiscal accountability aligned with healthcare leadership responsibilities.

Assessment Task Description:

You are required to analyze a healthcare organization’s recent financial performance (choose a hospital, clinic, or long-term care facility with accessible data) and develop a strategic budget proposal for the next fiscal year. The proposal should integrate cost control measures, ethical financial decision-making, and strategies for sustainable improvement in service delivery.

Instructions:

1. Review the organization’s annual financial statements or credible reports (2022–2024).
2. Analyze income sources, expenditure trends, and cost drivers affecting nursing departments.
3. Identify areas for efficiency improvement without compromising quality of care.
4. Develop a budget proposal that supports strategic goals, including workforce sustainability and patient outcomes.
5. Discuss financial leadership responsibilities in managing change, risk, and ethical dilemmas in healthcare finance.

Structure Guidelines:

• Introduction: Context and overview of selected organization.
• Financial Analysis: Key trends, ratios, and performance indicators.
• Strategic Budget Proposal: Action plan with justifications and resource allocations.
• Leadership Discussion: Role of nurse leaders in financial stewardship.
• Conclusion: Summary of findings and recommendations.

Formatting Requirements:

• APA 7th edition format
• Word count: 2,500 ± 10%
• Minimum of 8 credible, peer-reviewed sources (2019–2025)

Assessment Criteria:

1. Accuracy and depth of financial analysis (25%)
2. Application of strategic financial management principles (25%)
3. Integration of evidence-based leadership and ethical considerations (20%)
4. Clarity, structure, and coherence of argument (15%)
5. Use of credible sources and academic referencing (15%)

Learning Outcomes Assessed:

• Critically evaluate financial data and organizational reports to support strategic decisions.
• Apply financial management principles in developing and managing healthcare budgets.
• Demonstrate ethical and evidence-informed leadership in financial decision-making.

Reading & Learning Resources

1. Finkler, S. A., Jones, C. B., & Kovner, C. T. (2022). Financial Management for Nurse Managers and Executives (6th ed.). Elsevier. https://doi.org/10.1016/C2020-0-03163-1
2. Gapenski, L. C., & Reiter, K. L. (2020). Healthcare Finance: An Introduction to Accounting and Financial Management (7th ed.). Health Administration Press.
3. Drenkard, K. (2021). “Transformational Leadership in Nursing Financial Stewardship.” Journal of Nursing Administration, 51(2), 63–69. https://doi.org/10.1097/NNA.0000000000000963
4. Warner, J. R., & Burton, D. (2023). “Integrating Cost-Conscious Care into Nursing Practice.” Nursing Management, 54(3), 12–19. https://doi.org/10.1097/01.NUMA.0000901278.12234.56
5. American Organization for Nursing Leadership (AONL). (2024). Finance and Budgeting Competencies for Nurse Leaders. Retrieved from https://www.aonl.org/resources/finance-competencies