Writer Choice

38487BUDGETING
Ms. Peterson, an intensive care unit (ICU) director, starts her monthly staff meeting with sobering news: “Our hospital is losing money despite the increase in patient volume,” she states. “Reimbursement for care has been declining, and we’re seeing more uninsured patients who can’t pay their bills. So our unit’s request for new monitors has been put on hold for this year. And we’ll need to carefully watch our staffing, overtime, and use of supplies. We’re all in this together. I need your help and creative ideas to help reduce our expenditures.”
Announcements like this are being made in nursing staff meetings across the United States. Like it or not, health care is a business—one that’s under tremendous pressure to cut costs. Healthcare costs in the United States have skyrocketed to an average of $8,000+ per person each year. Left unchecked, they could rise to $13,000+ per person by 2018.
The phrase “No money, no mission” is sometimes overused. But sound financial management is important in all healthcare environments, whether for profit, not for profit, or publicly financed. To advocate successfully for the resources needed to staff and operate their units, nurses need to become more financially savvy and increase their understanding of healthcare costs.
Why is it important for nurses to have a good understanding of the budgeting process? How does the budget function as a tool? ( a minimum of 300 words)

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