Peer Response Instructions Based on your peer’s initial response, provide one additional example of how nurse leaders can promote cost-containment, and share one recommended practice change that your peer may consider integrating into their practice regarding fiscal and resource management.
Prof. Nursing Leadership week 3 peers response
Peer Response Instructions
Based on your peer’s initial response, provide one additional example of how nurse leaders can promote cost-containment, and share one recommended practice change that your peer may consider integrating into their practice regarding fiscal and resource management.
Respond to your peer in one paragraph. These posts should be thoughtful, respectful, and add value to the discussion. This response could include relating your experience to whatever they initially posted. Use a different scholarly source, reference it using APA format, and include in-text citations when using the referenced material in your post.
You must use DIFFERENT resources, in-text citations, and APA references in your response than your peers used. Use current resources. Please do not routinely cite outdated (no greater than five years old) sources of information. Do NOT use the exact in-text citations or references for your peers in THE INITIAL POST.
1st peer post
McKenna Davis
Mar 19, 2024 at 10:17 AM
Nursing care consumes about 1/3 of a hospitals budget and nurse leaders are tasked with controlling labor costs to aid in cost saving for example, cutting hours, flexing nurses, or increasing patient to nurse ratio where appropriate (Bayram et al., 2022). Another way nurse leaders can impact cost of care is improving work environments and staff satisfaction, leading to reduced nurse turnover and subsequently a decrease in recruiting, hiring, and training new staff which significantly reduces hospital spending. In addition, reducing nurse turnover and increasing nursing staff is associated with fewer infections, fewer adverse reactions, fewer deaths, and increased length of stay which are all associated with cost savings (Lasater et al., 2021)
Implementing evidence-based practice can contribute to cost-containment efforts within healthcare organizations as evidence based practice guides nurses and providers to choose appropriate diagnostic tests which reduces finances associated with over-testing. In addition, evidence based practice is associated with improved outcomes whether that be clinical, organizational, or fiscal. Examples can include reduced patient infections, shorter length of stay for patients, or reduction in unplanned readmissions. All of these are associated with not only better patient outcomes, but also reduced cost to the facility (Cullen et al., 2018).
A simple example of how evidence-based practice can impact healthcare costs is the implementation of evidence-based methods of administering medications. Evidence supports multiple patient identifiers and use of electronic medication administration record have proven to be effective in reducing patient medication errors. This evidence-based practice leads to decrease in medication error associated costs, and more efficient medication administration ultimately leading to a decrease in hospital spending.
I will admit that in my role as a bedside nurse I rarely consider fiscal and resource management. Healthcare costs and their affects on my patient are not usually at the forefront of my mind however this discussion post has made me reflect on my own experience and how my practice could change to aid the efforts of nurse leaders in reducing these costs which can ultimately help to reduce patient costs and improve patient experience and satisfaction.
References
Bayram, A., Pokorná, A., Ličen, S., Beharková, N., Saibertová, S., Wilhelmová, R., Prosen, M., Karnjus, I., Buchtová, B., & Palese, A. (2022). Financial competencies as investigated in the nursing field: Findings of a scoping review. Journal of nursing management. https://doi.org/10.1111/jonm.13671
Cullen, L., Hanrahan, K. (2018). Evidence-based practice and the bottom line: an issue of cost. Healthcare financial management association. https://www.hfma.org/operations-management/practice-improvement/58754/
Lasater, K., McHugh, D., Rosenbaum, R., Aiken, H., Smith, L., Reiter, G., Niknam, A., Hill, S., Hochman, L., Jain, & Silber, H. (2021). Evaluating the Costs and Outcomes of Hospital Nursing Resources: a Matched Cohort Study of Patients with Common Medical Conditions. Journal of general internal medicine. https://doi.org/10.1007/s11606-020-06151-z
2nd peer post
Taylor Overcash
Mar 19, 2024 at 6:44 PM
NSG 4320 Week 3 Discussion Post
Provide two different examples that demonstrate how nurse leaders can impact cost of care through cost-containment efforts surrounding budgeting, expense reporting, personnel/staffing decisions, or reimbursement.
1. Nurse leaders can impact the cost of care through strategic personnel and staffing decisions that optimize staffing levels and scheduling practices to match patient acuity per unit. “Nursing care has been reported as consuming approximately one third of the hospital budget, and head nurses in charge of the units are expected to control labor costs, to contribute to cost saving and ultimately, to the financial stability of the system” (Bayram et al., 2022). Nurse leaders can minimize labor costs by implementing a flexible staffing arrangement while maintaining safe staffing ratios and preserving job satisfaction.
2. Nurse leaders can also impact the cost of care by participating in budgeting processes and advocating for appropriate resource allocation to support patient care delivery. Leaders may collaborate with other departmental leaders to prioritize funding for essential equipment, supplies, and clinical priorities. Nurse leaders may explore resource-sharing opportunities or consolidation to maximize efficiency and cost-effectiveness.
Discuss how implementing evidence-based practice can contribute to cost-containment efforts within healthcare organizations.
Implementing evidence-based practice (EBP) within healthcare organizations can significantly contribute to cost-containment efforts by ensuring that clinical interventions and care processes are grounded in the best available evidence of effectiveness. By utilizing evidence-based guidelines and protocols, healthcare providers can avoid unnecessary interventions, reduce variations in care, and minimize the risks of medical errors and adverse outcomes. By adopting evidence-based protocols, healthcare organizations can standardize care practices, streamline workflows, and reduce unnecessary tests, procedures, and hospitalizations, lowering healthcare costs.
Provide one example of an evidence-based change that can impact healthcare costs.
One example of an evidence-based change that can impact healthcare costs is implementing telehealth services for certain types of appointments and consultations. Telehealth can provide effective and efficient care delivery while reducing healthcare costs associated with traditional in-person visits. By using this technology to conduct remote consultations, follow-up appointments, and monitoring sessions, healthcare providers can minimize the need for costly office visits, travel expenses, and facility overhead. Telehealth also improves access to care for patients in remote or underserved areas, reducing the burden on emergency departments and urgent care centers for non-emergent issues.
Reflect on your work as a nurse. After reviewing the content in this module, how will your practice change in the future concerning fiscal and resource management? What specific changes will you make in your practice?
After reviewing these modules, I plan to pay more attention to the supplies I use for patients. With an increased emphasis on cost-conscious care delivery, I will be more mindful of resource utilization and waste reduction in my clinical practice. I help decide which intravenous device is placed for patients needing vascular access. I know there are cost differences in the various products, and I oversee which device is placed based on the patient’s clinical picture. When reflecting on cost, it is also necessary to think of the charge to the patient and if the device is essential.
Reference:
Bayram, A., Pokorná, A., Ličen, S., Beharková, N., Saibertová, S., Wilhelmová, R., Prosen, M., Karnjus, I., Buchtová, B., & Palese, A. (2022). Financial competencies investigated in the nursing field: Findings of a scoping review. Journal of Nursing Management, 30(7), 2801–2810. https://doi.org/10.1111/jonm.13671
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