Discussion: Discuss the information you would need as a nurse leader before you could approve a capital purchase
NUR 621 Topic 2 DQ 1 Leadership Assessment Description
Discuss the information you would need as a nurse leader before you could approve a capital purchase.
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NUR 621 Topic 2 DQ 1 Leadership Sample
Leadership in clinical space was confined to service managers. However, this has significantly changed as they have become involved in leadership practices. Nurse leaders are required in various healthcare contexts to ensure desirable outcomes (Mrayyan et al., 2023). They have a significant function in the financial management of healthcare organizations (Paarima et al., 2021). Nurse leaders are involved in the design, adoption and monitoring of healthcare organization budgets (ANA, 2023). Capital budgeting is the process of evaluating the financial viability of a capital investment over the project’s life. NUR 621 Topic 2 DQ 1 Leadership Nurse leaders are required to make decisions on capital projects to ensure these projects have the desired outcomes.
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There is vital information that nurse leaders should have before they can approve capital purchases. For instance, nurse leaders should understand the economic costs and benefits of projects before they can approve capital purchases. They do cost cost-benefit analysis to assess the economic costs and benefits of specific projects by understanding the costs and health benefits of capital purchases in terms of monetary value (Novikova et al., 2023). The nurse leader should also have an understanding of the current and future needs. Therefore, they should be able to have a complex understanding of the capital purchase’s operations, staff use and patient volume. There is a need to understand how the capital purchase can improve patient care and the efficiency of the hospital efficiency. The nurse leaders should also understand how the interdisciplinary teams feel about the capital purchase. It is important to understand the practical benefits and issues of the purchase. Lastly, the nurse leaders should understand the long-term maintenance costs of the capital purchase. It is vital so that the healthcare organization can prepare for the costs linked to the purchase.
NUR 621 Topic 2 DQ 1 Leadership References
ANA. (2023). Financial Management Skills for nurse managers. https://www.nursingworld.org/content-hub/resources/nursing-leadership/nursing-financial-management/
Mrayyan, M. T., Algunmeeyn, A., Abunab, H. Y., Kutah, O. A., Alfayoumi, I., & Khait, A. A. (2023). Attributes, skills and actions of clinical leadership in nursing as reported by Hospital Nurses: A cross-sectional study. BMJ Leader, 7(3), 203–211. https://doi.org/10.1136/leader-2022-000672
Novikova, T., Kaneva, M., & Zafarjonova, M. (2023). Cost-benefit analysis for Health Project Evaluation (example of a Russian outpatient clinics’ project in the Novosibirsk region). Frontiers in Public Health, 11. https://doi.org/10.3389/fpubh.2023.1073964
Paarima, Y., Kwashie, A. A., & Ofei, A. M. (2021). Financial management skills of nurse managers in the Eastern Region of Ghana. International Journal of Africa Nursing Sciences, 14, 100269. https://doi.org/10.1016/j.ijans.2020.100269 NUR 621 Topic 2 DQ 1 Leadership
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