Why Nurses Need to Embrace the Business Side of Healthcare
As nurses, we are often the backbone of patient care, but there’s a growing reality that we can no longer ignore: healthcare is a business. While we prioritize our patients' well-being, there is an entire financial ecosystem that drives the decisions made in hospitals and healthcare facilities. Yet, too many nurses are being left out of this crucial conversation because we don’t fully understand how the business side works—and that needs to change.
If we, as bedside nurses, don’t start educating ourselves on healthcare finance for nurses, we will continue to be seen as a cost rather than an asset. The harsh truth is, when we don’t produce revenue, we’re often looked down upon by decision-makers. Nurses are seen as essential to patient care, but from a business perspective, we’re an expense. That’s not a place we want to be.
Why Understanding Healthcare as a Business Matters
When we understand the financial workings of healthcare, we start to see how decisions that affect staffing, equipment, and patient care are made. It’s not just about providing good care; it’s about providing cost-effective care. If we want to have a seat at the table with executives and administrators, we need to understand how the system works and how we can contribute beyond the bedside.
For example, knowing how reimbursement in nursing works can open doors to new ways nurses can help increase revenue for their departments. When nurses understand how Medicare or insurance companies reimburse based on certain codes, treatments, or outcomes, we can ensure that care is documented properly so the facility receives the appropriate reimbursement. You can learn more about reimbursement policies through CMS Reimbursement Resources.
How Nurses Can Contribute to Business Goals
By learning more about healthcare finance, nurses can become a part of the solution, not just the expense. Here are a few ways we can help increase revenue and be seen as valuable contributors to the business side of healthcare:
- Optimize Patient Flow: By improving patient care processes, reducing unnecessary delays, and enhancing patient satisfaction, we can increase the hospital’s reputation and revenue streams. Resources like HFMA for Nurses provide great insights on how to do this.
- Accurate Documentation for Reimbursement: Proper documentation of care can maximize reimbursement from insurance companies, ensuring the hospital gets paid for all the work being done. More information on improving reimbursement in nursing can be found through the American Nurses Association (ANA) Leadership and Business Management.
- Quality Improvement Projects: Nurses can lead or contribute to quality improvement projects that reduce costs (such as preventing hospital-acquired infections) while improving patient outcomes, making the facility more marketable. You can check out how to get involved with these kinds of initiatives through the Advisory Board.
- Innovate and Advocate for New Revenue Streams: Nurses often identify gaps in patient care. Advocating for new services, programs, or technologies that can fill those gaps could create new revenue opportunities for hospitals. Further your business understanding with courses on Nurse.com Business and Finance.
Shaping the Future of Nursing
If nurses don’t start to take the business side seriously, we will continue to be left out of conversations that affect our daily work and the future of nursing as a whole. Healthcare is rapidly evolving, and it’s not just about care anymore—it’s about sustainability. Those who understand both sides of the coin—clinical care and business—will lead the profession forward.
It’s time we stop being seen as just a cost and start being recognized as part of the marketable team. By learning the business science of healthcare, we can ensure that nurses aren’t just contributing to patient care but are also integral to the growth and financial stability of our healthcare system.
Let’s make sure we’re part of that conversation.
No comments:
Post a Comment