Developing nurse labor budgets for units can be a challenging task and will often pit nurse leaders against their peers in finance when in fact, it presents a great opportunity to collaborate and leverage the strengths of each discipline. In several of our recent consulting engagements, we have seen the evolution of the relationship between nursing and finance move from one of conflict to one of collaboration. This evolution brings with it increased awareness and higher levels of empathy towards the perspective of the other discipline.
“This analytical model helps organizations improve their budgeting processes and helps create a partnership between clinical operations and the finance department.”
The modified budgeting process described in this white paper serves as an ideal opportunity for nursing and finance to learn from each other. It also raises the level of accuracy of the established budget, and increases the buy-in of the nurse leaders being held accountable to achieve budgeted targets.
By David Murdock, Managing Director, Chris Phifer, Consultant, and Rhonda Magee, Consultant