Finance and Budgeting for Nurse Managers

AUDIOCONFERENCE ON CD OR AUDIO ON-DEMAND

Sponsored by A Practical Guide to Finance and Budgeting: Skills for Nurse Managers

presented on May 7, 2008

Attention nurse managers — You don’t have to be afraid of finances!

Nurses typically don’t learn about revenue cycles or cost center reports in nursing school. But when you become a nurse manager, you have to learn the foreign language of finance. One of new nurse manager’s biggest concerns is suddenly being responsible for the departmental budget.

Don’t be intimidated by your financial duties! Instead, become financially savvy during HCPro’s 90 minute audioconference, Finance and Budgeting for Nurse Managers: Key Skills for Successful Leaders. Expert speaker KT Waxman, MBA, RN, walks you through the basics of financial management. You’ll get tips and tools to help you understand financial terminology, departmental reports, balance sheets, and income statements. After this program you will be able to build and defend your own budget and present yourself to senior management with confidence.

AGENDA

1. Understanding the foreign language of finance
   1. Relating your job to the hospital’s business
   2. Where you stand in the revenue cycle
   3. Translating terms and acing acronyms
2. Financial management and basic cost accounting
   1. Key calculations for common measures of productivity
   2. The manager’s role in financial management
   3. What do you have control over?
   4. What is revenue?
3. Reading departmental reports
   1. Balance sheets and income statements
   2. Cost center reports
   3. Variance reporting
4. Building a budget
   1. Key budget data
   2. Direct vs. indirect costs
   3. Volume driven budgets
   4. Replacement costs for staff
   5. Position control
5. Presentation tips
   1. Presenting yourself as a savvy financial manager

A question and answer session follows the program

LEARNING OBJECTIVES

By the end of the program you’ll be able to:

1. Understand how your role relates to the business side of the hospital
2. Define important financial acronyms
3. Explain components of key financial statements
4. Identify important considerations when building a budget

BONUS TOOLS

In addition to the advice presented during this audioconference, you'll also receive a slide presentation of the program materials and:

• Sample budget for medical-surgical/telemetry unit
• Nurse manager cheat sheet for financial acronyms
• Things you should avoid saying to your CFO
• Position control form to track job categories, budgeted FTEs, vacancies, and targets

These materials are provided with PDF links.

MEET THE SPEAKER

KT Waxman, MBA, RN, has more than 25 years of experience as a nurse leader. She is currently the President and Chief Executive Officer for KT Waxman and Associates, her healthcare consulting firm in San Ramon, CA. She has held positions as senior consulting manager, chief operating officer, vice president of patient care services, director of behavioral health services, director of critical care services/respiratory therapy, and department director of medical/surgical unit. She is a nationally known speaker on the topic of nursing leadership, having presented hundreds of sessions throughout her eclectic career. She is an active member of the Association of California Nurse Leaders and the American Organization of Nurse Executives (AONE). She is currently pursuing a doctorate degree in nursing practice at the University of San Francisco. She is the author of A Practical Guide to Finance and Budgeting: Skills for Nurse Managers, published by HCPro and recently revised for a second edition.

WHO SHOULD LISTEN?

Nurse managers, directors of nursing, chief nursing officers (CNOs), VPs of nursing, nursing home administrators, HR directors, staff educators, directors of education, and first line managers

Charge nurses and ancillary supervisors may also benefit from this program as a secondary audience.

AUDIO ON-DEMAND

In addition to the regular purchase options for HCPro audioconferences, we are pleased to offer another option, an audio on-demand. Audio on-demand allows you to download the program and play it back at your convenience through your computer or MP3 player. Purchase a CD or audio on-demand of the program and listen when you can. It's also a perfect training tool for new staff or as a refresher for veteran staff.

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