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Nurse Manager Exam #1: Financial Management

Category - Financial Management

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Successful nurse managers provide ever-increasing justifications of budget variances, labor costs, staffing effectiveness, return-on-investment, and a host of other financial indicators that drive the "bottom line." An essential component of your budgeting process is identifying the goals or drivers used to measure your financial performance. Successful financial management is measured on the basis of three goals:
  1. Performance, return-on-investment, variances
  2. Staffing, patient care load, supply and demand
  3. Cost control, optimization of available resources, maximized outcomes
  4. Cost control, variances, performance
Explanation
Answer: C - Successful financial management is measured on the basis of three goals which are cost control, optimization of available resources, maximized outcomes. Broken down into simple steps, this becomes a process whereby you establish plans, then make an effort to meet or exceed that plan's goals by controlling costs and using available resources to the fullest thus maximizing outcomes.
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