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From The CriticsReviewer: Audrey L. Powell, MSN, RN (Emphraim McDowell Regional Medical Center)
Description: This second edition of a book on financial manangement for nurse managers is an update, expansion, and revision of the 1993 edition to account for managed care, settings beyond acute care, computerization, and the nurse entrepreneur.
Purpose: Giving the nurse the ability to manage better and work in a collegial fashion with financial executives are the ultimate goals of the authors. The aim is to provide a broad overview of financial management for the graduate student or a pertinent reference for the working practitioner. The book is developed sequentially, but each of the seven parts can be used alone. The Balanced Budget Act (BBA) and all of the ramifications for healthcare budgets makes the timing excellent for this global reference.
Audience: The intended audience is the graduate student, nurse manager, and nurse executive, according to the authors. In my judgment, the book serves equally well as a text or reference. The principal author has over 100 publications to his credit and by education and practice represents current financial concepts and application. The co-author is an educator, author, and nurse. Their two perspectives blend to create a discussion of financial concepts with relevant examples from nursing practice.
Features: This book is structured from the global to the specific, which makes it easy for both the student and the practitioner to search to expand upon a financial concept. The addition of performance budgeting is timely and pertinent in the BBA economy. Each chapter has goals, key concepts, and except for Chapter 1, suggested readings. It is not an exhaustive reference, nor did the authors intend it to be. The suggested readings make additional study of a concept easy and readily available.
Assessment: This second edition is not just new numbers, but a total reworking of an excellent book. Many of the changes are subtle, expansions on concepts that serve across the continuum of care. The examples reflect the change from inpatient to outpatient care settings and acute care to long-term care. The role changes of the nurse manager and nurse executive are also well illustrated. The chapter on performance budgeting alone would justify the purchase of the second edition in my mind. With the emphasis on cost justification in the current healthcare economy, no practitioner can afford to be without this valuable reference as we seek to practice collegially with the CFO in the healthcare environment.