Clinical Nurse Specialist Role Advocacy: Quantifying the Financial Contributions Via Development of a Scorecard.
Publication/Presentation Date
3-1-2024
Abstract
PURPOSE/OBJECTIVES: The purpose of this article is to guide the clinical nurse specialist in constructing a scorecard to track clinical outcomes and identify the associated financial impact.
DESCRIPTION OF THE PROJECT/PROGRAM: Creation of a scorecard highlighting the financial impact of the clinical nurse specialist team was used to disseminate financial outcomes to hospital executive stakeholders, allowing the clinical nurse specialist team to demonstrate its clinical and financial value.
OUTCOME: During development and ongoing maintenance of the scorecard, the clinical nurse specialist team cultivated skills to identify the financial impact of projects. The team also utilized financial implications of individual and group projects to prioritize work. At the end of fiscal year 2022, the clinical nurse specialist team demonstrated revenue generation of $29 890 and cost avoidance of $2 854 807.30. The clinical nurse specialist scorecard was presented quarterly to the chief nursing officer, who shared with executive leadership.
CONCLUSION: Clinical nurse specialists are positioned to make significant and positive financial impact to organizations. A scorecard presented to executive leadership offers a clinical nurse specialist team a tool to capture and disseminate a clinical nurse specialist team's unique financial contribution at the system level.
Volume
38
Issue
2
First Page
91
Last Page
97
ISSN
1538-9782
Published In/Presented At
Toth, C., Miller, K., Hart, A., & Kidd, M. (2024). Clinical Nurse Specialist Role Advocacy: Quantifying the Financial Contributions Via Development of a Scorecard. Clinical nurse specialist CNS, 38(2), 91–97. https://doi.org/10.1097/NUR.0000000000000802
Disciplines
Medicine and Health Sciences
PubMedID
38364069
Department(s)
Patient Care Services / Nursing
Document Type
Article