Economic Decision Making in Healthcare Essay Paper

Optimizing Healthcare Excellence: A Comprehensive Analysis of Inadequate Nurse Staffing and Strategies for Sustainable Solutions

Introduction

The financial problem of insufficient nurse staffing has become a significant worry for healthcare businesses in the quickly changing healthcare landscape. This problem has far-reaching effects beyond money; it also impacts nurse satisfaction, patient outcomes, and community well-being in general. This study aims to perform a thorough requirements analysis by exploring the various effects of insufficient nurse staffing on a healthcare organization. With an emphasis on economic factors specifically, the analysis will comprise a thorough synopsis of the economic problem, the identification of disparities, an examination of evidence-based conclusions, and the proposal of change or implementation strategies. Economic Decision Making in Healthcare Essay Paper

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Summary of Inadequate Nurse Staffing

A critical financial problem, inadequate nurse staffing, is closely related to the nationwide nursing shortage that healthcare companies are confronting. The retirement of many experienced nurses is approaching, making the shortfall much worse and making it more difficult to find and hire nursing staff (Brooks Carthon et al., 2020). Based on projections, the shortage is expected to worsen by 2030 and reach a tipping point when a million or so nurses will retire, creating a significant gap in the nursing workforce.

There are numerous financial repercussions from understaffing nursing departments. Healthcare organizations are having difficulty finding qualified candidates for available nursing positions as they struggle to close the growing gap. Nurses’ compensation, sign-on incentives, and hourly pay rates have increased due to this competitive recruitment climate, especially during times of high demand, like the ongoing COVID-19 pandemic (Han et al., 2021). These budgetary constraints make it more difficult for healthcare organizations to achieve the Triple Aim objectives, which include raising patient satisfaction, improving patient outcomes, and lowering the total cost of healthcare delivery. Economic Decision Making in Healthcare Essay Paper

Rationale for Addressing the Issue

The justification for tackling insufficient nurse staffing is its significant influence on hospitals’ financial stability and capacity to achieve quality enhancement objectives. Healthcare companies are facing a difficult situation as they try to keep up with the growing demand for nurses. Thus, to recruit and retain nurses, it is necessary to provide competitive wage packages, which raise operating expenses. The organizations’ inability to fulfill the Triple Aim goals and adapt to patients’ changing requirements is hampered by this financial strain, which emphasizes how urgent it is to address this economic problem. Economic Decision Making in Healthcare Essay Paper

Impact on the Healthcare Organization

In the context of our hospital, low nurse staffing has had noticeable and negative consequences on the nurse-to-patient ratios. Since most nurses see a large number of patients during their shifts, chronic stress brought on by patient overload is a significant cause of burnout in the nursing profession. This disparity in workload makes it difficult for nurses to meet all of their patients’ demands and preferences, which ultimately negatively impacts patient outcomes (Farid et al., 2020).

The organization’s financial constraints are made worse by the desire for greater compensation, affecting nurse-to-patient ratios and, in turn, patient satisfaction levels. The financial ramifications of insufficient nurse staffing are apparent in elevated hospital stays, elevated readmission rates, and difficulties fulfilling payment obligations. This combination of variables puts the organization’s financial viability and standard of care at risk, posing a complicated web of issues for healthcare administrators. Economic Decision Making in Healthcare Essay Paper

Identification of Disparities

The socioeconomic and diversity disparities must be considered when examining the effects of low nurse staffing, especially as they relate to particular groups or populations. The burden of the nursing shortage on resources may make it more difficult for vulnerable populations to receive high-quality healthcare. The prevalence of these discrepancies can be better understood by looking at public health data and aggregated organizational data, which highlights the need for focused actions.

The data demonstrating these differences emphasizes how urgent it is to address insufficient nurse staffing from an egalitarian perspective. These discrepancies highlight the wider societal ramifications of a healthcare system that struggles to deliver appropriate and equitable care and is harmful to the impacted communities. Economic Decision Making in Healthcare Essay Paper

Evidence-Based Findings

A comprehensive needs analysis necessitates a detailed investigation of evidence-based conclusions to support the pressing need to remedy insufficient nurse staffing. Studies have continuously shown a high degree of association between low staffing levels and poor patient outcomes. Research has shown that acute care hospitals with insufficient nurse staffing are seeing an increase in medication errors, patient falls, mortality, and infections that are acquired in hospitals (Griffiths et al., 2020).

An increasing body of research supports the theory that understaffed healthcare organizations cannot provide the best possible care for their patients because they have insufficient time for patient surveillance. The body of research emphasizes how crucial it is to keep nurse staffing numbers appropriate to protect patients, lower mistakes, and enhance the standard of care provided. For example, patient falls and other avoidable occurrences are directly correlated with nurse staffing levels, highlighting the vital role that nursing personnel play in preserving a safe healthcare environment. Economic Decision Making in Healthcare Essay Paper

Proposed Change or Implementation Plans

Comprehensive change initiatives or implementation strategies targeted at luring and keeping nursing professionals are required to address the financial problem of insufficient nurse staffing. To increase the attraction of the nursing profession, the proposed plans should consider competitive wage packages, enhanced benefits, and possibilities for professional development. Increased staffing is one tactic that evidence-based sources frequently suggest using to cut down on errors, lessen burnout, and eventually enhance patient safety and satisfaction.

Frontline personnel, human resources, and healthcare administrators must work together to implement these plans. The complex nature of the problem necessitates a comprehensive strategy that considers not only financial factors but also the general working environment and job satisfaction of nursing professionals. Organizations may establish a positive feedback loop that boosts productivity, lowers turnover, and improves patient outcomes by investing in the well-being of their nursing staff. Economic Decision Making in Healthcare Essay Paper

Predicted Outcomes and Opportunities for Growth

It is anticipated that the suggested modifications or execution strategies will result in favorable consequences and prospects for expansion concerning the financial aspect and the general efficiency of healthcare provision. Improving patient safety, lowering unfavorable outcomes, and raising the standard of care overall are all expected benefits of addressing the shortage of nurses. Economically speaking, there could be savings from lower turnover rates, lower overtime compensation, and higher reimbursement rates due to better patient outcomes.

Enhancing corporate reputation, promoting a happy work environment, and optimizing resource allocation are ways that investing in proper nurse staffing can lead to growth prospects. Increased nurse employment levels will likely have ramifications beyond short-term budgetary concerns, strengthening the healthcare organization’s long-term viability and competitiveness. Economic Decision Making in Healthcare Essay Paper

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Conclusion

In summary, this extensive requirement analysis thoroughly examines the financial problem associated with understaffing hospitals with nurses. The paper emphasizes the importance of addressing the nursing shortage for the benefit of healthcare organizations and the communities they serve by exploring the complex effects of this issue, spotting disparities, looking at evidence-based findings, and suggesting changes or implementation strategies.

The anticipated results and expansion prospects highlight the financial factors that justify making sufficient nurse staffing an organizational strategy priority for healthcare institutions. Healthcare administrators can create focused strategies to address the underlying causes of insufficient nurse staffing by acknowledging the connections between financial stability, patient outcomes, and nurse satisfaction. This will help to create a healthcare environment that places equal emphasis on financial viability. Economic Decision Making in Healthcare Essay Paper

References

Brooks Carthon, J. M., Hatfield, L., Brom, H., Houton, M., Kelly-Hellyer, E., Schlak, A., & Aiken, L. H. (2020). System-Level Improvements in Work Environments Lead to Lower Nurse Burnout and Higher Patient Satisfaction. Journal of Nursing Care Quality, 36(1), 7–13. https://doi.org/10.1097/ncq.0000000000000475

Farid, M., Purdy, N., & Neumann, W. P. (2020). Using system dynamics modelling to show the effect of nurse workload on nurses’ health and quality of care. Ergonomics, 63(8), 952-964. https://www.tandfonline.com/doi/abs/10.1080/00140139.2019.1690674?casa_token=tAilXSbZk7wAAAAA:YUYLCfxMIQl_XZslk5fUG2zDjoh08Namov7gegN8mTm0bh89j_xGstQF4WYboyTiayt3NmwiRMsVDzv4

Griffiths, P., Saville, C., Ball, J., Jones, J., Pattison, N., & Monks, T. (2020). Nursing workload, Nurse Staffing Methodologies & Tools: a systematic scoping review & discussion. International Journal of Nursing Studies, 103(1), 103487. https://doi.org/10.1016/j.ijnurstu.2019.103487

Han, X., Pittman, P., & Barnow, B. (2021). Alternative Approaches to Ensuring Adequate Nurse Staffing. Medical Care, 59(Suppl 5), S463–S470. https://doi.org/10.1097/mlr.0000000000001614 Economic Decision Making in Healthcare Essay Paper

As a master’s level health care practitioner, you may be expected to implement plans to ensure that initiatives designed to take advantage of economic opportunities for the organization are rolled out successfully and can be sustained over multiple years. Additionally, it is important to be able to envision how an initiative could be implemented in different contexts and for different purposes to ensure the investment remains a viable and positive asset to your organization or care setting. Economic Decision Making in Healthcare Essay Paper

As a master’s level practitioner, you will often be challenged to influence the health care environment in a variety of ways. This influence can occur on a micro-level (implementing change on your unit, institution, community, or local organizations) or at a macro level (implementing change via state or federal regulations and policy). One way you can influence the health care environment is by lobbying an elected official at the local, state, or national level to adopt policies or legislation that would support positive economic and health outcomes for patients, practitioners, and organizations within the health care environment.

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