Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

It was very challenging to get a financial manager interviewee and a nurse administrator interviewee. However, after wide telephone consultation, the Chief Financial Officer and the Chief Nursing Officer at Mayo Clinic agreed to participate in the interview. The focus of the interview was on cost management. Therefore, five questions were developed based on this topic. Just like any other business, financial management is essential in the achievement of the objectives (Fottler, Savage & Blair, 2009). Coupled by deficit in budgeting from donors or federal/State government, rising cost of health and other economic challenges, cost management becomes essential for Mayo Clinic in Minnesota. In an attempt to access the cost management at the Health Care, the following interview questions were developed.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

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How ready is Mayo Clinic for cost management?
Does your organization have cost-reduction goals based on the shortages in funding?
Has your organization outlined any external or internal frameworks to recognize possible sources of saving?
Are there any established frameworks that help in drilling the staff of your organization?
How do you streamline overhead functions?
Background of Mayo Clinic
Mayo Clinic is a non-government (nonprofit) medical research group headquartered in Rochester in Minnesota. It is the first largest nonprofit medical group in the world. It has approximately 3, 800 physicians and scientists and over 50, 900 allied health staff. Mayo Clinic specializes in the treatment of difficult health cases through tertiary care. The organizations spend over $500 million annually on research alone. The establishment of the clinic is credited to Dr. William Worrall Mayo. When he settled in Rochester in 1864, he founded a medical practice that evolved into the present Mayo Clinic by courtesy of his sons. In a recent ranking of American Health Facilities, Mayo Clinic was listed as one of the leading and among top class hospitals in the world for the last 20 years. It is widely recognized as a leading clinic in medical practices. It is famous for its integrated and comprehensive care especially for cardiac cases. In addition to being the best hospital in the 2014-2015 US ranking, Mayo Clinic has also been featured among the best world employers for the last 8 consecutive years.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Job Description
Job Description of the Chief Financial Officer
At Mayo Clinic, the Chief Financial Officer offers both programmatic and operational support. He supervises the entire finance department or unit and acts as the financial spokesperson. He reports to the CEO and assists the CPO. Mayo’s Clinic mission statement is to motivate and deliver quality healthcare. So as to achieve this, the clinic provides world class care to the patients through integrated clinical research, practice and education. As for the vision statement, Mayo Clinic aims at providing supreme experience as the most reliable and trusted health care institution. In relation to this mission and vision statement, the Chief Financial Officer helps the organization in execution of all necessary financial actions to achieve the organization’s missions and assist in the staff successful performance and their growth plans. By so doing, the Chief Operating Officer helps the organization deliver integrated care by overseeing or ensuring there is no financial complications that can affect any department.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Job Description of the Chief Nursing Officer
The Chief Nursing Officer or the Chief Operating Officer plays a crucial role at Mayo Clinic because she links nursing fraternity to all functions that support patient care. This linkage is crucial in the achievement of the mission and vision statements. It is important to the organization because it enhances or enables actualization of an integrated, inter-disciplinary approach to patient health care needs. The Chief Nursing Office takes a role in providing a voice at the Clinic’s councils and committee. Therefore, the position of the CNO is crucial in the realization of both the mission and vision of the clinic.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

How ready is Mayo Clinic for cost management?

Organizational competence is necessary for the success of a strategic cost management. Some of the competencies required include, target setting and tracking, management controls, overhead management, financial performance, execution and accountability. This question was essential for conducting a cost management assessment with clear systems.

Does your organization have cost-reduction goals based on the shortages in funding?Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

The question aimed at establishing revenue stream for the hospital. The question was significant because revenue systems are no longer what they used to be especially for health care institutions. Cost-reduction should aim at closing the capital shortfall. Thus the question was an attempt to establish the organization’s strategies to maintain its competitive financial performance.

Has your organization outlined any external or internal frameworks to recognize possible sources of saving?

Taking a historical perspective on the trends and implementing global benchmarks is essential in giving a clear road map of the sources of savings. Therefore, the aim of this question was to establish if there is consensus within the clinic concerning the level of cost reduction.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Are there any established frameworks that help in drilling the staff of your organization?

Staffing methods can help check costs and also enhance the relationship between clinicians and the patient needs. Therefore, the purpose of this question was to establish if the Clinic can take measures or strategies that aim at striking a balance between service deliver and the staff welfare.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

How do you streamline overhead functions?

Redundancies in the revenue cycle, human resources, marketing, accounting and other hospital functions can enhance operational flow and bring substantial savings. Therefore, the question was aimed at identifying mechanisms of centralization to ensure smooth flow of activities and avoid losses.

Summary of Each Interviewee Response
How ready is Mayo Clinic for cost management?Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

The Chief Financial Officer said that Mayo Clinic was aware of the importance of being ready for cost management strategies. The CFO said that the clinic was adapting strategic cost management initiative. The CNO echoed the CFO’s words and reported that the clinic had adopted several strategies concerning cost management. As a key player in financial management, the CFO identifies any strategy that he thinks will make the organization more cost effective. As for the CNO, her financial role is to ensure that the proposed cost management strategies are translated or linked to the customers’ needs.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Does your organization have cost-reduction goals based on the shortages in funding?

The CFO and the CNO reported that Mayo Clinic regularly reviewed its integrated plans to ensure the current projects were adequately funded. The CFO, the CNO and other financial management officers deliberate on cost reduction goals taking into account different departments.

Has your organization outlined any external or internal frameworks to recognize possible sources of saving?Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Both the CNO and the CFO reported that Mayo Clinic had established both interior and external frameworks. The CNO and the CFO identify the frameworks consultatively with the rest of the officers to ensure effective financial management.

Are there any established frameworks that help in drilling the staff of your organization?

With a team of over 3,600 clinicians, both the CFO and the CNO confirmed that there are strategies aimed at drilling the staff, but with regard to customer demands which often fluctuate.

How do you streamline overhead functions?

Both officers reported that Mayo Clinic has always aimed to become cost effective. The officers said that some departments had been relocated of merged to save or reduce duplication of roles, for example human resources department.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Similarities and Differences of the Responses
While conducting the interview, it was noted that the interviewee had reported similar things and what was actually different was just the wording. Thus it can be assumed that Mayo Clinic is a highly unified institution where all the finance officers are updated on the relevant information regarding financial management.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

How the Two Professionals Work Together
The CFO and the CNO hold key positions in the organization and work together to strengthen the institution. They consult each other at different levels to ensure that the mission and vision of the organization are achieved. The CNO is in direct contact with customers and thus knows their needs. Her special position enables her to communicate the clients’ wants to the CFO so as to develop new strategies or processes that enhance the improvement. The two officers are aware of the implication of being named the best clinic in the world. Therefore, the two officers work closely with each other to implement modern financial management tools and methodologies, for example Lean methodologies, to ensure effective financial management.. This makes Mayo Clinic ready for the current and future consumer needs. It is a world class health facility that many clients especially cardiac patients, may visit.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper

Professional Staff Nurse has often been left out of financial management process, yet the success of financial management is largely on their hands. Professional nurses consume most supplies and they can run out of costs as a result of inefficient nursing practices. Therefore, professional nurses can play a crucial role as they should effectively utilize supplies at their disposal. Financial leaders can conduct an internal training to ensure professional nurses learn and adapt to the art of financial management. As a strategy, the internal training can include seminars on modern financial methodologies and practices.Nursing Example On Interview With Chief Nursing Officer At Mayo Clinic Essay Paper