Abstracts Business

Business Acumen Challenges Facing Nursing Leaders

by Chris Raftery

The provision of healthcare is a business just like any other industry, with key factors including a focus, customers, workforce, budgets and expectations. While the commodity of human health potentially modifies the approach in health, the fundamental mechanics of a healthcare business are the same, i.e. managing inputs, outputs and market forces. Despite this, for many years the delivery of healthcare has been somewhat considered outside of these basic economic principles. Front-line clinicians have the biggest roles to play in providing and influencing the day-to-day operations of the business of health, yet likely have the least knowledge of business. As we all need to understand and drive our health system reform into the future, is there renewed relevance for all clinicians at all levels to have a foundational awareness of business in health? The business acumen of clinicians is not at the forefront of everyone’s mind in the health industry. Of the limited research that is available, most only focused on a small perspective such as leadership, not aligned to the concept more broadly. Focusing on the profession of nursing, this research aimed to better understand what was already known around business acumen, as well as future opportunities to expand this knowledge. Exploratory perspectives were gained from 2 types of interviewees, into the current understanding and application of business knowledge for nursing, and how to evolve opportunities for our profession in the future. Regardless of the background of the interviewee, business was defined and therefore valued with variation through this exploratory research. Business education and training in health was not described as integrated, nor specific post-graduate programs being framed with relevance for most clinicians. This consequently leads to the need for business knowledge being an afterthought for individual nurses, as well as a reputational barrier for nursing’s inclusion in system level leadership. Improving the business acumen foundation across the nursing profession will not only raise the profile of nursing’s ability to input and influence, but better prepare our clinicians at all levels to understand the system, unlocking new potential.