Business acumen for nursing leaders: An exploratory qualitative study.

AIM: The aim of this study was to explore the status of and need for business acumen of nurse leaders. BACKGROUND: Health systems globally continue to reform to deliver better care while working within sustainable budgets. However, beyond leadership and management expertise, nurse leaders need strong business acumen to appreciate the complexity of the system. METHOD: Two groups, emerging nurse leaders and established health system leaders, were interviewed for their perspective on four elements related to business acumen. RESULTS: Business in healthcare was defined and therefore valued with variation across both groups. Adequate business education for nurse leaders was considered lacking by both groups. Inconsistent business acumen was seen as a barrier for nursing inclusion at the system level. CONCLUSIONS: Business acumen is a skillset more valuable for the nursing profession than the current educational preparation allows, creating a reputational barrier for nursing's full participation in health system-level leadership, but is considered an opportunity for the future. IMPLICATIONS FOR NURSING MANAGEMENT: Improving the foundation business acumen across the nursing profession will not only raise the profile of nurse leader capability to input and influence across the health system but also improve the wider nursing team's understanding around nurse leader advocacy and decision making.

Business acumen for nursing leaders: A scoping review.

AIM: The aim of this study is to explore the current evidence on business acumen of nurse leaders. BACKGROUND: Health systems across the world are under immense pressure to stay solvent, maintaining services within a defined budget as we recover from the COVID-19 pandemic. Effective nurse leaders not only need to have strong leadership and management skills but also strong business acumen to navigate the complexity of the system. EVALUATION: A scoping review of research was undertaken, using preferred reporting items for systematic reviews and meta-analyses (PRISMA) scoping extension checklist, with 571 studies found across multiple databases, 17 meeting final review eligibility. KEY ISSUES: Findings were noted surrounding three themes: the value of business acumen in nursing, the gaining of business acumen in health care as a nursing leader and the utilizing business acumen as a nurse leader in the health care industry. CONCLUSION: While nursing leadership and management were well researched, limited studies covered the specific focus of business acumen in health care for nurses or broader clinicians. IMPLICATIONS FOR NURSING MANAGEMENT: While evidence points towards business acumen being important for health care leaders in balancing care and cost, inadequate research limits the recognition of these professional capabilities of nurse leaders. Further understanding could inform future policy and curriculum, as well as empower our next generation of clinicians.

Business acumen for nursing leaders, optional or essential in today's health system? A discussion paper.

Background: Over the last number of years, the healthcare system has become more complex in managing increasing costs and outcomes within a defined budget. To be effective through reform, especially moving forward from the COVID-19 pandemic, healthcare leaders, specifically in nursing, have an increased need for business acumen beyond traditional leadership and management principles. Aim: This paper examines the concept of business acumen in the profession of nursing, specifically for managers and higher nurse leaders, establishing whether these skills are optional or essential. Discussion: Nurses learn and develop broad skills in leadership and management, but less specifically about business or the broader system. With a contemporary Australian health system aiming to be more effective, nurses may require a greater level of business acumen to adequately understand the mechanics of business decision making in the system when designing care models, as well as representing the business potential of nursing in balance with clinical outcomes through reform. Conclusion: The modern nurse, in addition to clinical skills, may need a foundational understanding of business evolving throughout their career, to maximise innovative growth across the system, in meeting the healthcare needs of our community now and into the future. Without a foundation level of business acumen and an understanding of the system across the profession, nurses may not be empowered with their full potential of being a strong voice influencing health system reform.