Cost of Nursing Care
Cost of Nursing Care
Week 3 Discussion Question: Cost of Nursing Care
Fiscally responsible nurse managers realize that there is more to costing nursing services than knowing the hourly wages and benefits of employees. Direct and indirect costs, overhead costs, and capital expenditures are just a few of the key elements in determining what it costs to provide adequate patient care.
Respond to the following:
• Describe the various approaches in assessing the cost of nursing care.
• Examine the role of recruiting and retaining nurses in the cost of nursing care.
• Explain the impact of nursing turnover on nursing care costs.
• Examine whether the cost assessment methods used in your organization are effective. Give reasons for your answer.
APA please
Answer preview………..
Describe the various approaches in assessing the cost of nursing care
Cost minimization is one of the approaches which concerns cost saving. This method involves trying to minimize most of the expenses in the hospital including the early discharge of patients to avoid the cost (Blackman et al., 2015). The cost-consequence analysis is another approach which involves analysis of standard care for the patients and the community-based nursing. Most studies show reduced costs in community-based nursing or intervention as compared to the standard care. Cost-Utility analysis is another approach which involves analyzing the cost of the utilities and checking to see if there is a way of reducing the cost. For instance, a study showed that Early Discharge and Rehabilitation was cost-effective……….
APA 534 words