hrough the Financial Action Plan, everyone at U of U Health has been asked to improve fiscal health. Within the in-patient realm of nursing, we strive to navigate the financial landscape as a team. We all have a role in cultivating financial sustainability of our system so we can perform our mission of providing compassionate care without compromise.  

As we continue the Financial Action Plan culture and grow as an institution, we encourage our leaders to step forward as stewards of finance through individual, team and organizational practices.  

Here are five ways you can prepare your team to make collaborative financial decisions that will improve the long-term health of our organization: 

1. Build a shared language 

Training your team to embrace financial decision-making requires a solid foundation built on shared language and understanding.  

We recognize that many of our clinical leaders have varying degrees of familiarity with budgeting and financial forecasting. With the help of our finance department, you can teach your team to make informed financial decisions by: 

• Breaking down financial jargon and providing translations of common terminology. 

• Understanding which reports you need to be looking through like Tableau or STRATA management reporting and when.  

• Sharing how real-time updates, such as end-of-shift reports or metrics like hours per patient day (HPPD), offer tangible insights into financial performance.  

Teams become more involved when they can witness how their actions affect the direct financial impact in real time, instead of looking at long-term trends.  

Above all, don’t be afraid to speak up if something doesn’t make sense. Our finance department is here to help you every step of the way.

2. Remain human-centered

Every budgetary decision we make must reflect our organization’s commitment to providing safe and high-quality patient care. Whether you are discussing equipment, supplies or processes, remember to look at the big picture. Ask yourself, “How will this affect our patients?”  

Something as simple as monitoring reports is one of the best ways to ensure exceptional care. They reflect our dedication to our patients’ safety and showcase the positive impact individual teams can have on our organization’s financial health. They also give leaders the opportunity to recognize and celebrate a team’s hard work.  

Remember, these reports aren’t meant to be punitive. If something looks off, it’s simply a sign that more resources or attention may be required. Meet with your frontline leaders to find out what's happening at the bedside. Make sure they have the staff and support needed to deliver high-quality care.

3. Implement cross-functional collaboration

Developing our organization’s financial resilience will ultimately depend on communication. Making financial decisions in a vacuum, without considering the long-term consequences, can lead to costly rework processes and wasted time.  

In a culture of shared responsibility and transparency, we encourage clinicians to actively engage in analyzing and prioritizing requests. Managers are asked to identify problems and needs within their departments. They will also be involved in finding solutions, from locating quotes to navigating layers of reproval.  

Guiding tools, such as prioritization spreadsheets and open dialogue between our clinicians, medical directors and other teams, will help everyone feel confident in being part of the solution. Our success depends on upholding an inclusive process.

4. Focus on an improvement mindset

In our journey towards financial resilience, it’s important to consider that all actions, big and small, can have an impact. You don’t need to become a financial whiz – just keep an open mind as we continue our Financial Action Plan journey. 

Financial forecasting may sound daunting but can help you in the present and in the future.  You can simplify the process by using your department’s historical local data and your current state to anticipate future trends and needs.  

Cutting costs by eliminating morale-boosting treats, like candy for team members, may not help you in either the present or future. Ultimately, financial resilience requires a practical approach that encourages sensible decision-making without sacrificing your team’s morale.  

Remember – this initiative is about working together to achieve a common goal. For any questions, concerns or additional guidance, your local and finance directors are there to help you focus on the right long-term approaches.  

5. Understand your locus of control

Financial resilience depends on understanding your locus of control, or how much control you and your team have over implementing positive changes within your department.  

Work with your finance directors and your team to identify accounts that offer the most potential for impact, whether that’s something like labor management or supply allocation.  

Once you’ve found these opportunities for local change, encourage your team to track trends within their unit over the following months. The small, sustainable adjustments that you make on a local level carry much more weight than you’d expect.