Specify your major and identify your career plans. Explain how accounting might help you in your career if you are not planning to be an accountant. What information provided in financial reports would help you in your business?
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SOLUTION to ACC 240: Fundamentals of Accounting- Topic 1 DQ 1.
Hello class,
I am currently pursuing a Bachelor of Science in Nursing (BSN) degree and I also work as an Emergency Room (ER) nurse. Upon graduating, I plan to continue working as a registered nurse in an emergency room setting. While I am not studying to become an accountant, I believe understanding basic accounting principles will help me in my nursing career. During my duties as an ER nurse, I will be in charge of patient care while at the same time being charged with the responsibility of overseeing and supervising the patient flow. This will call for the understanding on how best to use the existing resources in the hospital most efficiently. Moreover, financial reports can help me understand how budget and staffing decisions impact patient outcomes and quality of care as explained by Akinleye et al. (2019). Through the identification of the funds flow, expenditure, and quantifiable outcomes such as operating cost, it will be possible to offer value based care rather than protracting the cost.
Additionally, I am confident that the knowledge of basic accounting will assist me in making prudent purchase decisions and effectively managing costs. Cleverley et al. (2023) posit that evaluating metrics in income statements and balance sheets can guide budget-friendly procurement of medical supplies, selecting lower-cost treatment alternatives, and utilizing available discounts. This supports my goal of delivering affordable, high-quality care to my patients despite fiscal constraints common to hospitals. With financial skills, I will also recognize early signs of operational inefficiencies and collaborate with management to undertake corrective actions to optimize department performance and outcomes. Furthermore, I can work with department leaders to right-size staffing models based on patient volume and accurate predictions gleaned from financial data. This shows that while I am not pursuing accounting as my career, gaining familiarity with financial reports and metrics has clear professional benefits for my role as an ER nurse.
References
Akinleye, D. D., McNutt, L. A., Lazariu, V., & McLaughlin, C. C. (2019). Correlation between hospital finances and quality and safety of patient care. PloS One, 14(8), e0219124. https://doi.org/10.1371/journal.pone.0219124
Cleverley, W. O., Cleverley, J. O., & Parks, A. V. (2023). Essentials of Health Care Finance. Jones & Bartlett Learning.