Module Components

• Overview
• Assignments

Topics

• The Weather and Financial Forecasting
• Financial Forecasting
• Budgeting and Financial Forecasting
• Understanding Trends in Health Care

Nurs 690 Managerial Health Finance

Module 12: Forecast and Decision Making

Overview

Healthcare forecasting plays an essential role in the organization’s ability to plan and implement strategies for keeping up with the demands of a rapidly changing health environment. Every decision the leader makes, virtually hinges on the accuracy of the information gathered. The quality of that information could help leaders foresee and prepare to tackle future challenges to move efficiently toward achieving successes. The use of the right forecasting tools can help leaders combat future health events or situations such as demands for health services and healthcare needs and facilitate preventative health strategies.

Leaders are cautioned to realize forecasting is not an exact science, and results are rarely perfect. Leaders must develop the ability to “blend experience and good judgment with technical expertise” for accuracy. The primary goal is to forecast accurately enough that it brings out the best in patients and you as a leader. Healthcare must seek out and utilize tools that will help them more efficiently create assessments, plans, and strategies. They must continually seek and analyze information, which allows them to devise the best approach that meets the needs of all stakeholders. Remember to acknowledge no one technique works for every situation. Therefore, leaders must regularly consider all forecasting techniques and methodologies to remain successful in the future.

Objectives

At the conclusion of this module, the learner will be able to:

• Discuss the quantitative methods useful for nurse managers in decision making
• Explain the forecasting techniques used to predict resource use, patient volume, and income