Nursing as a business. Financial management.

Nursing financial management is the natural outgrowth of the increased responsibility being assumed by nursing administrators. Fiscal knowledge, while often complex, is an essential aspect of the administrator's repertoire of skills and must be mastered to ensure a position of power within the total organization. At the same time, nursing administrators must understand the broad scope of financial management and be willing to teach and to delegate financial control to other members of the nursing management team. Financial management is a triad of complex, ongoing processes essential to institutional management. Nursing must address this new challenge and accept the responsibility for the business aspects of nursing.