Dear Colleagues,
I hope you are enjoying Financial Literacy month and taking this opportunity to shore up your own financial literacy. Financial literacy for Boards encompasses the knowledge and understanding of financial concepts and tools necessary for informed decision-making and managing Board finances effectively. It assists Boards in understanding their financial position, planning for the future, and making strategic decisions that drive growth and sustainability.
Not only can Boards benefit from the unique perspective nurses bring to achieve the goals of improved health and efficient and effective healthcare systems, but also from financial literacy principles and skills such as:
- Informed Decision-Making
- Improved Financial Planning
- Enhanced Risk Management
- Better Negotiation Skills
- Increased Efficiency and Profitability
- Access to Funding
- Enhanced Competitiveness.
When preparing to serve on a Board, acquiring proficiency in governance and financial literacy is exceedingly beneficial, however, nurses should also feel confident that they have already honed many of these skills working as a nurse leader.
Partnerships between NOBC and the Action Coalitions are one way to close any Board competency gaps, providing opportunities to equip nurses to address some of healthcare’s biggest challenges i.e., medical errors, patient safety, improved quality of care, cost reduction, increased access to healthcare and armed with financial literacy.
Rita Wray, MBA, RN-BC, FAAN
Action Coalition Board Representative
NOBC Treasurer