Financial incentives for meeting budgets?

1. 0 I am curious if anyone has ever been in a nursing mangement position where bonuses or "perks" are recieved for meeting or coming in under budget for various operating costs of a unit? If not, have you ever heard of this type of incentive at other facilities?
   ex: equipment purchases, staffing budgets, materials purchases, etc.

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2. 6 Comments

   Topic Closed
3. 
   #1 0

   Mar 4, '05 by nursemaa

   I've heard of many organizations who give bonuses to management for meeting standards regarding budget, patient satisfaction, etc. I think it's fairly common practice but don't know for sure.
4. 
   #2 0

   Mar 10, '05 by kitty=^..^=cat

   I worked at a facility that incentivized managers to come in under budget for the year by offering a 15% annual bonus (based on salary). Those that developed processes to assure the cost-effectiveness of department operations were given additional percentages based on specific criteria. It was wonderful!!
   
   Although the bonuses amounted to a whole pile of money, it still worked in our budget and helped the managers learn the importance of being frugal with the organization's dollars.
5. 
   #3 0

   Mar 10, '05 by donmomofnine

   Not at the three facilities I have worked.
6. 
   #4 0

   Mar 10, '05 by gamegirlkimmy

   I am expecting my bonus this week. Our bonus is based on meeting the organizational goals which are different every year. Patient satisfaction, various budget issues, and HR were 2004 goals. I am not sure how much it will be yet but am excited to get it.
7. 
   #5 0

   Mar 18, '05 by kitty=^..^=cat

   I'd never turn down even a tiny bonus!
8. 
   #6 0

   Mar 21, '05 by lee1

   Can someone please explain further how a middle level manager or upper level NURSE manager can get a financial bonus in a non-profit hospital??
   What can you financially change?? Staff--FTEs, par levels, types/cost of equipment?
   I understand pt satisfaction, personal goals, employee satisfaction, hosptial goals, etc

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