Financial incentives for meeting budgets?Register Today!
- by big sweet life Mar 3, '05I 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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- Mar 4, '05 by nursemaaI'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.
- Mar 10, '05 by kitty=^..^=catI 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.
- Mar 10, '05 by donmomofnineNot at the three facilities I have worked.
- Mar 10, '05 by gamegirlkimmyI 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.
- Mar 18, '05 by kitty=^..^=catI'd never turn down even a tiny bonus!
- Mar 21, '05 by lee1Can 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