would consider staying — and many others who have left nursing altogether say they would consider returning — if certain conditions were met. Among these conditions are better compensation, an improved work environment, better hours and more respect from management. Nurses with no plans to leave echo many of these same sentiments. Indeed, some hospitals have found that the adoption of the best practices outlined above not only have improved their ability to recruit and retain nurses but also have proved an economic
boon. At Boston's Beth Israel hospital, for instance, the implementation of a primary nursing model has led to improved postoperative follow-up care, increased patient satisfaction and nurse satisfaction, and decreased lengths of stay. 313 Thus, where best practices provide superior care to patients, they may also reflect sound financial strategies. Executive Summary NSI Nursing Solutions Inc In 2018, the health care jobs market continued to grow and is trending up for 2019 with 42.3% of hospitals surveyed anticipating an increase in their labor force. At the same time, hospital turnover increased by 0.9% and set a new high-water mark for the decade. Currently, the hospital turnover rate stands at 19.1%. Hospitals addressing this issue have set a 2019 goal to reduce turnover by 3.26% on average. From a nursing labor perspective, the market continues to tighten with 45% of hospitals projecting to increase their RN staff. Last year, the turnover rate for bedside RNs grew to 17.2% and tied CY2015 as the highest in the past decade. Registered Nurses working in Burn Care, Women’s Health, Surgical Services and Pediatrics recorded the lowest turnover rate, while nurses working in Behavior Health, Telemetry and Emergency Care experienced the highest. Certified Nursing Assistant (CNA) turnover exceeded all other surveyed positions at 31.9%. The cost of turnover can have a profound impact on the diminishing hospital margin and needs to be managed. According to the survey, the average cost of turnover for a bedside RN is $52,100 and ranges from $40,300 to $64,000 resulting in the average hospital losing $4.4M – $6.9M. Each percent change in RN turnover will cost/save the average hospital an additional $328,400. Although the RN vacancy rate slightly decreased to 8.0%, only one in five (21.9%) hospitals reported a RN vacancy rate of “less than 5%” while approximately a quarter (23.7%) reported a vacancy rate exceeding 10%. The RN Recruitment Difficulty Index increased to 86 days on average, regardless of specialty. In essence, it takes close to 3 months to recruit a RN. Feeling the financial stress, half (48%) of hospitals would like to decrease their reliance on supplemental staffing. The greatest potential to offset margin compression is in the top budget line item (labor expense). For every 20 travel RNs eliminated, a hospital can save, on average, $1,435,000. Contact Michael Colosi at (717) 575-7817 to learn how NSI can improve your bottom line results.
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