It’s also important to consider the costs associated with scheduling itself. In a world of value-based healthcare, HCAHPS scores also bring with them a direct financial impact - for example, hospitals with low scores may be penalized with reduced Medicare reimbursements. Meanwhile, those with ratings of “low” averaged 1.8 percent. One analysis of the association between Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) scores and financial performance found that hospitals with HCAHPS patient ratings of “excellent” between 20 had an average net margin of 4.7 percent. Exceptional patient experience is not only one of a hospital’s primary objectives, but the measurement of its success can be incredibly valuable. While long shifts are shown to have adverse effects on nurse satisfaction, the same is true for patients. That adds up to a loss of between $3.6 million and $6.1 million for the average hospital, numbers that should be alarming to any healthcare leader. Turnover for a bedside RN comes at an average cost of $44,400, ranging from $33,300 to $56,000. Studies show that lengthy shifts and mandatory overtime correlate to lower job satisfaction and burnout for nurses, which can result in higher turnover rates. Nurse retention is another crucial piece of a health system’s financial puzzle. By eliminating 20 travel RNs, the report says a hospital could save a whopping $1.4 million on average. Meanwhile, 45.7 percent of hospitals that participated in the 2020 NSI National Health Care Retention & RN Staffing Report said they wanted to reduce their reliance on supplemental staffing due to the hefty price tag. That could average out to nearly $9,000 in additional annual wages per nurse. And according to Medscape’s RN/LPN Compensation Report from the same year, 56 percent of the more than 5,000 registered nurses (RNs) surveyed reported working between 1 and 5 hours of overtime per week. As of May 2019, the median hourly wage for an RN was $37.24. In the middle of a busy shift, it’s easy to focus on immediate needs and neglect to take accruing overtime into account. To make up for increasing nurse shortages, CNOs and nurse managers will often rely on overtime and pricey supplemental labor to fill in the gaps. There are a number of key factors to consider when analyzing these costs. Nursing resources may account for a quarter of a hospital’s total budget, so it’s no wonder costs associated with nurses are often closely scrutinized. It will also discuss the need for real-time, enterprise-level data in order to make more informed staffing decisions. This white paper will examine how poor workload balancing can negatively impact a health system’s bottom line. But making the right choices when it comes to staffing should not be a guessing game. Workload balancing is fundamental to hitting those efficiency targets. In other words, there is an expectation to meet staffing needs and provide high-quality care while keeping labor costs low, even amid a nursing shortage or pandemic. Maximizing labor efficiencies is one of the hardest yet most critical responsibilities for a CNO or nurse manager. This shortage was compounded with the onslaught of the COVID-19 pandemic when staffing needs surged to unprecedented levels, particularly in specialty units. The nursing shortage has been growing in the United States for many years, but the problem is expected to reach new heights as our population ages and a large portion of nurses approach retirement.
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