Recruiting and retaining quality clinical staff remains a top priority for hospitals and health systems this year.
Over the past several years, hospitals have made strides to combat turnover and vacancy rates. However, many care setting across the continuum, including inpatient rehabilitation and behavioral health, remain understaffed.
The Impact of Clinical Turnover on a Hospital’s Bottom Line
The cost of turnover can have a profound impact on shrinking hospital margins.
A survey by NSI Nursing Solutions revealed that the average cost of replacing a bedside RN is $56,300. This translates to an average hospital loss of $4.85 million annually. Moreover, every 1% change in RN turnover experiences an additional cost or savings of $262,500 per year.1
Not only does reducing turnover improve a hospital’s bottom line, but it also improves patient outcomes by maintaining experienced nurses who provide consistent, high-quality care – reducing readmission risk and enhancing patient satisfaction.
Three Areas of Focus to Help Strengthen the Clinical Workforce
In a study published by the American Organization for Nursing Leadership (AONL) Foundation, hospitals ranked the top three challenges currently impacting their organization.2,3 These include:
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- Staff recruitment and retention
- Emotional health and well-being of staff (reducing workload and stress)
- Financial resources available
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If a hospital can approach recruitment and retention efforts in a strategic way, staff well-being and financial hurdles can also be addressed. But how can a hospital successfully address all three issues without expending additional resources and capital?
Partnering with a trusted rehabilitation expert can provide hospitals with the resources and expertise to address challenges effectively. By leveraging the expert's knowledge and capabilities, hospitals can:
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- Enhance clinical staffing: Rehabilitation experts can help hospitals identify staffing gaps, optimize schedules and implement efficient staffing models to ensure adequate coverage and reduce burnout. This ultimately results in improved well-being of the staff which can then lead to enhanced care delivery.
- Improve patient outcomes: By providing specialized rehabilitation training and education, these experts can contribute to better patient outcomes, increased patient satisfaction and reduced length of stay.
- Reduce financial strain: Rehabilitation experts can help hospitals optimize resource utilization, improve operational efficiency and identify opportunities for cost savings, ultimately reducing financial burdens.
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Fluctuating labor supply and demand are an ongoing challenge in healthcare. A trusted partner can help hospitals maintain consistent staffing levels, enabling health leaders to focus on current and future strategic priorities.
Contact us to learn how your hospital and staff can benefit from a strategic partnership with Lifepoint Rehabilitation.
References:
- https://www.nsinursingsolutions.com/documents/library/nsi_national_health_care_retention_report.pdf
- https://www.aonl.org/resources/nursing-leadership-survey
- https://go.beckershospitalreview.com/hrwp/attracting-retaining-the-next-generation-of-rns-insights-from-the-beckers-works-cno-survey
