According to a recent American Hospital Association survey of healthcare executives, one of the top six hospital priorities includes fostering innovation. Now consider that last year to fuel this innovation, digital health startups saw over $11.5 billion of capital poured into their businesses; a new annual record.
You’ve read the national studies. You’ve reviewed your hospital’s reports. You’ve experienced it in your unit. Nurse turnover is an issue that impacts hospitals large and small, rural and urban, community or academic, for-profit and non-profit. Currently, the national rate is between 16-17 percent and health systems across the U.S. are prioritizing their retention strategies and investments.
For chief nursing officers, nurse turnover has become a top priority that impacts all corners of the health system from patient safety to the bottom line. Current research tells us that the national nurse turnover rate is around 17% and replacing one nurse can cost around $60K.
For chief nursing officers, nurse turnover has become a top priority that impacts all corners of the health system from patient safety to the bottom line. Current research tells us that the national nurse turnover rate is around 17% and replacing one nurse can cost around $60K. For an average 300-bed hospital that represents $5-8M annually. Clearly, nurse retention is a multi-million dollar problem that will only escalate with health care's expansion as the U.S. population ages.
Following generations that remained loyal to their company for 30+ years (complete with 6 weeks vacation and a healthy pension), it’s not uncommon for today’s employee, for example in the tech sector, to hop around every year.
In our recent white paper, The Modern Nurse Manager, laudio published several validating findings about the role of nurse manager. In summary, it’s one of the most difficult jobs in healthcare.
Essentially, most of the burden results from high ratios where a nurse manager on average is responsible for 85 staff nurses and, in some instances, up to 220. Now consider that about 80% of nurse managers have no previous managerial training, according to our study. Not ideal for creating a supportive culture driven by interpersonal relationships or what is now known as nurse engagement.