As an artist by training, nothing grabs my attention more than a great visual. The one below, recently featured in Becker’s Hospital Review, starkly highlights the unsettling facts of nurse turnover rates and their impact on our clients and other leading U.S. healthcare organizations.
The Cost of Nurse Turnover
One look at the infographic and I began connecting the dots. The three-year new RN turnover rate is at 43 percent. The average cost per nurse turnover is between $36,000 to $57,000. Each percent change in RN turnover will cost/save the average hospital an additional $379,500. You don’t need to be a CFO to understand the consequences of these numbers.
The average cost per nurse turnover is between $36,000 to $57,000.
Above all is the impact this has on patient care. This is why, late last year, we came together with Prophecy Health, the national leader in nursing and allied health assessments that partners with healthcare organizations to select, onboard and retain the best clinicians.
This infographic confirms what we know from our clients. Nurses leave because they are “underappreciated” or not prepared for demands they face, including “hard mental and physical labor” or “crazy hours.” Conversely, they stay because of “job opportunities” and “career stepping stones.”
Makes sense, right? But what are health systems doing to deter reasons for leaving and bolster reasons for staying? Look at what the infographic prescribes to “eliminate bad turnover.” Then look at what Relias offers our clients.
With Relias Assessments (formerly Prophecy), hiring managers can screen candidates for the clinical competencies, situation-specific interpersonal skills and behavioral and personality traits that help organizations hire people best suited for particular specialties. Relias Assessments’ user-friendly reports provide personalized scorecards on each clinician, enabling tailored orientation and onboarding so those nurses can put their best feet forward from day one.
With Relias OB and ED (formerly GNOSIS), department heads can provide the professional development and continuing education that help nurses excel and feel valued. Not only does Relias OB and ED help them become more proficient in what they do, but it demonstrates that health systems “appreciate and respect what they do.”
Whether you worry about the bottom line, patient outcomes or both, nurse retention is a problem. Yet with a spectrum of Relias solutions that focus on building the best patient care teams, it’s a challenge our clients can overcome… one nurse at a time.