Work-related burnout is a significant driver of those costs, according to a 2022 American Medical Association-led study published in Mayo Clinic Proceedings. Nearly one billion dollars in annual excess healthcare expenditures are due to turnover of primary care physicians. Turnover among RNs and other hospital staff mirrors some of the turnover trends seen among primary care physicians. Establishing a measurable goal needs to be a core component of any retention strategy, authors said. In fact, close to three quarters (72.6%) have a formal retention strategy, yet less than half (44.5%) are tied to a measurable goal. Others include relocation, salary, education, scheduling, commute and workload/staffing ratios.Īn overwhelming majority of hospitals, 96.1%, view retention as a "key strategic imperative." Almost all hospitals have retention initiatives. Personal reasons, career advancement and retirement were at the top of the list. Participants were asked to select from a list of 20 common reasons. To further understand turnover, respondents were asked to identify the top five reasons why employees resigned. Voluntary terminations accounted for 95.5% of all hospital separations. In the past five years, the average hospital turned over 100.5% of its workforce. Last year, hospital turnover increased 6.4% and ranged from 5.1% to 40.8%. The national hospital turnover rate is 25.9% at present. Every RN hired saves $210,000, the survey found. The greatest potential to offset margin compression is in the top budget line item, labor expense. The RN Recruitment Difficulty Index remains elevated at 87 days on average, regardless of specialty. In essence, it takes three months to recruit an experienced RN.įeeling the financial stress, hospitals are looking to decrease reliance on supplemental staffing. Currently, this stands at 17%, up 7.1 points from last year, with 81.3% reporting a vacancy rate in excess of 10%. Hospitals are experiencing a dramatically higher RN vacancy rate. Each percent change in RN turnover will cost/save the average hospital an additional $262,300 annually. According to the survey, the average cost of turnover for a bedside RN is $46,100, resulting in the average hospital losing between $5.2 million and $9 million. The cost of turnover can have a profound impact on diminishing hospital margins, the report found. Registered nurses working in surgical services, women's health and pediatrics recorded the lowest turnover rate, while nurses working in step down, telemetry and emergency services experienced the highest. The turnover rate for staff RNs increased by 8.4% and currently stands at 27.1%. For the first time since conducting the survey, RN turnover outpaced the hospital average. Last year, RNs exited the bedside at an alarming rate and hospitals shed 2.47% of their workforce, the data showed. Although hospitals did not meet their 2021 goal to reduce turnover, they've doubled down by setting a higher goal, which is to reduce turnover by 5.9%. The "Great Resignation" is evident in healthcare, with hospital turnover on the rise. That brings with it its own set of costs and challenges that have hospital leaders looking at ways to reduce their turnover rates.Īccording to the 2022 NSI National Health Care Retention & RN Staffing Report, during the past year, hospital turnover increased by 6.4% and currently stands at 25.9%.
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