THE DATA
The data is out, and while there is some improvement as it relates to nurse turnover nationally, the numbers do not exactly assuage concerns that the US Healthcare System is well positioned for the future. Becker’s CFO Report (Gamble, 2024) indicates the 2023 national average for nurse turnover at 18.4%, represents a 4.6% improvement overall. Of course, there is variability by facility type and bed size, but what remains concerning is that nurse turnover rates have not returned to their pre-pandemic baseline, and sufficient staffing is foundational to patient safety and nurse satisfaction.
From a financial perspective, in the setting of increasing costs and decreasing margins, Becker’s (Gamble, 2024) also reports the overall cost for RN turnover has continued to increase, up by 7.5%, to $56,300 ($52,350). In this context, an organization’s ability to attract AND RETAIN a nursing workforce, is an imperative.
THE ROLE OF THE CNO
CNO’s not only have responsibility for the oversight of nursing practice, they also have accountability for the financial wellbeing of the nursing cost-center. Further, in a value-based healthcare economy, the CNO must also be able to articulate the value that nurses are contributing to the delivery of safe care and outcomes.
In a post-COVID reality, dependence on costly agency staff must now be weaned, and significant attention should be given to those activities that increase the organization’s ability to attract and retain a workforce who will drive exceptional outcomes of care. With each percentage of change in RN turnover rates estimated to cost $262,500 annually (Gamble, 2024), nurse leaders who successfully impact nurse turnover rates also can impact the organization’s bottom line.
THE PATHWAY to EXCELLENCE ® ANTIDOTE
To advance such change, now more than ever, nurse leaders should consider beginning a nursing excellence journey. The ANCC’s Pathway to Excellence ® Program is a nationally recognized and validated framework that when operationalized, not only empowers and engages staff, it also provides the foundation for a healthy work environment – that’s the nursing excellence antidote to nurse turnover! Organizations that achieve Pathway to Excellence® designation can also boast of having a healthy practice environment, a greater degree of nurse job satisfaction, enhanced communication across teams and more interprofessional collaboration. In such environments, patients reap the benefits of better outcomes of care!
If your organization is interested in evaluating the benefits of a nursing excellence journey, please contact Stephanie@Apex-RX and let’s schedule some time to talk about your options, including a Pathway to Excellence® journey.
Stephanie’s Bio: https://apex-rx.com/about/
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References
Gamble, M. (2024, April 8). The cost of nurse turnover in 24 numbers: 2024. Becker’s Hospital Review. https://www.beckershospitalreview.com/finance/the-cost-of-nurse-turnover-in-24-numbers-2024.html?origin=BHRE&utm_source=BHRE&utm_medium=email&utm_content=newsletter&oly_enc_id=7231J6625090D4L
