Poor nurse retention has plagued the hospital industry for many decades. As the years pass, the concern of retention remains costly and harmful to hospitals and patients alike. At a national average RN turnover rate of 17.1% year after year, healthcare holds the dubious distinction for having one of the highest turnover rates among all industries.
Hospitals are losing nurses at an alarming rate. In fact, it’s been estimated that 33.5% of new RNs leave the bedside within the first two years. All of that turnover can affect patient care and satisfaction, and has a significant impact on a hospital’s operating expenses. The average cost of turnover for just one bedside RN ranges from $37,700 to $58,400. A recent Healthcare RN Retention study found that each percent increase in RN turnover costs the average hospital $373,200.
To say that nursing is a stressful career is not news. As far back as 15 years ago, nursing was ranked as the fourth most-stressful job in the country, with high turnover rates to prove it.
Each year in the U.S., serious preventable medication errors occur in 3.8 million inpatient admissions, according to the Network for Excellence in Health Innovation. In fact, according to Leapfrog Group, on average, one medication error occurs per patient per day.
Industry Leaders Say: People, Processes & Technology
As hospitals look for ways to intersect people, processes and technology to improve outcomes, patient satisfaction and revenue, chief experience officers and, more recently, hospital docents (skilled volunteers) are playing that key role. In fact, more than half of hospitals now have a chief experience officer. A 2017 survey by The Beryl Institute found that 58 percent of hospitals surveyed employ a chief experience officer or CXO, up from just 22 percent in 2013.
Everyone’s talking about it. What is the “it”? The “it” is how do we, as hospitals, improve our patients’ experience. How do we take a stressful, sometimes emotional, often confusing stay in a hospital and turn all of those adjectives into positives? There’s no single answer to that question, as evidenced by the many sessions devoted to patient experience at this week’s HIMSS conference.
It’s a new year, and with that comes the obligatory lists … you know, the best of, the predictions, the top trends. So what’s trending in healthcare? Underlying all the predictions is a sure continuation of the industry’s drive to a more consumer-driven, patient-centric model.
Walk through most any new healthcare facility, and it is readily apparent: these buildings are a far cry from the designs of our grandparents’ era. Architects, designers and technology providers are teaming with clinicians and facilities managers to create facilities that put the patient experience at their core.
Professionals in the healthcare field know a better patient experience directly translates to increased patient satisfaction scores and positive impact to hospital reimbursements.
The Centers for Medicare & Medicaid Services released data last fall that shows good news for hospitals working to reduce patient readmissions. From 2010-2015, 30-day hospital readmission rates fell by 8 percent nationally – with reductions noted in every state but one.