Walk into any major retailer or entertainment venue, and it’s a good bet that digital signage will grab your attention in some way. Maybe you want to find the nearest concession stand or catch video snippets of the game action at a sports arena. At the grocery store, perhaps you want to peruse the specials of the day or watch a cooking demonstration.
The Centers for Medicare and Medicaid Services put hospitals on notice back in 2012 that excessive patient readmissions would not be acceptable – and in fact, could be costly to the hospital. For this reason, the Department of Health and Human Services established the Hospital Readmissions Reduction Program (HRRP). The HRRP served as part of the Affordable Care Act’s goal to improve healthcare by financially rewarding quality care.
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.
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.