![]() By eliminating 20 travel RNs, the report says a hospital could save a whopping $1.4 million on average. Meanwhile, 45.7 percent of hospitals that participated in the 2020 NSI National Health Care Retention & RN Staffing Report said they wanted to reduce their reliance on supplemental staffing due to the hefty price tag. ![]() That could average out to nearly $9,000 in additional annual wages per nurse. And according to Medscape’s RN/LPN Compensation Report from the same year, 56 percent of the more than 5,000 registered nurses (RNs) surveyed reported working between 1 and 5 hours of overtime per week. As of May 2019, the median hourly wage for an RN was $37.24. In the middle of a busy shift, it’s easy to focus on immediate needs and neglect to take accruing overtime into account. To make up for increasing nurse shortages, CNOs and nurse managers will often rely on overtime and pricey supplemental labor to fill in the gaps. There are a number of key factors to consider when analyzing these costs. Nursing resources may account for a quarter of a hospital’s total budget, so it’s no wonder costs associated with nurses are often closely scrutinized. It will also discuss the need for real-time, enterprise-level data in order to make more informed staffing decisions. This white paper will examine how poor workload balancing can negatively impact a health system’s bottom line. But making the right choices when it comes to staffing should not be a guessing game. Workload balancing is fundamental to hitting those efficiency targets. In other words, there is an expectation to meet staffing needs and provide high-quality care while keeping labor costs low, even amid a nursing shortage or pandemic. Maximizing labor efficiencies is one of the hardest yet most critical responsibilities for a CNO or nurse manager. This shortage was compounded with the onslaught of the COVID-19 pandemic when staffing needs surged to unprecedented levels, particularly in specialty units. Skills ScholarshipsĪlso, learn about the Skills Scholarship Opportunities available through the WakeMed Foundation.The nursing shortage has been growing in the United States for many years, but the problem is expected to reach new heights as our population ages and a large portion of nurses approach retirement. For more information, please contact Workforce Development in Human Resources at 91. Applications and reimbursements are processed and managed externally by the Tuition Assistance Program. Eligible employees may submit an online request for reimbursement. (Note: If you are not on the WakeMed network with access to Single Sign On, you will need to use your full WakeMed email address as your login and your WakeMed password to access the system.) Tuition & Specialty Certification ReimbursementĮmployees are eligible to apply for tuition and specialty certification reimbursement after they have completed 12 months of employment at WakeMed.
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