Nurse turnover is a major issue in the healthcare industry, and it can have significant financial impacts on hospitals and other healthcare organizations. In 2023, the cost of nurse turnover has been estimated to be in the billions of dollars.
One of the biggest costs of nurse turnover is the expense of recruiting and hiring new nurses. According to a report from the National Healthcare Retention & RN Staffing Report, the average cost to replace a single nurse is $58,400. This includes costs such as advertising, interviewing, orientation, and training.
The cost of nurse turnover also extends to the loss of productivity and revenue. When a nurse leaves a healthcare organization, there is often a period of time when the position is vacant, which can lead to decreased productivity and a loss of revenue. The National Healthcare Retention & RN Staffing Report estimates that the average cost of lost productivity due to nurse turnover is $17,300 per nurse.
In addition to these costs, there are also indirect costs associated with nurse turnover. These can include decreased morale among remaining staff, increased workload, increased stress levels, and decreased patient satisfaction.
To illustrate the financial impact of nurse turnover, here are 18 numbers to consider:
- The cost of nurse turnover is estimated to be between $4.4 billion and $6.9 billion annually in the United States.
- The average hospital experiences a 16.8% turnover rate for registered nurses.
- The average cost of turnover per registered nurse ranges from $36,900 to $57,300.
- For a hospital with 500 nurses, the cost of turnover could be as high as $28.6 million per year.
- Nurses who leave their jobs within the first year of employment cost hospitals an average of $82,000 each.
- In 2023, it is estimated that the cost of turnover for a single nurse is $58,400.
- When a nurse leaves, it can take up to 6 months to replace them.
- During this time, the average hospital loses $10,000 to $13,000 per open nursing position per month.
- It takes an average of 49 days to fill a registered nurse position.
- The average cost to advertise a registered nurse position is $7,750.
- The average cost of orientation for a new nurse is $3,300.
- The average cost of training a new nurse is $4,800.
- The cost of lost productivity due to nurse turnover is estimated to be $17,300 per nurse.
- The average length of time a nurse stays at a job is 4.2 years.
- The turnover rate for new graduate nurses is as high as 27%.
- The turnover rate for nurses in their first job is as high as 35%.
- The turnover rate for travel nurses is as high as 25%.
- The turnover rate for nurses who work in long-term care facilities is as high as 47.5%.
The cost of nurse turnover can be reduced by implementing retention strategies such as providing professional development opportunities and offering competitive salaries and benefits.
In addition to financial costs, nurse turnover can also lead to decreased morale and job satisfaction among the remaining staff. High turnover rates can also negatively impact patient care and satisfaction.
Addressing nurse turnover requires a comprehensive approach that takes into account the unique needs and challenges of each healthcare organization. Healthcare organizations can benefit from partnering with nursing schools and offering educational opportunities to students.
Ultimately, reducing nurse turnover requires a commitment to investing in the nursing workforce and recognizing the valuable contributions that nurses make to the healthcare industry.
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