Studies show that lengthy shifts and mandatory overtime correlate to lower job satisfaction and burnout for nurses, which can result in higher turnover rates. Nurse retention is another crucial piece of a health system’s financial puzzle. 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. This equated to a reduction of $2,200 per bed using ShiftWizard.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. Over the two-year period, WakeMed calculated a $2.1 million savings in overtime FTE reductions while fine-tuning staffing allocation practices that kept patients at the center of decision making. This initial study served as a benchmark for the following year. ![]() WakeMed conducted an internal study to determine the effectiveness of using ShiftWizard to either help reduce overtime or reallocate staff members to better use resources. ShiftWizard was initially deployed for WakeMed’s inpatient nursing departments, Surgical Services, and Adult and Children’s Emergency Services, but was quickly expanded to meet workforce management needs throughout the organization. ![]() The CNO chose ShiftWizard due to its ease of use, broad scope of application, and features that were uniquely applicable to their needs. Prior to adopting ShiftWizard, the nursing staff scheduling process was paper-intensive, error-prone, and unit-centered as opposed to patient-centered. Established in 1961, WakeMed has also achieved ANCC Magnet Recognition. WakeMed has more than 8 facilities, 8500 employees, and 900 staffed beds in their system.
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