Leadership | 01.06.23
Hospitals Average 100 Percent Staff Turnover Every 5 Years — Here's What That Costs
by Becker’s Hospital Review
According to the 2022 NSI National Health Care Retention & RN Staffing Report, hospitals have been paying exorbitant sums for staff turnover. The survey of more than 589,900 healthcare workers and over 166,000 registered nurses from 272 facilities in 32 states found a wide range of helpful figures for understanding the financial fallout. For instance, the average hospital lost $7.1 million in 2021 to higher turnover rates, with the average turnover cost for a staff RN pegged at $46,100 -- a more than 15 percent increase from the 2020 average. In order to improve margins, hospitals are urged to control labor costs by decreasing dependence on travel and agency staff. Unfortunately, just 22.7 percent anticipate being able to do so. In the last five years, the average hospital turned over 100.5 percent of its labor force. Last year, hospitals increased turnover by 6.4 percent, ranging from 5.1 percent to 40.8 percent. According to the study, the current average hospital turnover rate nationally is 25.9 percent.
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