GENIAL STORYBOARD

Key Takeaways

Nursing Workforce Intelligence Report

Operational inefficiencies increase length of stay and reduce margins

Contract labor is part of the staffing equation

Patients are staying in the hospital longer than expected based on their age and condition due to a number of factors, including staffing challenges and a lack of beds available in post-acute facilities. To improve their bottom line, providers should dentify opportunities to reduce unnecessary time patients spend in the hospital.

Contract labor is 50% more expensive per hour than it was in February 2020. Providers should use these costly resources wisely. By shifting mindset to view contract labor as a strategic advantage that can bolster employee retention and promote a culture of flexibility, nursing leaders can rethink traditional approaches to staffing and margin improvement.

The 'new normal' hasn't arrived — or has it?

Nursing workforce indicators stablize but concerns remain

Many providers are still benchmarking against 2019 data but a return to pre-pandemic numbers may be unlikely. Labor costs have increased due to inflation, and some services are shifting to the outpatient setting, leaving hospital admissions to reflect the most acute patients. With persisting margin pressures, providers should reimagine care teams to enable RNs to work at top of scope.

Nursing hours and overtime have evened out, but at a level higher than before the pandemic. These are key reasons burnout and turnover have not returned to pre-2019 levels. Considering it costs up to $88,000 to replace every RN who departs, leaders must prioritize workforce strategies to keep beds open and meet community need.

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