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Cost Implications
In an economic perspective, cost is not only about the occurrence of money. Economists also evaluate the possible opportunity costs, which are the losses of potential gain from other alternatives in decision making (Warburton, 2009). When an option has been chosen, the potential profits from the other opportunities have been forgone. There is an opportunity cost in hiring agency nurses. Some agency nurses are qualified to deliver adequate nursing care; however, they do not receive the same educational training and in-services regarding transplant nursing care. They are also not fully knowledgeable with the hospital’s policies and procedures since they do not go through hospital orientation. The opportunity cost of this situation
According to Weil (2015), a hospital system had fifty seven patients who suffered a fall with injury, where unforeseen costs of adverse events ranged from $5,808 to $29,450. Furthermore, this hospital system was not eligible to receive any reimbursement per Center for Medicare and Medicaid Services guidelines if any of these patients were Medicare recipients. The projected revenue that this nursing unit could potentially gain is the prevention of financial burdens associated with negative patient outcomes. The opportunity cost of these preventable adverse events could be allocated for other resources. Furthermore, other benefits to hiring staff nurses do not have monetary value. Another advantage with permanent nurses is the growth of nursing unit culture and strengthening of collegial relationships. Moreover, employment of staff nurses results in enhanced continuity of care in their patients, where they are meticulously acquainted with their patients’ needs and assessments. Consequently, they could intervene quickly at any incidents of slight physiological
This is due to lack of available human resources. Hospitals respond to this shortage by hiring agency nurses to fill the permanent vacancies in the interim. Their employment might seem appropriate in the short term; nevertheless, it does not mean it is economical. The use of CEA contributes the crucial information to guide in decision making (Finkler & McHugh, 2008). The use of this tactic provides information on which alternative is more economically effective. In this CEA, the information gathered assures that hiring more staff nurses is beneficial since they are financially cheaper than hiring agency nurses, while still delivering quality nursing services. Data analysis illustrates the negative outcomes associated with high reliance with contracted nurses. The practice of utilization with agency nurses could initially be efficient in controlling staffing costs and providing the manpower as demand requires it. Nonetheless, dependence on their human labor support has hidden high administrative costs and unforeseen costs of potential adverse patient
This article is a comprehensive look at staffing on hospital units. It used a survey to look at characteristics of how the units were staffed – not just ratio, but the experience and education level of the nurses. It evaluated several different categories of hospital facilities – public versus private, academic medical centers versus HMO-affiliated medical centers, and city versus rural. It is a good source because it shows what some of the staffing levels were before the status quo of the ratio legislation passed in California. It’s main limitation as a source is that it doesn’t supply any information about patient outcomes.
Without participating in a longitudinal study, it is difficult to truly assess the efficacy in mandating nurse staffing ratios. It is difficult to measure the benefits of mandated staffing due to numerous confounding variables. These confounding variables include the resources available at specific hospitals in addition to the populations that they serve. Hospital volume, RN job satisfaction and the relationship between physicians and nurses have also been shown to affect patient outcomes (Duval et al., 2007).
The nursing shortage is divided into four different categories. The four categories are as follows; "willing nurse" shortage, funding or perceived funding shortage, shortage of understanding that nurses are needed to deliver care, and nurse education and empowerment shortages (What is the nursing shortage and why does it exist?., 18 October, 2007). To be able to repair this major problem, all four segments of shortages need to be addressed. The first nursing shortage, A "willing nurse" shortage, is the simple fact of not enough supply to fill the demand of nursing positions. This shortage occurs either because there are simply not enough nurses to fill the open positions, or because experienced nurses are opting out of nursing and the willingness to provide care due to the current occupational environment. The second nursing shortage is the funding or perceived funding shortage. This shortage is merely due to nurses not feeling as if they are being compensat...
Unfortunately, today’s supply of nurses is not expected to live up to the forecasted demand. It is estimated that more than 70 million Americans will be age 65 or older by the ...
There are several factors that are considered the causes of the nursing shortage. Literature suggests that the shortage is linked to factors related to current population trends and the nature of the health care e...
Health care reform has been a major issue over the past decade. The Nursing industry has in particular experienced a period of unpredictable change. On Dec 24, 2009, a landmark measure was passed in the senate by a vote of 60 to 39. This decision to pass the health care reform will change America forever. Nurses will constitute the largest single group of health care professionals. They will have a huge impact on quality and effectiveness in health care. The nursing industry will help hold this new program together by acting as the glue (The nursing industry will be the glue holding the new health care in tact.) It is estimated that by 2015 the number of nurses will need to increase to over 4 million. Nurses are the backbone of the health care industry thus creating better polices for this profession will help ease the workload and high demand. A nurse’s main concern is always to insure quality care and the safety of their patients. Under the new health care reform several new measures have been set into place to ease the transition and improve the quality of care for all patients. One program is designed to fund scholarships and loan programs to offset the high costs of education. Nursing shortages and the high turnover has become a serious epidemic. Health care reform is supposed going to solve many of these problems.
These articles have many similarities when discussing the issue of staffing shortages. For patients, their loved ones and the general population, they don’t understand the ramifications and strain that staffing shortages have on nurses. People expect and deserve complete, competent and safe care when they are patients. These articles bring to light all the struggles that nurses have to deal with. Nurses are fearful that they will make mistakes, will harm patients, and will harm themselves. (Bae, 2012; Erlen, 2001; Martin, 2015) Overtime can be overwhelming and exhausting, which can lead to errors being made. (Bae, 2012; Erlen, 2001) These articles perceive that it may be beneficial for nurses, patients, and healthcare facilities to decrease the nurse-to-patient ratio, however, this option is not always
Thousands of nurses throughout the nation are exhausted and overwhelmed due to their heavy workload. The administrators do not staff the units properly; therefore, they give each nurse more patients to care for to compensate for the lack of staff. There are several reasons to why
The purpose of this paper is to address the issue of nursing staffing ratios in the healthcare industry. This has always been a primary issue, and it continues to grow as the population rate increases throughout the years. According to Shakelle (2013), in an early study of 232,432 surgical discharges from several Pennsylvania hospitals, 4,535 patients (2%) died within 30 days of hospitalization. Shakelle (2014) also noted that during the study, there was a difference between 4:1 and 8:1 patient to nurse ratios which translates to approximately 1000 deaths for a group of that size. This issue can be significantly affected in a positive manner by increasing the nurse to patient ratio, which would result in more nurses to spread the work load of the nurses more evenly to provide better coverage and in turn result in better care of patients and a decrease in the mortality rates.
...staff would not be required to put in the overtime to compensate for the lack of workers. Patients would no longer have to suffer the neglect of the staff because he or she was too busy. Making sure the patient gets the best quality care reduces the time spent for recovery. Reducing the time spent for recovery increases the organization’s finances. Providing a safe facility also reduces the expenses on the private hospital’s budget. Ensuring a patient is safe can reduce potential use of ongoing treatment and services. Hiring the appropriate nursing staff needed can save the organization money. Instead of cutting back on staff, more staff needs to be hired to fulfil the needs of the patient. In the economy today, private hospitals need to focus on the overall long term effects of each action opposed to quick reactions resulting in financial strain for the facility.
The region’s labor market is already tightening, as a result of which competition for skilled healthcare professionals is increasing. Kaiser Permanente would have to compete with the existing hospitals in recruiting and retaining qualified management and staff personnel responsible for the day-to-day operations of each of its hospitals and physician practices, including nurses and other non-physician healthcare professionals. The scarcity of nurses and other medical support personnel in the region presents a significant operating issue. This shortage may require Kaiser Permanente to enhance wages and benefits to recruit and retain nurses and other medical support personnel, recruit personnel from foreign countries, and hire more expensive temporary personnel. Competition for skilled healthcare professionals may lead to a further increase in Kaiser Permanente’s wage
Bedside nurses want to change staffing levels to assure that they have enough time to both keep up with the constantly evolving health care and to provide safe patient care. Yet, healthcare employers consider that reducing nurse patient ratio is an unnecessary expense that has not been proven to improve quality of patient care (Unruh, 2008). Employers emphasize that raising nursing staffing level is not cost-effective. In fact, in accordance with ANA’s report (2013), a study, in the Journal of Health Care Finance, confirmed that reducing patient-nurse ratios increased hospital costs, but did not lower their profitability. Higher hospital costs were attributed to wages and benefits allocated to newly hired nurses. Yet, according to Cimiotti et.al (20112), it is more costly for hospitals to not invest money on nursing.
In addition to concerns about the adequacy of the supply of nurses the financial impact of high turnover was startling. According to Jones (2005) Using the updated Nursing Turnover Cost Calculation Methodology, the per RN true cost of nurse turnover is calculated to be 1.2–1.3 times the RN annual salary. That estimate is derived from a retrospective, descriptive study of external RN turnover cost data at an acute care hospital with over 600 beds. The findings indicate that the three highest cost categories were vacancy, orientation and training and newly hired RN productivity. (as cited in Kooker & Kamikawa, C. 2011). For example, At the Queen’s Medical Center, the annual salary of an experienced RN is currently $91,520. Therefore, using the
“In 2010, the US Department of Labor Statistics (DLS) projected a 22 percent increase in the demand for RNs or 581,500 new jobs by 2018, to total a projected 1,039,000 jobs needed to be filled by 2018” (Cottingham, DiBartolo, Battistoni, and Brown, 2011, p. 250). It is imperative that strategies be implemented to improve the recruitment of nurses to meet the needs. Without improvements in the recruiting of new grads or seasoned nurses, organizations will need to rely on expensive agencies and traveling nurses; therefore, causing a financial burden on organizations (Cottingham et al., 2011).
Now that I have this class behind me, I am so fulfilled to convey that this course was so different from the previous. Throughout this class, I turned to deep analysis of major forms of reimbursement, equity and affordability in healthcare delivery, healthcare policy, finance, and regulatory environment including local, state and national healthcare development. Affordable Care Act support nurse’s central role in cost control, care quality, and patient safety increasing the chances for nurses to make care as healthier as possible. The social environment, political and economic impact cultural worries of current economic impact of health care reform, health insurances coverages and payments. A collaboration among health staff and nursing advocacy