The Nurse Staffing Playbook: Cutting Labor Costs + Turnover Rates by Shifting the Contingent Labor Paradigm
During a November roundtable hosted by Becker's, nursing and finance leaders from St. Louis-based Mercy shared their playbook on how their system redesigned staffing models to meet nurses' evolving needs, ultimately saving more than $30 million in labor costs and achieving a 8% reduction in turnover rates. Due to the presentation's popularity and praise, this whitepaper summarizes the playbook’s 4 key elements of a successful redesign;
Key learnings:
Key learnings:
- Building a flexible workforce to fill shifts at a lower cost than contingent labor
- The importance of a multigenerational staffing model
- Reducing agency staffing from 25% to 8% of total clinical workforce
- Real-world clinical and financial results Mercy has achieved
As the demand for nurses is growing steadily, exacerbated by an estimated 640,000 nurse retirements between 2020 and 2030. Nurses are also facing increasingly difficult working environments that are taking a toll on their emotional health, spurring some to leave the profession entirely. Health systems adapting to these headwinds with technology are emerging as leaders in nurse retention, growing access to care, with a focus on the bottom line.
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