Embed Size (px)
DESCRIPTION
Nursing research has demonstrated that consistently relying on permanent staff to work overtime and at high Nurse to Patient ratios has a significant impact in three key and costly areas of your hospital, including: • Increased Nurse Burnout • Higher Attrition • A Decrease in Quality of Patient Care This Staffing Value Calculator will help you evaluate the impact your staffing plan is having on your permanent staff and how utilizing travelers can help you save money, aid your perm staff and improve patient care.
Citation preview
Permanent Staff Costs vs. Traveler Staff SavingsEnter just 3 numbers (in gray) and calculate all your travel staffing needs.
Perm Staff Pay RatesHourly Cost
$35.00 <<$5.95
$4.03
$2.65
$3.95$3.55
$4.65
Total Hourly Hospital Costs – not including Overtime: $59.77
Overtime Staff Pay RatesHourly Cost
Overtime Pay at 1.5x $52.50Additional overhead: taxes, insurance, 401K for overtime $16.42Total Hourly Hospital Costs - with Overtime $68.92
Travel Nurse Pay RatesNurse Pay: $35
$30
Bill Rate (may vary based on location and specialty) $65
Value From Using Travel StaffHow many nurses are working overtime weekly in your unit? 4 <<# of Patients for each nurse in your unit 6 <<
Annual Nurse to Patient Ratio Burnout costs to your facility $23,057
Annual Overtime and OT Burnout costs to your facility $200,898
$150,000
$373,954
2.5
Please read the "Formula and Sources" tab to learn how the calculations were made.
Provided and created by Medical Solutions © Medical Solutions
Nurse Compensation
Nurse Pay: Health, dental & life benefits
Vacation pay/sick leave
Other benefits (401k match, tuition reimb, etc)
Social Security and unemployment Workers compensation, liability and malpractice
Recruitment costs, signing bonuses and orientation expenses
The benefits breakouts are based on national averages compiled by the Bureau of Labor Statistics. See the Formula and Sources tab for more info.
Nurse Compensation
Health, dental & life benefits; housing; 401k matching; tuition reimbursement; Social Security and unemployment, workers compensation, liability, malpractice, recruitment and other administrative costs
Annual Quality of Care cost of being understaffed (realized in increased medical costs and reduced productivity)
Total expenses your hospital incurs based on overtime worked, high N:P ratios and quality of care costs:
Number of Medical Solutions travelers you can staff on a continual basis throughout the year to save the costs above, reduce N:P ratio and OT burnout
# of patients per nurse
# of Staff Working Overtime Weekly
# of travelers you can staff contin-ually throughout the year to save
these costs
0
2
4
6
6
4
3
# of Travelers needed to offset costs of overtime and high N:P ratios
High Nurse to Pa-tient Ratio
Burnout costs to your facility
Overtime and OT Burnout costs to
your facility
Quality of Care cost of being
understaffed (re-alized in in-
creased medical costs and re-
duced productiv-ity)
Total savings you can achieve by
reducing burnout and improving
N:P ratios
$0
$100,000
$200,000
$300,000
$400,000
$23,057
$200,898$150,000
$373,954
Expenses associated with overtime worked, high N:P ratios and quality of care costs
OverviewNursing research has demonstrated that consistently relying on permanent staff to work overtime and high Nurse to Patient ratios has a significant impact in three key and costly areas of your hospital, including:
• Increased Nurse Burnout• Higher Attrition• A Decrease in Quality of Patient Care
This Staffing Value Calculator will help you evaluate the impact your staffing plan is having on your permanent staff and how utilizing travelers can help you save money, aid your perm staff and improve patient care.
