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Summary
Calculating nursing turnover costs in 1988 at four southeastern hospitals provided a baseline. Updated using the Consumer Price Index, this method helps nurse administrators evaluate turnover impact and allocate resources effectively.
Area of Science:
- Healthcare Management
- Nursing Economics
Background:
- Nursing turnover represents a significant cost to healthcare organizations.
- Accurate cost assessment is crucial for effective resource management in hospitals.
Purpose of the Study:
- To calculate the financial costs associated with nursing turnover in 1988.
- To develop a replicable procedure for updating these costs over time.
- To provide nurse administrators with a tool for evaluating turnover impact and resource allocation.
Main Methods:
- A detailed study was conducted in FY 1988 at four southeastern hospitals.
- Nursing turnover costs were calculated based on data from these hospitals.
- A procedure was developed to update these costs using Consumer Price Index (CPI) information.
Main Results:
- Initial nursing turnover costs were determined for the study period.
- A methodology was established to adjust these costs for inflation.
- The updated costs provide a current financial perspective on nursing turnover.
Conclusions:
- The developed procedure enables nurse administrators to determine and update nursing turnover costs.
- This facilitates accurate evaluation of the financial impact of nursing turnover.
- It supports improved resource allocation decisions within nursing departments.