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Related Experiment Videos

Innovation in nursing: a benefit/cost analysis

S A Finkler, C T Kovner, J R Knickman

    Nursing Economic$
    |January 1, 1994
    PubMed
    Summary

    Implementing nurse recruitment and retention projects incurs significant, variable costs across hospitals. Despite higher-than-expected resource needs, these initiatives offer substantial operational savings through reduced patient length of stay.

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    Area of Science:

    • Healthcare Management
    • Nursing Administration
    • Hospital Operations

    Background:

    • Nurse recruitment and retention are critical challenges in healthcare.
    • Implementing improvement projects requires substantial financial and personnel resources.
    • Variability in project costs and resource allocation impacts hospital budgeting.

    Purpose of the Study:

    • To quantify the costs associated with implementing nurse recruitment and retention projects.
    • To analyze the range of implementation expenses across different project types.
    • To evaluate the cost-benefit ratio of these initiatives in terms of operational savings.

    Main Methods:

    • Cost analysis of 37 hospital projects focused on nurse recruitment and retention.
    • Data collection on per-bed costs for shared governance and computer-based projects.
    • Estimation of personnel hours required for project implementation.
    • Calculation of benefit-cost ratios based on potential savings from reduced length of stay.

    Main Results:

    • Implementation costs varied widely, from $1,029/bed (shared governance) to $8,399/bed (computer projects).
    • Non-computer projects on a 30-bed unit averaged 1,800 personnel hours for implementation.
    • Hospitals generally underestimated the resources needed for project initiation.
    • Potential annual savings of $3,015 per bed were estimated for every $1,000 spent on implementation.

    Conclusions:

    • Nurse retention project costs are substantial and highly variable, necessitating careful financial planning.
    • Despite initial resource demands, these projects demonstrate a positive return on investment through operational efficiencies.
    • Accurate resource forecasting and management are crucial for successful project implementation in healthcare settings.

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