Help retain valuable nursing staff and reduce your costs

Healthcare organizations across the country are experiencing numerous challenges related to the Covid-19 pandemic and its aftermath. Nursing turnover costs and retention issues can make operating at your best more difficult. We understand the importance in retaining great team members for organizations like Prisma Health. The right benefits can improve overall team member satisfaction, and reduce overall expenses in the meantime.

Health care staffing challenges on the rise

According to the 2022 NSI National Health care Retention and RN Staffing Report, the average RN turnover was 27.1% in the calendar year 2021.

Let's take a look at our study.

Estimated costs of RN turnover specific to Prisma Health

1 Based on Review of PRISMA Career Page
2 Avant Healthcare study 2020 entitled “Managing Nurse Staffing Costs Post Covid-19”
3 Bureau of Labor Statistics report May 2019 – actual percentage is 30% of total hospital staff, used 20% here to be conservative in estimate
4 2022 NSI National Health Care Retention & RN Staffing Report
5 Calculations based on figures above

For financial professional/institutional use only.

Possible ways to reduce your RN turnover costs

Prisma Health’s existing Student Loan Program is a great first step

Estimated cost of RN Student Loan Support Program (assuming 50% use it during first 5 years)

$16M¹

Estimated savings in reduced turnover from RN Student Loan Support Program offset by cost of the program

$1M²

Extend sign-on bonus program

Extend Sign-on bonus repayment to 2 years from current 1-year requirement

If turnover increases by 1%, could still save an estimated

$3M³

Add $10,000 retention bonus

Add $10,000 Retention Bonus to be paid out in year three

Estimated annual cost at assumed recruitment rates

$7M³

Estimated annual cost per FT traveling nurse

$249,000³

Estimated annual cost of turnover for staff nurse

$39,000³

Estimated savings if turnover reduced by 2% offset by cost

$2M³

1 Based on Review of PRISMA Career Page and calculations using details in slides 2 and 3 within this report. All amounts are rounded.
2 Avant Healthcare study 2020 entitled “Managing Nurse Staffing Costs Post Covid-19” and calculations using details in slides 2 and 3 within this report. All amounts are rounded.
3 Calculations using details as shown above. All amounts are rounded.

For financial professional/institutional use only.

What are others doing to reduce costs?

UPMC is creating its own traveling nurse “agency” for in-system travel

Read the article

Thank you for your consideration.

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