Nurses are the backbone of the healthcare system, and prioritizing nurse mental health and wellness results in lower turnover rates and increased cost savings.
For health systems to be able to invest in nurse wellbeing, both CNOs and CFOs must work together.
Leaders must be aware of the cost of nurse turnover and weigh that cost with the investment in wellbeing programs. For CNOs and CFOs who want to invest in nurse wellbeing, CNO Vi-Anne Antrum and CFO Andy Barrow from Cone Health recommended focusing on the following tangible metrics.
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G Hatfield is the CNO editor for HealthLeaders.
KEY TAKEAWAYS
Leaders must be aware of the cost of nurse turnover and weigh that cost with the investment in wellbeing programs.
Cone Health saved more than $4 million after implementing a wellbeing initiative that helped the health system reduce turnover and improve retention.
CNOs and CFOs should focus on employee engagement surveys, retention and turnover rates, overtime usage, contract labor expenses, and other productivity metrics when measuring wellbeing.