Why Hiring More Nurses Could Boost Your Hospital's Bottom Line
By Ron Benfield, President / CEO
Since rising labor costs are a key driver in dwindling hospital profit margins, it would seem counterintuitive for financial advisors to recommend hiring more nurses. Computing the economic value delivered by a nurse requires looking at some often overlooked but real costs. In this piece we published in Becker’s Hospital Review a few months ago with Debra Pollick RN at Volume Recruitment Services we do the math and add up the high cost of not having enough nurses or using too many agency/traveler staff.
Spoiler Alert: It can run an average-sized hospital millions per year to leave too many unfilled staff vacancies.
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