News: New survey shows increasing costs of nurse turnover in 2022

The average cost of turnover for one staff RN increased 15% from $40,038 in 2020 to $46,100 in 2021, the 2022 Nursing Solutions, Inc. (NSI) National Healthcare Retention and Staffing Report found. This is significantly higher than overall hospital turnover, which increased by 6.4% from the previous year. Nurse recruitment and retention is essential for a health system’s financial stability and as such is top of mind in 2022. There are a multitude of financial implications of nurse turnover, one of healthcare’s most challenging labor disruptions, and this report illustrates them with a breakdown of dollar figures and statistics, Becker’s Hospital Review reported.

The cost of turnover impacts hospital margins profoundly, according to the report, which stated, “Each percent change in RN turnover will cost/save the average hospital an additional $262,300 [per year].” In the most recent addition of the report, notable nurse turnover statistics were released including the following:

• In 2021, the turnover rate for staff RNs increased by 8.4%, resulting in a national average of 27.1%.
• More than 60% of respondents said the RN vacancy rate in their hospital tops 15%; 6.5% said they have an RN vacancy rate of less than 5%.
• For every 20 travel RNs eliminated, a hospital can save $4,203,000 on average.
• RNs in surgical services, women's health and pediatrics were less mobile, with 2021 turnover rates of 18.8%, 19.5% and 19.6%, respectively, compared to the national average of 27.1%.
• Over the past five years, RNs in step down, emergency services, behavioral health and telemetry were most mobile with a cumulative turnover rate between 101.3% and 111.4%. "Essentially, every five years, these departments will turn over their entire RN staff," the report states.

Editor’s note: To read Becker’s Hospital Review’s coverage of this story, click here. For the full report published by the NSI, click here.