RSSAll Entries in the "Finance and budgeting" Category

The 2017 Nursing Salary Report

HCPro recently conducted a survey among 291 nursing professionals in the healthcare industry regarding their work experience, environment, salary, and benefits. The results show that while careers in nursing careers are more varied and higher paid than ever, nurses are working later in their career and the age gap is growing.

A majority of the respondents were over 50 years old with over 10 years of experience. Respondents had a wide variety of education background, job titles, and salaries. While salaries overall are higher than ever, most respondents say that wages have not increased in the past year, and that benefits for many positions are lacking.

Click here to download!

 

Allina and nurses agree to end strike

The Minnesota Nurses Association (MNA) and Allina Health have reached an agreement after months of negotiations and weeks of striking.

Last week, we reported that Allina nurses were about to enter their second month on strike after another round of failed negotiations. This week, the two sides finally reached a tentative resolution that should end the nurse’s strike.

Health care coverage had been a sticking point in negotiations; Allina wanted to transfer nurses away from their nurse-only insurance policy onto the more cost-effective corporate plan. The new agreement states that nurses will be moved off their current insurance by 2018, but the company has agreed to make additional contributions to HRA/HAS accounts in the next four years. The MNA representatives believe that this will protect nurses from any future benefit reductions.

Although the rank-and-file nurses still need to vote on the proposed terms, this deal is backed with the unanimous endorsement of the MNA, unlike the previous deal.

9 ways to transition into the Boomer retirement zone without having a meltdown

If you are about to retire or are simply inching closer to retirement, here are some important things to think about. The first big message as you make the transition is to CELEBRATE! After all, retirement is inevitable, so why not enjoy? You have a choice to either take the negative path or the positive path. Since I know that the positive path is the wellness path, and your bodymind is happier this way and functions better, I choose that one.

C – Celebrate your transition day in a great way totally designed by YOU!

Why not? It’s your big day. Take a moment and decide what would be the best way for you to celebrate. Some want a big bash, some want a big trip, some want a big present, some want a ______________ (fill in the blank). Sometimes just spending time creating a new life plan is the best celebration there is. You are on the way to another phase of life and what does that look like? [more]

Nurses Week: Your 20% sneak peek savings

HCPro is celebrating and recognizing nurses all week long with special giveaways, prizes, and promotions, but we don’t want to wait until Wednesday to start the celebration!

Starting today, you can use our special Nurses Week 2015 catalog coverdiscount code to save on any and all nursing books, videos, and webinars… Just use discount code NRSWK2015 at checkout to receive 20% off your selections.

Download and browse our 2015 catalogue of resources for nurse leaders and staff development professionals here, and visit hcmarketplace.com to place your order!

 

 

 

 

——OTHER RECENT POSTS——

⇒ 5/4: Who inspires you? There’s still time to submit your favorite quotes in posted comments, here.

⇒ 5/6: A thank you to our favorite nurses, from Boston. Here’s the post.

Pay equity: Who said it?

As a footnote to Rebecca’s post regarding Barton Quoteour reader poll focusing on pay equity between male and female nurses, I want
to share the following quote with you…

Without doing a Google search, can you identify the speaker? Add a comment if so…

Injured Nurses, Part 2: OSHA has your back

Attention nurse leaders in organizations
without designated “lift teams” or assistive
devices for moving patients

Your business case for investing in a cutting-edge, osha2safe patient handling program has been made clearly and indisputably by OSHA, with the help of results from numerous case studies, research reports, and collected data. The benefits are exceptional, and the financial ROI is achievable in one to four years.

Take a quick trip to the OSHA website for wealth of tools, including a form you can use to evaluate your organization, a checklist for designing your safe patient handling program, illustrative case studies, and more.

One more note: NPR plans a fourth installment on the Injured Nurses series, so keep checking the NPR website. Here’s what they’re promising:

Part 4 will explore how the Department of Veterans Affairs implemented
a nationwide $200 million program to prevent nursing employees
from getting injured when they move and lift patients.

And, finally, I’ve uploaded the PDF of Table 18 (promised in my previous post), which you can download from our Tools Library.

Three creative ways to cut nurse labor costs

In previous posts on the Leaders’ Lounge we have featured advice from nursing finance and budgeting expert Pamela Hunt, MSN, RN, co-author of the book Nurse Leader’s Guide to Business Skill: Strategies for Optimizing Financial Performance.

Recently Pam provided her expert opinion on using supplemental labor effectively in an article by HealthLeaders Media. In the article, Hunt recommends using traveling or per diem nurses  to handle medical leaves, seasonal volume increases, or large training initiatives, rather than depending on agency nurses to cover daily demands. Hunt’s suggestion, and the article in its entirety, is pertinent for anyone seeking to reduce nurse staffing costs.

To read the full article, “3 Creative Ways to Cut Nurse Labor Costs,” click here.

 

Analyzing nurse staffing: Understanding FTEs

Staffing: what a problem! Developing and monitoring the staffing budget is one of the most, if not the most, difficult responsibilities of the nurse leader. Labor consumes the majority of the financial resources of the organization. Therefore, everyone must act responsibly in order to ensure the financial health of the organization. But how do you know how many staff you need on your position control in order to meet the needs of the department (not too many, and not too few)? That is a $100,000 question! [more]

Performing a SWOT analysis

One of the most important, although sometimes time-consuming, activities that are frequently completed in financial planning sessions is the Strengths/Weaknesses/Opportunities/Threats (SWOT) analysis. This analysis can be useful in many problem-solving situations that you may face. The SWOT exercise may seem very time-consuming; however, this planning will again help direct where resources are needed and to what extend the resources should be allocated.

As a nurse leader, sometimes you may be part of the group being asked to identify SWOT. This selection usually occurs if your director or vice president is conducting the session and you are a group member. In working with just your area of responsibility, you might be the leader guiding your direct reports through this exercise. In both cases it is important to understand the SWOT analysis to gain the full benefit.

Strengths are what the organization, division, or department identifies that they do well and have success in above the competition. When identifying strengths for your organization ask yourself: “What would the community say that we are best at providing?” The answer to this question will help you get started with your list. Maybe it’s your strong orthopedic program and the total joint camp that you’ve developed. Maybe it’s the great oncology doctors that you’ve been able to recruit. This list should include both internal and external views. Here are some other examples of possible strengths:

  • Strong name recognition of the organization
  • Stable workforce
  • Strong succession planning
  • New facilities
  • Private patient rooms
  • Strong financial position
  • High-quality care delivered

Weaknesses, of course, will be just the opposite. The weakness assessment should openly and honestly describe what the organization currently does not do well or is seen as a weakness to achieving the desired goals for the organization. Weaknesses are identified by asking the question: “What currently causes us trouble in providing the exceptional patient experience that we strive to provide?” [more]