Tuesday, June 24, 2014

It Pays to Know!

Marguerite McLaughlin

Listen to this! A skilled nursing care center operating at the 25th percentile versus the 75th percentile when looking at staff turnover (i.e. operating with a 38% turnover rate instead of a 78% turnover rate), would experience a savings of $668,252[i]! Resources like that could be a game changer for many centers in further enhancing care and quality. That is why it pays to know the cost of your turnover. It is a critical element to the health of your organization. Think about it. What could your center do with $668,252?

To support you in addressing staff stability in your center through the AHCA Quality Initiative, AHCA has an updated calculator, exclusive to members that estimates your center’s turnover cost. As you glide over the cells in this simple worksheet, there are instructions to help ensure that you capture the right information. It automatically adds up all of the key elements that are associated with turnover and then (*drum roll please*) gives you a number in dollars. This is the amount of money that you are losing because of turnover.

It really does pay to know because this is an infinitely solvable issue. Use AHCA’s “Four Strategies Toolkit” or spring for the Staff Stability Toolkit in AHCA’s bookstore. These are two of the profession’s most powerful resources in curbing turnover by providing very concrete steps and tools to change your turnover rate.

Also, try an experiment with us here at AHCA. Fill out the Cost of Turnover Calculator and find out your number. Send it to Marguerite McLaughlin in AHCA’s Quality Department. Your information will be kept private and confidential. Over the next six months, Margie will then send you a few tips or talk with you to figure out a few ways to get your center’s turnover rates down and your resources up!

Remember, it pays to know!

[i] The costs of turnover in nursing homes

Dana B. Mukamel, Ph.D., Professor and Senior Fellow, William D. Spector, Ph.D, Senior Social Scientist, Rhona Limcangco, Ph.D., Ying Wang, M.S., Zhanlian Feng, Ph.D., Assistant Professor, and Vincent Mor, Ph.D., Professor & Chair

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