- On August 24, 2017
Success in today’s post-acute services operations is challenging. From regulatory pressures to changing reimbursement to increased market competition, it can feel like demands on operations are everywhere. In addition to these pressures, maintaining an effective leadership team can be challenging in this time of heavy competition for experienced, skilled leaders.
According to the 2017–2018 Nursing Home Salary & Benefits Report[i], the average national rate of turnover in nursing homes is 33 percent. The Society for Human Resource Management’s Human Capital Benchmarking Report[ii] found that the cost to replace and hire new staff is estimated to be 60 percent of an employee’s annual salary. Even more astounding, the American Health Care Association[iii] reports that approximately 43 percent of nursing home administrators leave their jobs each year.
In addition to these inherent expenses, the lack of effective leadership—even for a short period—can have far-reaching effects downstream in many areas, including census and marketing, financial management, and even staff morale.
While employee engagement and retention programs abound, these statistics have remained stagnant over the years, and it is imperative that these roles are filled swiftly and effectively when vacant. Given these pressures, Health Dimensions Group developed a team of highly skilled interim administrators, clinical leaders, business office managers, and MDS coordinators to assist our clients. These professionals are licensed throughout the country and are readily available to assist in optimizing and preserving your success. For more information on Health Dimensions Group interim services, check out http://healthdimensionsgroup.com/services/.
[i] Hospital & Healthcare Compensation Service (HCS) in cooperation with American Health Care Association, Nursing Home Salary & Benefits Report, July 2017.
[ii] Society for Human Resource Management, 2016 Human Capital Benchmarking Report, November 2016; retrieved from https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2016-Human-Capital-Report.pdf.
[iii] American Health Care Association Department of Research, Report of Findings 2008 Nursing Facility Staff Vacancy, Retention and Turnover Survey, October 2010; retrieved from https://www.ahcancal.org/research_data/staffing/Documents/Retention_Vacancy_Turnover_Survey2008.pdf.