In this episode, I had the pleasure of interviewing Michelle Abeyta, RN, a second-generation nurse with 10 years of clinical nursing experience. She also co-founded RNnovations.
We discussed the importance of nurses in healthcare innovation, the nursing shortage, and the transition to practice nurse residency program for associate degree prepared nurses.
Executive leaders have a nursing crisis to solve: The average cost of a turnover for a staff RN is $52,350 and ranges from $40,200 to $64,500, according to an April 2023 report. With a 22.5 percent turnover rate, the average hospital lost $8.55 million in 2022, ranging from $6.57 million to $10.53 million. And the turnover rate could get even worse thanks to continued burnout, decreased work satisfaction, and mental health challenges stemming from the pandemic.
Abeyta says that executive leadership needs to give nurses a better seat at the table, prioritize fair compensation for nurses, and provide flexibility in their schedules, especially for those with families. She also suggested implementing float pools and nurse residency programs to support new graduate nurses in their transition to clinical practice.
Solving the nursing shortage won’t be easy. Listen to the full episode to learn more about the need for healthcare executives to invest in and value the unique contributions of their nursing workforce.