FE004 Costs and Savings
Phillip March 26, 2024 No Comments

FE004 Costs and Savings

FE004 Costs and Savings

Name

 University

NURS 6211 Finance and Economics in Healthcare Delivery

Prof. Name

Date

SWOT Analysis: Chief Nursing Retention Officer

Strengths

  • All training for the program is conducted in-house.
  • The Clinical Center (CC) is implementing the clinical ladder in 2021, and serving as a new-hire champion could facilitate promotion from GS-11 to GS-12.
  • The CC, with 200 beds, is small enough to effectively implement the program and achieve the objective of reducing nursing turnover.
  • As the largest government-funded research facility in the country, implementing the program could potentially save the CC millions.

Weaknesses

  • Hiring federal employees involves a lengthy process and obtaining federal clearances.
  • Training managers and new-hire champions will require a significant amount of time.
  • The CC, being a doctor-driven research facility, cannot afford delays in initiating the CNRO program.
  • The current retention department at the CC is weak and ineffective.
  • Hiring a GS-13 is expensive, adding to the financial burden.
  • Data to support the program may not be readily available due to the unique nature of the National Institutes of Health.

NURS 6211 Assessment 4 FE004 Costs and Savings

Opportunities

  • Attaining magnet status is a current goal for the CC, and the CNRO program could contribute to achieving this status.
  • Improving retention can enhance morale, ultimately benefiting patient safety during JACHO inspections.
  • Promotion of an employee to GS-13 within the CC to fill the CNRO position could save time compared to hiring externally.
  • Rebuilding the current retention program using in-house training could lead to significant cost savings, which could then be reinvested in patient care.
  • The implementation of an evidence-based research council (EBR) by shared governance can support nurses with projects within the CC, potentially bolstering the CNRO program.

Threats

  • Hiring federal employees is challenging and time-consuming, with potential candidates often opting for other positions, posing a threat to the program’s initiation without securing a GS-13.
  • Convincing the Chief Executive Officer, who is a doctor, to replace the current retention program may prove difficult.
  • Recruiting an adequate number of new-hire champions is essential for the success of the program.
  • Gaining management buy-in and understanding of the program’s significance in reducing nursing turnover could be a challenge.
  • Finding EBR support within a research facility setting might be challenging.

NURS 6211 Assessment 4 FE004 Costs and Savings