Nursing benefits and the power of appreciation

Nursing benefits and the power of appreciation

AdobeStock_410335250 [Converted]

The US Bureau of Labor Statistics estimates that 275,000 additional nurses are needed in the workforce. This shortage will likely be exacerbated in the coming years given that one million registered nurses are expected to retire by 2030.

 

Indispensable but undervalued 

 

Part of the problem lies in the way nurses are paid, which often makes them feel undervalued. A nurse’s duties do not fall under the same fee-for-service payment model hospitals use to bill for a physician’s care. A recent Vox article states, “Patients end up charged for nurses’ work in the same way they are for housekeeping or Jell-O, as part of the cost of a hospital room.” This payment method fails to represent the scope and importance of a nurse’s work. 

 

Most agree that something needs to be done about the way nurses are compensated, especially now that healthcare organizations are struggling to find ways to combat high nursing turnover rates. While policy is slow to change, there’s one thing organizations can do today to express their appreciation for their nurses: Implement benefit programs designed specifically for their needs. 

 

It’s time for better benefits

 

Traditional benefit plans for nurses were not designed to account for today’s nursing shortage, and they weren’t designed to account for the differing needs of the various types of nursing professionals. As a result, they do nothing to address the fact that nurses often feel undervalued by their organizations.

 

MaxWorth has a solution for rewarding every type of nurse, from RNs to nurse executives. Since these solutions are tailored to specific professionals, they can have a bigger impact on an organization’s attraction and retention goals. Furthermore, to ensure longevity, our plans typically include a cost-recovery feature for the organization, so they’ll be prepared to face future shortages and continue to make every nurse on their team feel appreciated for the work they do. 

 

We can help 

 

If you’d like to discuss your nursing benefit programs and how they can be updated to have a bigger impact, schedule a call with one of our plan consultants today.


SIGN UP FOR OUR NEWSLETTER

If you would like to receive industry updates and articles like the one you see here, complete the form below

Something went wrong. Please check your entries and try again.

Want to Learn More?

Nurse compensation: Know what benefits matter most

Nurse compensation: Know what benefits matter most Nursing turnover rates are increasing. In 2019, they stood at 18%, and by 2021, they had risen to 22%. Today, that number has reached 37% in some areas. The full extent of the pandemic’s impact on nurse retention is yet to be seen,…

Nursing Retention: Tailored benefits may be part of the solution

Nursing Retention: Tailored benefits may be part of the solution The correlation between nurse-to-patient ratios and patient outcomes has been well documented. So, the growth in nursing turnover is not a good omen for the trajectory of quality of care in America. Our nurses are concerned, and many are making…

Don’t let payment reductions lead to a call pay crisis

Don’t let payment reductions lead to a call pay crisis The Centers for Medicare & Medicaid Services (CMS) has proposed a 3.75% cut to Medicare’s payment rates. Combined with other scheduled cuts, this would result in a 9.75% payment reduction in 2022. These cuts will decrease the value of physicians’…

Using transparency to break the cycle of burnout

Using transparency to break the cycle of burnout Burnout is a well-documented problem among physicians. And as the way we work continues to change in pace with technology, its impact is being felt across all industries.    In 2019, Amy Edmondson spoke with Dropbox’s Anthony Wing Kosner about her research…