FE004 Costs and Savings

FE004 Costs and Savings

Student 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