THE OUTLOOK FOR HEALTH CARE IN 2023:

What you need to know about the forces reshaping our industry.

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November 21, 2022

AskAdvisory about … turnover and retention, VBC, and more

Daily Briefing

    Have a question but aren't sure how to find the answer? AskAdvisory can help. Our library of resources covers a wide variety of topics, including turnover and retention, value-based care (VBC), and operating room (OR) efficiency.

    Turnover and retention

    Two speech bubbles showing questions. "How can I reduce turnover at my organization?" and "How can I track and predict turnover?"

    According to Advisory Board's 2021 hospital turnover and vacancy benchmarks, turnover among health care workers has reached new highs in recent years:

    • Median turnover among full-time and part-time staff (excluding PRN, per diem, and casual staff) increased to 18.8% in 2021, up from 15.5% in 2020 and the highest figure Advisory Board has recorded in 15 years.
    • Median turnover for bedside RNs has also doubled over the past decade, going from 8.7% in 2010 to 18.8% in 2021.

    In addition, a survey from the American Association of Critical Care Nurses found that 67% of RNs said they planned to leave their current position within the next three years, compared to 54% in 2018. Of this group, 36% said they planned to leave within the next year, with 20% planning to leave within the next six months.

    To help your health care organization reduce turnover and better retain your workers, Advisory Board offers several resources, including:

    • 6 ways to keep your top talent amid the 'Great Resignation':  Record numbers of Americans across several different industries have quit their job as part of the "Great Resignation." This Daily Briefing article, which includes Advisory Board's own take, offers several strategies to help employers combat turnover and retain their employees.

    There are also different resources to help your organization keep track of and predict turnover more readily going forward:

    Value-based care

    Two speech bubbles showing questions. "What is value-based care? What are some current trends?" and "What are the best practices for taking on VBC risks?"

    To understand value-based care (VBC), read Advisory Board's Back to basics on VBC resource, which explains what VBC is, its future, and more. In general, value-based payment structures are often used to incentivize health care providers to improve their quality of care and reduce spending, which can then significantly impact patient outcomes and costs.

    For example, Humana has released data showing Medicare Advantage members who received value-based care had more preventive care, lower costs, and better outcomes in 2020 compared with traditional Medicare members. Many organizations have also begun transitioning to value-based care payment structures to better attract and retain new workers amid high demand for physicians.

    To keep up with the current trends in VBC, these resources can provide useful insights:

    We also offer several resources on the best practices for providers who are taking on risks with VBC, including:

    • How to improve your risk performance: This analysis of successful Medicare ACOs provides three main takeaways for organizations hoping to improve their risk performance and achieve similar results.

    OR efficiency

    Two speech bubbles showing questions. "How do I improve OR efficiency?" and "How can I improve perioperative processes?"

    Making an idea reality can be difficult, but these case studies can provide real-world insight into how to implement new strategies to improve OR efficiency:

    • 3 ways Intermountain improved its OR efficiency: This blog explores Intermountain Healthcare's approach to reduce cumulative OR tardiness on three factors: case on-time starts, case duration, and turnover time. Intermountain's three-pronged approach focused on creating a culture of urgency, tracking case duration, and redesigning staff roles, all of which led to a 15% decrease in average OR turnaround time.
    • Brazil: Improving Operating Room EfficiencyThis research article highlights how the health system Américas Serviços Médicos used strategic partnerships to develop and implement a plan to improve OR efficiency across six hospitals in its system. 

    If you are looking to improve perioperative processes at your organization, these resources can be helpful:

    • The Surgery Compendium: This research report provides best practices to improve overall surgical efficiency. The report addresses scheduling tactics before analyzing preoperative and postoperative processes to improve surgical flow. 

    Still have questions? Schedule a call with an expert.

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