A recent study from KPMG determined that using Travel Nurses can be a cost-effective strategy for hospitals nationwide.
According to the KPMG’s 2017 U.S. Hospital Nursing Labor Costs Study, “when all costs are considered, traveling nurses appear to cost less than permanent nurses.” The survey found that the cost for a permanent nurse is roughly $89 an hour, compared to an hourly rate of $83 for a Travel Nurse.
KPMG’s findings took into account the hidden costs associated with hiring full-time, perm nurses, such as overtime pay, paid time off, insurance, retirement, and recruiting costs. Additional costs included in the study were non-productive labor hours, orientation hours, as well as attrition and turnover rates.
The results from KPMG will be welcome news for the hospitals that are already utilizing Travel Nurses as part of their staffing plans. In fact, hospitals polled in the survey reported that Travel Nurses make up roughly 11% of their current nurse workforce. These hospitals also predicted that their use of Travel Nurses would likely increase in the future. Survey respondents cited local nursing shortages and facility growth as primary reasons for the expected increased use of supplemental staff.
Learn more about how the use of Travel Nurses can benefit your facility’s bottom line. Read the full results from KPMG’s 2017 U.S. Hospital Nursing Labor Costs Study here.