Travelers Most Affordable Option According to 2017 U.S. Hospital Nursing Labor Costs Study

Travelers Most Affordable Option According to 2017 U.S. Hospital Nursing Labor Costs Study

A recent study from KPMG illustrates the fact that using Travel Nurses can provide a cost savings to hospitals throughout the United States.

According to the 2017 study, since KPMG’s last study in 2011, the U.S. economy has continually improved, leading to an increased demand and increased wages for nurses. The study investigates some of the factors and trends that can help hospitals better understand the overall cost of their labor and how to best implement a composite of full-time and supplemental labor strategies.

Hospitals who use Travel Nurses will appreciate the finding that Travelers save them costs on several levels. As the study indicates:

“When all costs are considered, traveling nurses appear to cost less than permanent nurses on an hourly basis. Cost data provided by hospitals indicates that the hourly, all-in cost for a full-time, permanent nurse is approximately $89. This hourly cost is higher than traveling nurses that cost approximately $83 per hour.”

Costs considered in KPMG’s measure included overtime pay, paid time off, retirement, insurance, recruiting, and payroll taxes — all of which vary by nurse type — while also investigating the various hidden costs associated with perm nurses, such as non-productive labor hours, more extended training/orientation, attrition, and resources needed to hire and re-fill positions.

For NATHO members, this data can be incredibly helpful in educating your hospital clients about how your services can help them cut costs while providing optimum patient care! Feel free to use KPMG’s study as an educational resource.  

Click here to review the full study from KPMG on 2017 U.S. Hospital Nursing Labor Costs