Date of Graduation

Winter 12-13-2013

Document Type

Project

Degree Name

Doctor of Nursing Practice (DNP)

Department/Program

Nursing

Program

Executive Leader DNP

First Advisor

Dr. Marjorie Barter

Second Advisor

Dr. Kimberly Horton

Abstract

The project’s aim was to examine the financial impact of replacing registered nurse (RN) travelers, RN registry and RN overtime with new graduate RNs. Newly graduated RNs are often viewed by hospital administrators as a more costly staffing resource. This project contributes knowledge regarding the potential cost savings with the utilization of a centralized float pool incorporating new graduates. In addition, it contributes a novel idea for reducing organizational costs of implementing an electronic medical record with the utilization of new graduates as super users.

A new graduate program, which incorporated the use of a formal preceptor and mentoring program, was designed to train 100 nurses over the next four years. New graduates were hired as non-benefited employees into a centralized float pool. The first two cohorts consisting of 54 new graduates completed training in April 2013 and June 2013. Data were collected over a 12 month period using organizational financial reports and group discussions with the new graduates.

Overtime decreased in the areas new graduates were hired and traveler/registry usage decreased to 26.4 FTE below the budgeted level. From April 2013 through September 2013 the savings contributed to the new graduate project was two million dollars. In October 2013 an additional $500,000 was saved due to the new graduate project and this monthly savings is expected to continue. Utilizing new graduates as super users also saved the organization 375,000 dollars. Implementing a new graduate program and replacing RN traveler, registry and overtime hours proved to be cost effective.

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