Return on Investment: Benefits and Challenges of a Baccalaureate Nurse Residency Program

Rosemary Pine, MSN, RN, CDE; Kathryn Tart, EdD, RN, CNE

Disclosures

Nurs Econ. 2007;21(5):13-18, 39. 

In This Article

Conclusions and Summary

The Methodist Hospital's UHC Baccalaureate Nurse Residency Program was implemented to reduce the turnover rate of graduate nurses and to assist with the successful transition to leader at the bedside. Turnover at the end of year was 13%, a dramatic improvement from the 50% turnover rate in 2004. Turnover rates for baccalaureate nurse residents at 13% compares favorably with the 50% turnover the year prior to starting the program. The ROI indicates that the program is cost effective. The cost savings is $823,680. Clearly, investment in the residency program influences new hire retention.

Nurses new to the profession benefit from a specialized residency program in a two-pronged approach that supports their transition from student to leader at the bedside. The curriculum is based on understanding the needs of the graduate nurse using Benner's model. The ROI of the nurse residency program makes the program cost effective. Evaluation of the program by the nurse graduates is positive and changes are being made to the program through their evaluation. More over, retention of nurse graduates has dramatically improved from 50% to 89% following program implementation.

The print version of this article was originally certified for CE (continuing education) credit. For accreditation details, please contact the publisher, Anthony J. Jannetti, Inc., East Holly Avenue Box 56, Pitman, New Jersey 08071-0056

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