Retention: The Currency of Healthcare

In the ever-evolving landscape of healthcare, patient experiences stand as the linchpin determining the success of any health system. The continuous engagement of patients throughout their care pathway is not merely a goal but the essence of healthcare excellence. This focus has prompted major tech players such as Apple and Amazon to venture into MedTech, as their reputation for delivering exceptional "experiences" makes them trusted leaders in the field.

Yet, even with this heightened focus, patient experiences remain far from optimal. Tragic stories surface daily, and recent data from The Beryl Institute – Ipsos PX Pulse paints a bleak picture: 76% of Americans report not having had a positive patient experience in the last three months, with a staggering 60% describing their recent healthcare encounters as downright bad.

So, why does this keep happening?

Regardless of the substantial technological investments to enhance patient experiences, the true driver of healthcare excellence will always be the care workers. These professionals lay the foundation upon which positive patient experiences are built.

And herein lies the crux of the problem—care worker experiences.

Despite healthcare advancements, our systems grapple with this crucial aspect. Since the beginning of the pandemic, over 542,000 healthcare professionals have exited their roles, according to a survey conducted by NSI, a national nurse recruitment firm. The financial toll on hospitals is substantial, with the average hospital in the US losing $5.2 million to $9 million a year due to costs associated with nurse turnover(Oracle).

Those who remain are under immense pressure, impacting not only their well-being but also the overall patient experience.

Consider nurses, for instance. The median age dropped from 52 in 2020 to 46 in 2022. On the surface, this might seem positive, indicating a younger workforce. However, the reality is that we now have a younger and less experienced talent pool, with around 41% of registered nurses aged approximately 36 years old and possessing less than a decade of experience (National Nursing Workforce Survey 2022).

Introducing new staff is a time-consuming and costly process. New professionals need time to learn the ropes, causing service disruptions. When experienced individuals leave, they take their knowledge with them, putting the continuity of care at risk.

In light of these challenges, retaining these professionals becomes a daunting but vital job. I strongly believe that retention is the currency of healthcare. But it's not just about engaging patients throughout the care pathway; it's about holding onto our valuable care workers and engaging with them throughout their career pathway.

In conclusion, the healthcare system's success hinges not only on positive patient experiences but also on care workers' experiences. Retention, therefore, must be recognized as the invaluable currency driving the sustainability and excellence of our healthcare system. As we navigate the future of healthcare, let us prioritize the well-being of those who dedicate their careers to healing, ensuring that the currency of retention remains strong and resilient.