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View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
View All ProductsOur solutions are designed to cater to the needs of patients, healthcare professionals, and organizations dealing with illnesses or chronic conditions.
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View All ProductsMitigate risk and elevate your quality of care. Improving both clinical and business outcomes starts with a smarter, more integrated approach to regulatory training, continuing education and quality management.
Learn MoreBy Gen Guanci, MEd, RN-BC, CCRN, Consultant at Creative Health Care Management
I get asked this question or some version of it frequently: “Is a Magnet® journey really worth the time, money, and stress it takes to be successful?” Without any reservation I can honestly say YES! My journey to Magnet® was not as an early adopter. In the early 2000s my CNO announced at a Director’s meeting that we “had applied for Magnet®…and wasn’t that great!”
Getting to Know and Understand Magnet®
At that time I had never heard of Magnet®. Of course everyone in the room agreed with her as we knew it could be career limiting if we did not. But the meeting after the meeting was a different story. My comments to colleagues showed my resistance and were not supportive of this so-called journey we were forced to be on. First, I had no clue what Magnet® was—never mind how much work it might take. I didn’t care about the answers to these questions as I already had too much work to do and so did everyone else.
Co-Leading the Magnet® Effort
Ironically, despite my not-entirely-secret reservations, I was tapped to co-lead the Magnet® Champion group. This was the group of staff who would be the eyes, ears, and voice of Magnet® at our hospital. It was only when I saw how excited the champions were about being empowered in the work place, finally having a voice in decision-making, owning their practice; evolving into professionals, and being able to practice with increased autonomy, did I finally “drink the Kool-Aid.” Since that time I have gone on to support organizations as a consultant as they take their initial designation journey or redesignation journey.
Magnet® Costs and Savings
There is no doubt that a Magnet® journey costs organizations money. Costs can include those associated with the operationalization of professional practice structures and processes including shared decision-making structures, Magnet®-related education, outcome benchmarking database fees, and the fees associated with application, document review, and site visits. But Magnet® expenses are far from being “money out the window.” To offset these expenses, take a look at the potential cost savings associated with decreased vacancy rates. Current industry average to replace a bedside nurse is running around 75% of their annual salary. This figure doesn’t even include the costs to cover that vacancy such as overtime and agency usage. Depending upon salaries in your area, the costs associated with Magnet® Designation could be saved on the backend pretty quickly if you were able to decrease your vacancy rate by 10%. This type of double digit decrease is common for Magnet® designated organizations.
Positive Results from Magnet® Designation
Magnet® organizations also see decreased adverse patient outcomes such as hospital acquired pressure ulcers (HAPU), falls, central line blood stream infections, etc. According to research, one patient fall can add approximately $34,000 to a hospitalization cost. Now imagine if your organization decreased its annual falls by 10…that could be a potential savings of $340,000!
Some ask why it wouldn’t be smarter to just put this money into increasing staffing. Staffing alone does not ensure better patient outcomes. Ownership of data by direct care nurses, as well as RN education levels, has proven to improve patient satisfaction as well as nurse sensitive outcomes. It is a healthy work environment, fostered by a Magnet® journey, that has been proven to improve patient outcomes.
Nurses for years have said we are a profession, and for this blogger, the Magnet® journey has helped raise the level of RN professionalism in every organization I’ve worked with.
So what do you think? Is Magnet® worth it?
HealthStream’s learning management system and healthcare training solutions support medical training initiatives and allow for the best patient care.
View All Learning & PerformanceHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
View All ProductsHealthStream works with healthcare organizations to create engaging and high-quality training videos for your staff and management.
View All ProductsImprove care quality and save money by making informed decisions about your healthcare facility and staff with HealthStream's reporting analytics solution.
View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
View All ProductsWhen you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.
View All Quality & ComplianceBe confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
View All ProductsDevelop next-level people for next-level care by prioritizing quality and safety improvements.
View All ProductsEstablish a culture of belonging with education supporting DEI, wellness, engagement, and leadership development.
View All ProductsUtilize patient access solutions and advanced reimbursement solutions to manage clinical denials and improve your organization’s reimbursement strategy.
View All ReimbursementExpand the decision-making skills and effectiveness of your healthcare workforce with HealthStream's clinical development programs and services.
View All Clinical DevelopmentLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
View All ProductsOur competency development solutions personalize learning for clinicians to bridge the gap between theory and practice for your nurse residents.
View All ProductsEnhance maternal & child nursing care with solutions focused on improving the quality of care for mothers, infants, and children.
View All ProductsAddress staffing orientation challenges to easily achieve and maintain certification with our emergency and acute care training solutions.
View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
View All ProductsOur solutions are designed to cater to the needs of patients, healthcare professionals, and organizations dealing with illnesses or chronic conditions.
View All ProductsMake sure your healthcare staff can schedule out appointments and work schedules with ease using HealthStream's line of software solutions.
View All SchedulingHealthcare workforce management is essential. We provide advanced scheduling solutions for organizations to solve issues such as nurse retention
View All ProductsComprehensive, industry-leading provider onboarding and credentialing software that validate health outcomes and support provider assessment.
View All CredentialingOur affordable CVO credentialing services establish patient safety by enabling primary source verification for your healthcare organization.
View All ProductsIntegrate with Epic to validate and add new providers directly to your provider master file.
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