“Start the retention process when the person is still open to staying and not after they’ve already told you they are leaving.” - Jeff Weiner, CEO LinkedIn
Today’s healthcare environment is extremely competitive. The difference between success and failure is talent. Agencies must retain their skilled workforce in order to be successful.
If your turnover rate is above 15%, you are risking your agency’s ability to thrive
Our work in the field shows that agencies with turnover rates above 15% have lower quality and patient satisfaction scores and higher re-hospitalization rates. These are all critical metrics in the value-based purchasing environment.
Results from the National Healthcare at Home Best Practices and Future Insights Study show a direct correlation between high turnover and significantly decreased profit margins. This ranges from 18.94% margins for agencies with less than 10% turnover rates to .97% for agencies with turnover rates from 21-30%. That is an average 1.2% decrease in profit margin for every 1% an agency’s turnover rate increases.
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The National Employee Retention Project is an investment in your agency’s performance
BerryDunn has launched this national effort to increase employee retention in home health and hospice agencies and implement best practices to reduce turnover with research from the National Healthcare at Home Best Practices and Future Insights Study. The project will begin on October 17, 2023, and run for six months. Agencies may request a later start date on a case-by-case basis.
How the project works
The project will start with a consultation call with the project Study Director, Lindsay Doak. During the project:
- We will review your agency’s turnover rates and engagement survey scores and identify specific areas of improvement. You may be asked to complete a brief survey so that we can better understand your organization’s structure and operations.
- We will provide monthly educational sessions to help your agency strategize and address areas of improvement. Project participants are required to participate in all of these sessions. Between sessions, organizations will be asked to implement agreed-upon strategies for improvement. This implementation of strategies is critical to the project’s success.
- Agencies should expect to commit one hour per month for the project and estimated three to four hours per month for implementation. We will offer support with implementation and a discussion with the Study Director can be set up to determine additional the level of support and associated costs.
Criteria for enrollment in the project
- Have a turnover rate of 16% or higher reported within the past 12 months
- Conduct an employee engagement survey as part of the project or have conducted one within the past 12 months
- Assign at least one agency management lead to participate in the project for a six-month commitment
The project team
- Lindsay Doak, Project Director and Chair of the National Healthcare at Home Best Practices Study
- Dimitri Panacopoulos, Project Financial Consultant and Principal at BerryDunn
- Andrew Eaves, Project Employee Communication and Business Development Consultant
- Nancy Roberts, Project Operations Consultant
- Ann Marie O’Connell, Project HR Consultant
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