The business case for Magnet.
The author describes the role of the chief nurse executive in delivering a business case for the Journey to Magnet Excellence. Calculating a return on investment provides clear measurement of benefits of the credential and can be used to evaluate upfront resources that result in a longer-term gain. The range of cost savings that can possibly be achieved for a typical 500-bed hospital is presented. Although not every hospital will achieve the level of performance implied by the national assumptions, securing only a modicum of the potential level of cost improvement will ensure a multifold return on the investment required.
Drenkard
Karen
K
Magnet Recognition Program, American Nurses Credentialing Center, Silver Spring, Maryland 20910, USA. Karen.drenkard@ana.org
D003362:Cost-Benefit Analysis; D006801:Humans; D007588:Job Satisfaction; D009718:Nurse Administrators / Q000191:economics*; D009741:Nursing Staff, Hospital / Q000191:economics* / Q000600:supply & distribution; D010560:Personnel Selection / Q000191:economics*; D010563:Personnel Turnover / Q000191:economics*; D011785:Quality Assurance, Health Care / Q000191:economics*