September 7, 2022
BerryDunn conducted a recent study of US home health and hospice providers and discovered that those who have experienced a high turnover rate experienced consisted blows to their bottom lines. Providers with a turnover rate of 10% or less among staff reported seeing margins rise on average by 18.94%, while those with turnover rates ranging from 21% to 30% saw margins drop by about 1%.
“We see from the study a higher overall turnover rate for all positions within hospice versus home health,” Lindsay Doak, senior manager of the home health and hospice team told Hospice News in an email. “Agencies with turnover rates above 15% have an average 11% to 20% of their registered nurse positions unfilled, with an average 56% of respondents stating that they’ve had to turn away for referrals. [The] cost to replace staff combined with turning away referrals is the main reason for the lower profit margins.”
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