Unlocking the Value of Nursing in Health Care
CONTACT: NewsRoom@ana.org
SILVER SPRING, MD – The ANA Enterprise Institute for Nursing Research and Quality management has spearheaded a 2-year research project on the Economic Value of Nursing. This study will develop a new model to measure and understand how much nurses contribute to healthcare systems. The goal is to change how we view nurses—not just as a cost but as valuable contributors who generate revenue. By investing in nurses, we can recognize them as crucial members of the healthcare team and strategic assets that drive better patient outcomes and financial health for hospitals.
In the world of health care, where quality and efficiency are paramount, a revolution is brewing—one that directly impacts nurses and the care they provide. It's called value-based payment reform. The model proposed by researchers Dr. Olga Yakusheva and Dr. Marianne Weiss and supported by the ANA Enterprise through the Institute of Nursing Research and Quality Management, emphasizes the critical role of nursing in health care and introduces the Nursing Human Capital Value Model.
Picture this: instead of just going through the motions, hospitals are now rewarded for delivering top-notch care efficiently. Good outcomes and smart spending mean more money, while poor results lead to financial penalties. Value-based payment reform is like a compass guiding all health care providers towards a destination where patient care isn't just about procedures, but about outcomes and efficiency.
Nurses are the backbone of patient care, providing the hands-on support that directly impacts outcomes. They're also savvy when it comes to spotting inefficiencies and waste. Yet, in this evolving landscape, nurses find themselves in a tricky spot. While they're essential for quality care, they're also a significant portion of a hospital's expenses. And when budgets get tight, guess who's often first in line for cuts?
According to Yakusheva and Weiss, it's not just about providing excellent care; it's about showing how that care translates into better outcomes and savings for the organization. The Nursing Human Capital Value Model recognizes that nurses aren't just cogs in a machine; they're the engine driving it forward. By investing in nurses—through education, support, and development—we're not just ensuring quality care; we're creating a cycle of value that benefits everyone.
The Nursing Human Capital Value Model draws from three foundational economic theories: human capital theory, production theory, and value theory. It starts with nursing as a crucial asset, adding value to health care delivery. It then directly connects nurses' attributes and allocation to health care quality, volume output, and organizational finances.
This innovative approach to nursing's economic value establishes a value creation cycle through investment in nursing human capital, resulting in enhanced care delivery, improved outcomes, and organizational revenue growth, all of which underscore the importance of investing in nursing for sustainable value generation across health care systems. When nurses thrive, patients thrive, and so do organizations. It's a win-win-win.
As stated by Dr. Yakusheva at the Re-imagining the Economic Value of Nursing Summit: “By advocating for their own economic value, nurses are enabling themselves, and our health care system, to provide the highest quality, affordable, equitable care that our patients and families need.”
Learn more about this project, as well as its’ strategic priorities and goals, here: Nursing Research.
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About the ANA Enterprise
The ANA Enterprise is the organizing platform of the American Nurses Association (ANA), the American Nurses Credentialing Center (ANCC), and the American Nurses Foundation. The ANA Enterprise leverages the combined strength of each to drive excellence in practice and ensure nurses’ voice and vision are recognized by policy leaders, industry influencers and employers. From professional development and advocacy, credentialing and grants, and products and services, the ANA Enterprise is the leading resource for nurses to arm themselves with the tools, information, and network they need to excel in their individual practices. In helping individual nurses succeed—across all practices and specialties, and at each stage of their careers—the ANA Enterprise is lighting the way for the entire profession to succeed.