Quantifying the Economic Value of Nursing Care

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According to Nieswiadomy and Bailey (2018), as nurses greatly influence healthcare, they are a pertinent economic factor in the production of healthcare services. As the healthcare system becomes more cost conscious, nurses must try to quantify their productive value by estimating a monetary value that can be placed on nursing services, also called pecuniary terms. However, it is extremely difficult to measure the output of a nurse’s job as it is determined by the patient’s health, something that is inherently arduous to measure. One factor that contributes to this issue, is that hospitals do not typically bill separately for nursing services. Instead, nursing services are bundled within a total hospital bill. This also allows hospitals to make more profit by increasing the workload of the nurse. As we know, this can lead to nurse burnout, as well as poor patient outcomes. This can also lead to patient dissatisfaction and job dissatisfaction for the nurse. Additionally, hospitals are liable for patient harm. Thus, they do not want to have nurses who are overworked as that may end up being more expensive if it leads to poor outcomes. Hospitals need to scrutinize the value of nursing care in balance with other inputs such as physicians or physical therapist. Nurses also must play a crucial role in this valuation process.
One study, termed the Dall study, determined how to quantify the economic value or cost savings of professional nursing. Their results showed that as nursing staffing levels increase, patient risk of nosocomial complications and hospital length of stay decrease, which would save both the hospital and the patient money. The Dall et al. estimated that adding 133,000 full time equivalent RNs to the workforce of an acute care hospital within the U.S. would save 5900 lives per year, with an economic value to society of each addition RN estimated to be even higher than $57,700 (Nieswiadomy & Bailey, 2018).
Some studies have also been completed that demonstrate the cost-effectiveness of nursing care. According to Nieswiadomy and Bailey (2018), one such study was Brooten et al. (1986). This study assessed early discharge and home follow-up care of very-low-birth-weight infants. Results of this study proved that follow up care provided by a nurse specialist was not only safe, but it was cost effective. Follow-up care had the potential to decrease hospital care costs and reduce hospital acquired infections or illnesses caused by a medical examination or treatment. Nurse specialist led follow up in this population was also shown to potentially enhance parent-infant interactions. Findings for existing nursing studies have demonstrated the cost effectiveness of nursing care. However, more research is needed to help determine the economic value of nursing care.
References
Nieswiadomy, R.M., & Bailey, C. (2018). Foundations of nursing research (7th ed.). Pearson.