Nursing is the backbone of America’s health system. Nurses make up a fifth of all healthcare staff–in a sector that accounts for 9.3% of all employment. Their roles vary from emergency nursing to forensic nursing, with countless specialties in between. The unfortunate truth is that although nursing’s societal value is highly regarded, it has not always been a financially rewarding career. Luckily, that is starting to change, with a shift toward models that invest in the well-being of nurses financially and otherwise.
The Key Findings
The American Nursing Association has constantly advocated for the well-being of nurses and recently set out to reevaluate the “outcomes-over-cost” value framework with a study published in the International Journal of Nursing Studies.
The study posits that nursing has been viewed through a cost-efficiency lens, with organizations cutting nursing budgets while still aiming to maintain care quality. However, this approach has led to issues like understaffing, burnout, and turnover, ultimately compromising the sustainability of healthcare.
The researchers propose a new system that repositions nursing as the center of a “value-adding human capital asset.” Taking principles of economics and applying them to healthcare structures, the researchers suggest that human capital, production, and value theories should be applied to invest in nurses. Through training and support, these principles show that a strong return on investment (ROI) is possible in the long run.
In simple terms, we should be investing more heavily in training, well-being, support, and career advancement and increasing payscales to incentivize current nurses to stay in the field and encourage new nurses to take up the calling.
The central message is clear: nurses should be viewed not as a cost to minimize but as a vital asset that, when properly invested in, drives both revenue and the success of healthcare systems as a whole.
Under Funding in Nursing: The Hidden Cost
Unfortunately, the current system does not always place nurses as high up on the priority list as they deserve. This leads to staffing shortages, stagnant wages, and overworked nurses. As a result, many nurses face burnout and high turnover rates, which negatively affect patient care and outcomes. Healthcare providers often reduce nursing budgets in an effort to cut costs, but this approach has proven counterproductive, increasing long-term expenses due to poor patient outcomes like medical errors and longer hospital stays.
To improve both nurse satisfaction and patient care, a shift in perspective is needed. Rather than viewing nurses as a cost to be minimized, they should be seen as valuable assets who contribute significantly to healthcare’s efficiency and success. Adequate funding would provide better pay, more training, and career advancement opportunities, creating a more sustainable healthcare system for both nurses and patients alike.
Demand, Opportunity, and Flexibility All on the Rise
On the bright side, nursing salaries have been steadily rising over time, but post-pandemic, there has been a sharper increase, taking the national average from 80,010 in 2020 to 94480 in 2023. This rise represents an increase in how nurses are valued and bodes well for the future of the healthcare sector.
Alongside rising salaries, there has been a positive shift in support and working conditions for nurses. If the pandemic taught us anything, it was just how vulnerable and critical our healthcare system is. This has prompted healthcare organizations to enhance resources for mental health, become more flexible, and create more opportunities for professional development. These improvements are, as they should be, aimed at reducing burnout and retaining skilled nurses while attracting much-needed newcomers to the profession.
Luckily, it is working. Better salaries and improved support are attracting more and more passionate and greatly appreciated people to nursing. The improved outlook is also a great incentive for those who are considering becoming a second career nurse, as it is an appealing choice considering that there is no shortage of work.
Sustainable Growth
What many people do not realize is the breadth of work a nurse can do. After about four years of training to become a registered nurse (RN), you can choose to specialize in many different specialist roles. For example, with another three to four years of training–mostly on the job you could be a Certified Registered Nurse Anesthetist who, on average, earns $238,334.
If anesthesiology is not your bag, that is okay; there are about 100 specialties on this list. Some of the fastest-growing are cardiac nurses, critical care, telemetry, and emergency medicine. As the healthcare landscape changes with the progress of automation, AI, and whatever else the future holds, the combination of a supportive and rewarding workplace with such a range of specialties makes nursing a secure choice.
Investing in a Healthy Future
If the suggestions of this study and others like it continue to be implemented, then nursing will secure its future; this means not just increasing funding but also creating a culture that values nurses’–and all healthcare workers, for that matter–well-being. A system that supports their professional growth and recognizes their crucial role in healthcare. When organizations start seeing nurses as invaluable assets rather than just costs, we can expect a more stable workforce, better patient care, and improved overall outcomes in healthcare systems.
Investing in nursing also brings significant economic benefits. By enhancing training and development opportunities, we build a more skilled workforce that can adapt to the ever-changing healthcare landscape. This not only helps retain current nurses but also attracts new talent to the profession, especially in underserved areas. The result is a more resilient healthcare system that can handle future challenges, ensuring nurses are well-equipped to provide high-quality care in a supportive environment.
At the end of the day, taking a different approach to the economic value of nursing can lead to sustainable growth in the healthcare sector, benefiting everyone involved. By advocating for the needs of nurses and investing in their futures, we can pave the way for a healthier society where patients receive the best possible care and nurses thrive in their essential roles.
Featured image credit: DepositPhotos.com
