The University of Pennsylvania Health System typically spends $9 million to $10 million a quarter on overtime, agency staff, and bonus pay. But those costs reached an astounding $49 million in the last three months of 2021.
., which owns or manages Lower Bucks, Roxborough Memorial, and Suburban Community Hospitals, do not publish financial results.High costs for travel nurses — a form of temporary staffing involving nurses who move around the country for stints — were a significant factor in the financial challenges at hospitals.a large medical staffing firm based in Coppell, Texas, jumped by 2½ times between last year’s second quarter and the end of the year, the company said.
But there are signs of declining demand locally. As the omicron wave of infections slowed, the need for travel nurses waned at, CEO Mike Young told investment analysts last month. “We’re down from 180 to 150 in the number we’re using,” Young said on Feb. 25. Temple employed about 2,400 registered nurses on Dec. 31, according to a bond offering statement.
During the same call, Young said that turnover among nurses with one to three years of experience was a problem atThe average raise there was 4% because nurses with 15 years or more experience “were already very competitive in the marketplace,” Young said. Temple declined to say whether the 15% increase went exclusively to wages or included other costs.
“We’re not different than any other industry, except we can’t decide not to buy stuff,” Lynch said. ”We still need all of the supplies, probably more of them.”
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