West Orange, N.J-based RWJBarnabas Health has adopted a number of initiatives to reduce its staffing costs as overall expenses increased 12.1 percent in the quarter ending March 31. Revenues for the period totaled $2 billion, up 15 percent from the previous year.
Despite continued labor and supplies issues, the 15 acute-care-hospital system was able to post a $5.7 million operating gain compared with a $41.3 million loss in the same period in 2022. Salaries and employee benefits, excluding physicians, rose 11.4 percent to total $967.8 million.
Such staffing initiatives include nurse retention programs focusing on professional development through improved tuition assistance programs, flexible work schedules and sign-on bonuses, RWJBarnabas said.
"Nurses are in high demand and in short supply," the health system said. "The increased amount of competition has forced a refinement of our internal hiring processes to expedite our ability to acquire top nursing talent."
Overall income, boosted by improved investment returns, totaled $168.1 million compared to a $42.1 million loss the previous year.