The Case for Magnet

7082 Words29 Pages
JONA
Volume 40, Number 6, pp 263-271
Copyright B 2010 Wolters Kluwer Health | Lippincott Williams & Wilkins

THE JOURNAL OF NURSING ADMINISTRATION

The Business Case for MagnetA
Karen Drenkard, PhD, RN, NEA-BC, FAAN

The author describes the role of the chief nurse executive in delivering a business case for the Journey to Magnet Excellencei. Calculating a return on investment provides clear measurement of benefits of the credential and can be used to evaluate upfront resources that result in a longer-term gain. The range of cost savings that can possibly be achieved for a typical 500-bed hospital is presented. Although not every hospital will achieve the level of performance implied by the national assumptions, securing only a modicum of the potential level of cost improvement will ensure a multifold return on the investment required.
One of the important responsibilities of a chief nurse executive (CNE) is to share information with the rest of the executive team about programs and efforts that are beneficial to the delivery of patient care. This includes securing the support of the chief executive officer and others at the executive level.
When a financial investment is required, stating a strong and convincing case is a key strategy for engaging the executive decision makers, including the chief financial officer. In the case of a decision to pursue MagnetA status, the support of the entire executive team is a necessity. In 2008, a new Magnet model was developed based on scholarly review and statistical analysis.1
The new Magnet model offers a framework for organizing a nursing services division (Figure 1).
Magnet status is not a prize or an award; it is a credential of organizational recognition of nursing excellence. The process requires organizations to develop, disseminate, and enculturate evidence-based criteria that result

More about The Case for Magnet

Open Document