From Jan. 1, 2023, through June 30, 2024, New York City-based NewYork-Presbyterian hired more than 10.700 new employees, including 3,216 nurses, according to financial documents published Aug. 23.
More than 3,000 of those employees, including 966 nurses, were hired this year. The 10-hospital system has also reduced its staff turnover rate to 11.1%, trending better than the PwC Saratoga Turnover Rate Benchmark for Hospitals/Health Systems for 2023 of 16.8%.
For the six months ending June 30, operating expenses increased $258 million (5.4%) year over year. Salaries and wages, together with employee benefits, increased $218.2 million (7.8%).
The system attributed this spike to having 1,531 more full-time equivalent employees compared to the same period in 2023 as well as general wage and benefit increases consistent with the labor market. These increases were partially offset by reduced utilization of contract labor and reduced hourly rates for agency nurses, resulting in a $51.4 million (49%) decrease in temporary and agency costs compared to the same period in 2023.
In June, NYPH launched a "values and actions" campaign that focuses on providing excellence through respect, integrity, empathy, teamwork and innovation.
"NYPH recognizes that employee wellbeing is paramount to the delivery of quality care to patients and the community," the health system said in its quarterly report. "As such, NYPH maintains a robust health and wellbeing program that focuses on various domains of wellbeing, including emotional resilience, physical health, work-life harmony, financial stability, career mobility and community stewardship."
The health system also offers the CopeNYP employee assistance program to support employees and their families. Staffed by licensed mental health clinicians from Weill Cornell Medicine's psychiatry department, CopeNYP provides emotional support and practical strategies to strengthen the client's resilience.