CMS announces financial incentives for nursing home staffing
CMS said RNs will be able to receive up to $40,000 for student loan debt and/or a $10,000 stipend after a three-year stint.
Photo: CatherineFallsCommercial/Getty Images
The Centers for Medicare and Medicaid Services is offering eligible nursing homes a shot at applying for Financial Incentive Administrator designation as part of its recently announced Nursing Home Staffing Campaign.
CMS issued a notice of funding opportunity, which provides detailed information on becoming an FIA. It also details how the program aims to support nursing homes in areas with high labor shortages, specifically focused on Registered Nurses.
WHAT'S THE IMPACT
While the funding is not yet available, organizations that become an FIA will provide funds to RNs to work in a qualifying nursing home or at a state agency for three years, according to the American Health Care Association and the National Center for Assisted Living,
CMS said RNs will be able to receive up to $40,000 for student loan debt and/or a $10,000 stipend in return for working three years in a qualifying nursing home.
Nursing homes, nursing home chains and nursing home associations are not eligible to become an FIA. However, nursing homes that meet CMS labor shortage criteria will be shared with FIAs and potentially have an opportunity to receive RNs through the program.
The NOFO does not specify how CMS will determine qualifying nursing homes but does share the estimated number of qualifying nursing homes in high labor shortage areas in each state.
More information on the qualifications to become an FIA and specific program operations is available on the grants website.
THE LARGER TREND
A 2023 nurse.org survey showed 60% of nurses still love the profession. But 62% are concerned about the future.
The numbers are an improvement from 2021, but nurses are still reporting high levels of burnout, mental health issues and lack of support, among other hardships. About 39% of them said they were dissatisfied with their current job, though this answer varied based on education level and specialty.
Staffing issues and an ongoing nursing shortage continue to cause challenges for the nation's nursing workforce. A full 91% of respondents believe the nursing shortage is getting worse and that burnout, poor working conditions and inadequate pay are the primary causes.
Meanwhile, 79% said their units are inadequately staffed, while 71% said improving staffing ratios would have the greatest impact on the nursing shortage. And of course, nurses want better pay. Fifty-five percent saw a pay increase during the last year, but 75% still feel underpaid and 52% believe their hospital does not pay nurses with similar experience equally.
Jeff Lagasse is editor of Healthcare Finance News.
Email: jlagasse@himss.org
Healthcare Finance News is a HIMSS Media publication.
