Magnet cost

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hello-

my hospital is going through the "magnet journey" and i have been thinking about something and i cannot find the answer anywhere. how much does it cost to become a magnet facility? i know there has to be an application fee but what about all the "man" hours. has anyone ever figured this out.

i wonder if it is worth it.

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Specializes in ICU.

I "heard" at work from someone that it was something like 45000 just to apply. Insane.

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Specializes in Peds Hem, Onc, Med/Surg.

It has to cost a lot of dough. It took my hospital 5 years to become magnet.

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Specializes in Nursing Professional Development.

If you add in the cost of a full time "Magnet Coordinator" position (salary + benefits) for a period of years, it has to put the grand total somewhere over half a million -- but that's just my VERY rough estimate. I'm sure some place spend a million on it, once all things are considered.

However ... some of that money would have been spent on similar things even if the hospital were not going for Magnet status. It's hard to separate out that money that would not have been spent had it not been for the Magnet effort.

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Specializes in Nephrology, Cardiology, ER, ICU.

llg - you bring in some very relevant info: if the hospital WASN'T doing the Magnet journey, would improvements still be made? Conversely, the improvements probably SHOULD have been made whether the facility is striving for Magnet status or not.

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thanks for your input

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