A recent McKinsey & Company report found that from 2021 to 2022, health system operating expenses rose an alarming 17.2 percent – upwards of four percent more than the rise in revenue. One of the main factors contributing to this is the climbing labor costs.
It’s no secret that nurses are leaving the healthcare industry, shifting away from acute care. The question remains, how will health systems adjust workforce strategy to fill in the gaps of full-time staff to continue to care for patients without breaking the budget?
Health system executives are tasked with cutting budgets, but under the surface, they are also managing ongoing challenges including staff burnout, lack of retention and operational inefficiencies due to outdated methods of tracking and deploying their workforce. To reduce labor costs, while still maintaining the highest standard of care, health systems need to re-evaluate their workforce model.
Introducing CareRev’s ROI calculator
CareRev’s new ROI calculator provides health system executives with an in-depth analysis of facilities’ operations and budget. Within 15 minutes, executives gain the insights needed to better evaluate and operationalize workforce strategy with key insights into:
- Expenditures: Understand the full financial impact of relying on overtime, bonus, and incentive pay in addition to travel nurses, including hidden costs and inefficiencies.
- Staffing Optimization: Evaluate the impact of overstaffing and understaffing within your facility.
- Revenue Opportunities: Identify how staffing affected revenue and the opportunities gained with a flexible workforce to share with your leadership team.
- Savings with CareRev’s Marketplace: Discover the substantial cost savings and operational benefits of utilizing a pool of credentialed nurses in your community ready to fill shifts on demand.
About the flexible workforce
At CareRev, we offer healthcare facilities the ability to tap into a qualified, per diem workforce to fill the gaps of full-time staff, meet the fluctuating patient demand, and reduce labor spend. Of the professionals working on CareRev’s platform, 41% have 10 or more years of experience in healthcare, and 79% have five or more years of experience in healthcare. With CareRev, facilities have a direct line to professionals spanning 10 professions and 99 different specialties.
Schedule a demo!
If you’re interested in learning more about the impact a flexible workforce could have on your facility, including potential savings, click here to schedule a meeting!
