For several years, human resources, contingent labor engagement, and talent acquisition technologies have begun featuring advanced strategic analytics. Increasingly, customers have taken notice that strategic analytics is growing in importance. But what value can it bring to a health system? The answer is that it can enhance patient care.
Strategic Analytics and the Value of Data Based Decisions
Technology and service providers feature strategic analytics because it brings tremendous value to organizations. For health systems, this value is improved patient care. Consider the following ways in which strategic analytics can enhance patient care:
- Predictive modeling ensures adequate staffing levels when patient demand rises. The single greatest hindrance to providing exceptional patient care is a lack of workers on site to provide that care. Strategic analytics help alleviate this concern by offering predictive modeling to determine when health systems traditionally experience a need for more workers on site. This helps health systems to prepare for potentially busy times by having enough healthcare contingent workers available to render care.
- Performance metrics ensure the right candidates are selected. Systems such as VMS technology use detailed performance metrics to show which suppliers are performing at their best. This means providing quality credentialed contingent labor at market rates. Using strategic analytics, health systems can identify suppliers that are not producing results and replace them with suppliers who can provide the best candidates to fill open requisitions.
- Market intelligence reduces costs, allowing for more budget to allocate towards patient care. Market intelligence is an important part of strategic analytics because it can inform health systems of the market rate for contingent labor in their region. When this is unknown, suppliers could be charging exorbitant rates or crisis rates for contingent workers. This could threaten budgets, leaving less money available to invest in cutting edge technologies and additional staff to render the best patient care.
- Strategic analytics can reduce turnover. When health systems lack enough workers on site, many respond by enforcing mandatory overtime rules. This can easily overwhelm existing staff, increasing turnover. When turnover is high, patient care may suffer. Strategic analytics can reduce this stress in multiple ways- by predicting when health systems will need more contingent workers to assist existing full time staff, and by identifying root causes of dissatisfaction on site. When employees and contingent labor are dissatisfied, turnover can rise. By using this data, health systems can stop turnover from getting too high and endangering their patients’ care.
Using strategic analytics, health systems are able to make informed healthcare hiring and engagement decisions based on quantitative data. To find out what value your health system can obtain from this kind of data, contact the RightSourcing, the leading healthcare MSP, for a free workforce analysis.
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