For several years, businesses in multiple industries have been discussing the buzz about “Big Data.” With a few years of experience, we now understand this to be strategic analytics. Healthcare has been slow to adopt strategic analytics, particularly as it applies to healthcare workforce solutions. Yet, strategic analytics remains one of the most successful components of healthcare workforce solutions.
Strategic Analytics is the Hero Healthcare Workforce Solutions Needs
At its core, strategic analytics is more than just data and numbers. It’s the factual component of critical advisory services intended to inform business decisions. In healthcare, strategic analytics is critical to healthcare workforce solutions and budgetary concerns. They are drivers of successful programs, providing transparency and accountability in health systems. Find out how strategic analytics can enhance your healthcare workforce solutions:
- Evaluate healthcare contingent workforce spend. Healthcare workforce solutions are geared towards enhancing management of healthcare labor. When married with strategic analytics, stakeholders are better able to evaluate their healthcare contingent worker spend. Strategic analytics become a driver for these healthcare workforce solutions, shedding light into how contingent labor is acquired, at what cost, and tied to which department or ministry. This allows stakeholders to better align their healthcare workforce solutions with organizational goals, reducing healthcare hiring costs.
- Encourage cost containment. Strategic analytics offer increased transparency into more than just contingent workforce spend. They also provide critical insight into processes which may greatly affect the bottom line. These can guide health systems in making decisions to optimize HR and accounting efficiencies as well. Some healthcare clients find they save as much as 7% on these operational efficiencies as a result of insights gained through strategic analytics. Cost containment can therefore become a more central focus of healthcare workforce solutions.
- Provide market intelligence and rate guidance. Health systems often seek out healthcare workforce solutions in order to reduce egregious bill rates and overall contingent labor spend. Using strategic analytics, health systems can gain regional insights into market rates per position. This can better inform stakeholders if they’re paying too much or too little for contingent labor, guiding decisions on how to obtain the best talent for a fair price.
- Evaluate supplier performance. How do health systems evaluate supplier performance if they don’t have strategic analytics to guide these evaluations? In many cases, they simply are unable to. Using strategic analytics, stakeholders are able to see in black and white how many placements suppliers have made, their length of stay, eligibility for rehire, and more. This data can enhance supplier performance, which is central to healthcare workforce solutions.
- Guide compliance efforts. All health systems are beholden to complex federal and state compliance regulations. Failure to adhere to these rapidly changing regulations could expose a health system to fines, penalties, lawsuits, or a shutdown of the health facility. Future looking strategic analytics can provide detailed information on healthcare regulations coming down the pipeline and inform stakeholders of their likely impact on both the health system and patient care. Healthcare workforce solutions with a strong compliance component are therefore strengthened by these strategic analytics.
It’s clear that strategic analytics are a powerful tool in healthcare workforce solutions. RightSourcing’s vendor neutral MSP programs all include advanced strategic analytics and reporting. This guides all advisory and program services. To find out how your health system can benefit, contact RightSourcing today for a free workforce analysis.