The healthcare industry as a whole has seen significant volatility in its staffing challenges over the past decade. More recently, we've observed low demand and high supply, nurses and physicians leaving their positions in droves, and the rise of contingent labor, which is generally associated with higher costs.
Healthcare advisory solutions have proven to be an invaluable tool in navigating these challenges by guiding organizations and their hiring teams through recruitment, compensation management, contingent workforce management, performance data analysis, and more.
Here we'll go over what healthcare advisory services entail, how they can streamline tedious workforce management processes, and how you can think more strategically about these issues.
Understanding Healthcare Advisory Services
Healthcare advisory services are exactly what they sound like — an expert consults with you to understand your problems and creates customized solutions to meet organizational imperatives. Whether you're looking to grow, create more long-term sustainability, pivot into new territory, etc., an advisory service will help.
No two facilities are the same, so exact methodology will vary greatly. But some of the more common solutions advisory services provide include, but are not limited to:
- Recruitment optimization: Navigate the staffing landscape with ease and efficiency by optimizing sourcing channels, improve overall talent acquisition structures, and streamlining onboarding.
- Compensation management: With a comprehensive vendor management system (VMS) it's never been easier to manage supplemental spending on contract labor.
- Contingent workforce management: Optimize float pools, source your talent directly, or develop an internal agency to cut out the middleman.
- Financial advisory: Implement cost reduction strategies, improve worker performance, and discover new investment opportunities.
Features of HWL's Healthcare Advisory Services
Advanced Reporting and Visualization of Performance Metrics
One of the most important aspects of running any healthcare organization is full transparency into data so that you can glean insights and formulate more effective strategies. HWL's advisory services, for instance, utilize a VMS platform that centralizes all critical data into one place, complete with easily accessible reporting dashboards and business intelligence integrations. It is built on a next generation platform with architecture that supports custom workflows, easy integrations with client systems, and robust reporting systems that empower decision makers.
Other key features include:
- Custom workflows
- Cross-browser compatibility
- Device agnosticism, allowing any device to sync with the platform
- Custom and ad-hoc dashboards
- Vendor neutrality to ensure the highest possible staff quality without overpaying
- Wage rate management
- Credentials management
- Automated timekeeping and invoicing
They say knowledge is power, and the first step toward efficiency is full transparency throughout the organization.
Contingent Workforce Management Solutions
Maintaining a contingent workforce without an MSP or VMS is like trying to change a tire without a jack — you may be able to do it, but it'll take a whole lot of manpower and it won't be fun. Any healthcare advisory service that knows what they're doing can attest to that. There are a number of ways to achieve this, such as:
- Internal Resource Pool management: Seamless communication, schedule access from any device, and customizable shift filters based on location, time, and availability are all key features of IRP management. It also helps track and manage staff documentation and credentials, provides real-time performance analytics, and more. This not only helps increase flexibility, it helps to reduce premium labor costs.
- Direct talent sourcing: HWL serves as a strategic sourcing partner and front-end extension of your team, all while promoting a strong employer brand. We'll help you build local, regional, and national talent pipelines so you can cut out the middleman, saving time, money, and effort.
- Develop an internal agency: Employer branding is how you present yourself to job seekers. This can include word of mouth, online ratings and reviews, whether you offer competitive benefits and wages, and more. HWL will help you develop an internal agency with strong employer branding so that you can appeal to the highest caliber of talent without having to pay premium costs.
Why Choose HWL for Healthcare Advisory Services
Advisory services may sound great in theory, but how do they fare in practice? Well, ask any of HWL's partners to find out. Lee Health, for example, had experienced a surge in the usage of travel nurses since 2020 as the system responded to the pandemic, further exacerbated by Hurricane Ian and continued into the early months of 2023. They had no way to access market rates to remain competitive, found that managing contract labor was too time consuming, and struggled with their onboarding processes.
Once they partnered with HWL, we helped them build an internal agency called TraveLee Health Staffing in order to streamline the hiring process for their facilities. Our platform managed existing and incoming contingent workers, their credentials, and onboarding. It also improved screening and interviewing workflows, ensured compliance, and streamlined timekeeping, invoicing, and reporting processes.
The results were nearly immediate:
- Increased fill rates
- Reduced bill rates without additional administrative burden
- KPI-based reporting dashboards allowed for enhanced visibility
- Local, regional, and national talent pipelines set them up for long-term success
- Access to market trends and cost data allowed them to make strategic hiring decisions
- Total transformation of contingent workforce management
This is just one success story of many; and you could be next!
Get in touch to find out how HWL's healthcare advisory services can help today.