As a staffing agency who’s been operating in the industry for several decades now, we know the importance of cost savings when it comes to healthcare staffing. With over four decades of experience on our belt, we have the information your healthcare facility needs to thrive. This blog will cover the many ways your healthcare facility can control contingent labor costs.
Partner with a staffing agency you know you can rely on
Having a partner you can trust is crucial in this line of business. Favorite is a true workforce partner, helping you solve the difficult challenges that affect staffing and result in unnecessary costs. We take a whole-health approach to your workforce gaps. Identifying areas of opportunity for stabilization, cost control, resource balance, and ultimately driving quality health outcomes.
Participate in quarterly business reviews with your agency partner
Quarterly business reviews are immensely beneficial because they allow you to share your goals, see what’s been working and what hasn’t, plan upcoming initiatives, and much more. Although, for a quarterly business review to be effective, you need to be honest with your partner and give actionable feedback. This is your time to make the necessary improvements for your healthcare facility.
Try alternatives to traditional contract labor
Contract labor is reliable for long-term absences like maternity leave or sick leave, but there are other options to consider as well. When you use too much contract labor, you can create a dependence on it. A smarter and more cost-effective solution to consider is short term work, such as per diem. When you hire workers on an as need basis, you can save on spendings that you would have with long-term workers, such as overtime, benefits, and more.
Invest in skilled workers
Another optimal way to cut costs is by investing in skilled workers. By doing this, your healthcare organization doesn’t have to spend as much on supplying workers with trainings or continued education. An added benefit is that they also come prepared and ready to add value, rather than having to wait for them to complete a program that could take months.
Try long-term solutions
You might find that hiring long-term employees saves your organization the most money. Options like temp-to-perm, direct hire, or international nursing are all things to consider. When your facility hires long-term employees, this reduces the cost that you would have to spend on recruiting candidates.
Embrace locum tenens and international staffing
Some healthcare organizations have not hopped on the locum tenens and international staffing trend yet, but it is evidenced to be quite cost effective as well. More facilities are starting to see why it has become popular, as it is a growing industry that offers many benefits. SUMO Medical Staffing (Locum Tenens provider) and Espirita (International Nursing provider), both in partnership with Favorite through Acacium Group, offer a range of benefits, such as extensive global resources, expertise, criteria-based matching, comprehensive placement solutions, and so much more.
Use a variety of solutions to optimize your spending
Partnering with an agency that has up to date technology is another crucial tactic to have when trying to cut costs. Be proactive in using the tech to analyze current trends and work with your staffing agency to talk through actionable items. At Favorite, we offer transparent analytics and custom reporting that is geared toward driving success within your organization. We also recommend utilizing both long-term and short-term solutions to ensure that you have the best coverage for your true needs. Doing so will end your dependence on contract labor and make your organization more profitable.
Be honest with your agency partner about what you need
Your agency wants to help you find a great fit for your organization. That’s why you need to be as up front and honest as you can about your specific needs. Do you want someone who has a lot of experience and can jump right in? Are you satisfied with helping someone advance their career who you think might become one of your permanent employees? The choice is yours; you just have to make it!
Your staffing partner shouldn’t be guessing on what they think you need. Instead, they should be managing credentials and vetting the candidates with proper experience. With access to candidates of all ranges of expertise and classifications across the globe, Favorite can certainly find the best fit for you and your team.
It’s clear that many factors go into managing contingent labor, as well as which solution is best for you. We hope this blog was able to help your organization save on spending. As always, Favorite is here to help your healthcare organization with contingent labor and cost savings. Visit our website to learn more about partnering with Favorite today!
