Due to the increased shortage among nurse staff, many healthcare organizations are leaning on staffing agencies with a managed service provider (MSP). You may not know, but there are many benefits to utilizing an MSP. This blog will share the many reasons as to why your healthcare organization should consider partnering with a staffing agency that offers an MSP program.
What is a Healthcare MSP?
In the healthcare industry, a managed service provider (MSP) is an essential and cost-effective solution when it comes to managing contingent labor. An MSP provider manages all external temporary labor and other agency vendors on behalf of a healthcare organization, and partners with the organization to ensure a balanced workforce. MSPs are useful because they reduce the stress of recruiting, credentialing, and vetting possible candidates while providing cost-saving solutions.
Why should your organization utilize an MSP?
Improved efficiency
MSPs are a great way to improve workforce efficiency because they allow you to focus on other aspects of your organization. By utilizing an MSP program, your organization will combat the staffing shortage, turnover rates will decrease, and you’ll notice a better quality in candidates.
An MSP partner with cutting-edge technology can help streamline your efficiency even further. You'll want tech that can help you manage credentials, streamline staffing requests, and give you analytics at your fingertips.24/7 support
When you partner with a staffing agency that offers an MSP program, you gain access to live support anytime you need it. At all hours of the day, your organization can rest assured that it’ll be taken care of. For healthcare facilities, this is especially important since most are caring for patients 24/7. Because of this, Favorite Healthcare Staffing is also here to support you all day long, every day of the year.
Decreased spend
One of the biggest advantages of using an MSP is the cost savings aspect. Instead of hiring a whole team internally to recruit temporary candidates, save money by partnering with an agency that offers an MSP program. With an MSP, you get the quality of tech and staff required for hiring valuable talent, but at a price that won’t break the budget.
Having an MSP means that all your contingent labor come with a single invoice and are held to a single set of rates, meaning the MSP provider has the ability to set the expectation for all participating vendors, giving the client more control over their achieving their budgetary goals.
Increased quality of patient care
When the responsibility of hiring healthcare professionals is off your plate, your organization is able to better focus on more important tasks, such as patient care. We know that patient care is always your number one priority, but the hiring and onboarding process can have a way of causing
disruptions among facilities. Let your MSP handle the nitty gritty details so you can solely focus on the well-being of your patients. Favorite is Joint Commission certified, ensuring the highest quality of staff. Having an MSP you can trust to recruit staff who would care for your patients as you would is crucial. Looking at an MSP's credentialing requirements and Joint Commission certification is the perfect first step to increasing your quality of care.
Insight into industry trends
Another key benefit of working with an MSP is gaining access to industry trends. With access to the expert knowledge your organization needs, you’ll be able to get a better understanding of best practices to follow to maximize efficiency correctly (Winikoff, 2024). Save your time doing the research you need – that’s what we’re here for!
Favorite's market analytics are available 24/7 to our MSP clients, so they don't have to wait for reporting or spreadsheets, but can access data anywhere, anytime. Favorite also has 43+ years of real-life industry experience and can provide wisdom from that as well.
More flexibility
A problem that many healthcare facilities face is fluctuating patient to staff ratios. When your organization needs healthcare professionals on the spot, you’ll want a trustworthy and flexible MSP that can adapt to meet your needs. Having an MSP partner that specializes in per diem work is especially beneficial since it’s the most flexible option for these scenarios. Limit fill time and partner with an agency that can offer you flexibility when you need it most.
Supplier optimization
MSPs are also great for making sure that you’re getting the most out of your suppliers. When used effectively, you’re able to manage performance so you can ensure that your organization is using suppliers that accurately fit your needs.
If MBE/WBE vendors are a must-have for you, you'll want to make sure you partner with an MSP who can offer plenty of MBE/WBE vendors to help meet your needs. You'll also want an MSP who properly vets the quality and performance of their vendor partners, ensuring you have the specialized recruitment resources and quality of staff you need. If vendor-neutrality is of interest to you, an MSP invested in your goals will also help you achieve this as well.
Optimized core-to-contingent ratios
Based on research, there is an optimum core-to-contingent labor ratio. An MSP that offers not just short-term contingent resources, but also long-term direct hire, temp-to-perm, and permanent placement options are a great way to ensure the health of your workforce in a sustainable way.
We hope this blog gave you some insight into why your healthcare organization can benefit from an MSP. When you’re ready to partner with an agency you can trust, Favorite is here to help. Visit our website to learn more about our managed service program today!
Sources:
https://www.channelinsider.com/managed-services/msp-in-healthcare/
