Healthcare Staffing Solutions

Shown below are the most recent PassportUSA nurses that have received or been nominated for a Daisy Award by colleagues or patients at their assigned U.S. healthcare facility. Nothing speaks more to the high quality, compassionate care that our nurses provide than being a recipient of the Daisy Award.

Shown below are the most recent PassportUSA nurses that have received or been nominated for a Daisy Award by colleagues or patients at their assigned U.S. healthcare facility. Nothing speaks more to the high quality, compassionate care that our nurses provide than being a recipient of the Daisy Award.

According to a joint survey from the Healthcare Financial Management Association and Navigant, healthcare executives are predicting labor budget increases and continued shortages of physicians, nurses and mental health providers. As such, reducing hospital operating expenses will be a primary focus over the next year.

HFMA and Navigant surveyed 101 CFOs and operations executives, and 78 percent of them said their labor budget would be increasing. Of those, 18 percent are expecting increases of more than 18 percent. A significantly lesser share, 14 percent, are predicting a decrease in their labor budget, but none more than 5 percent.

When it comes to the top priority areas for reducing operating expenses, labor expenses take the top slot with 44 percent of CFOs and executives surveyed saying it’s their top priority.

Purchased services and supply chain were the next two areas, with 21 percent and 17 percent of respondents naming them their top priorities respectively.

Crucial to cutting expenses is diligent labor management, and three labor management initiatives won out as guiding organizations’ focus for the next year: productivity improvement, workflow design and reducing skilled staffing shortages.

Staffing shortages will continue. Physician and nurse shortages are the most onerous, with 35 percent of executives saying their physician shortages are worse compared to last year and 43 percent saying their nursing shortages are worse than last year.

Forty-three percent of the respondents reported their nursing shortages are worse than last year.

Some did say they’d seen improvements, 20 percent with shrinking physician shortages and 27 percent with improved nursing shortages, but the larger shares were facing increased clinician challenges. Mental health providers will also be in short supply, with 35 percent of execs surveyed saying their shortages in his area are worse as well.

As labor costs increase and shortages persist, staff retention efforts will become increasingly important to minimize costs associated with turnover. So in addition to focusing on labor expenses, practice and hospital leaders would do well to focus on physician, nurse and staff retention as high turnover breeds high turnover costs associated with hiring and training.

Would you like to save on your workforce solutions and improve your three-year retention rate to 86%? Get in touch with us and we’ll show you how.