Avantas recently released a white paper titled, Focusing on the Controllable: Five Strategies for Hospitals to Hedge Against Uncertainty.
In this white paper we discuss the lopsided attention being paid in the healthcare industry to issues including Medicaid and Medicare Reimbursement, Government Funding Cuts, and Sliding Bond Ratings.
We fully admit that these are major concerns, and they are leading to a great deal of uncertainty in C-Suites across the country, but these concerns are, for the most part, outside of C-Suite control.
Instead, we are urging hospitals and health systems to “focus on the controllable” – to direct their attention to the single largest expense of their organization – the wages and benefits paid to staff, i.e., Labor.
To hedge against the concerns currently plaguing hospitals, forward-thinking leaders must focus on the area that can yield the greatest impact.
The wages and benefits of caregivers and other staff account for roughly 60 cents of every dollar spent by hospitals, according to the American Hospital Association. The sheer size of labor spend makes the magnitude of even small, incremental improvements substantial.
Within our client environments, Avantas has identified five key labor management strategies that effectively drive savings across the continuum of labor through the implementation of customized best-practice labor management strategies.
- Analyzing staffing and scheduling of core staff resources to ensure alignment with staffing plans
- Right-sizing and strategically layering contingency staff to handle the ebb and flow of patient demand
- Tailoring department-specific strategies to align operational best practices with your desired future state
- Developing a solution to manage and deploy resources from a central hub
- Customizing operational solutions for enterprise- and site-based pools
For more detail on these five strategies download the white paper now:
Focusing on the Controllable: Five Strategies for Hospitals to Hedge Against Uncertainty
To learn more about our healthcare consulting engagements please email me directly at jackie.larson@avantas.com.