Focusing on your staff may be the key to a hospital's financial success.
Healthcare organizations that make workforce management their top priority will be the ones to survive in the new environment of shifting revenue and new care delivery models, according to new findings from API Healthcare and Kelton Research.
"The strategic development and deployment of the workforce is the key to achieving long-term sustainability in a continually evolving marketplace, and implementation of technology provides an immediate positive return on the investment," said J.P. Fingado, president and chief executive officer, in an announcement from API Healthcare.
To make this a reality at your organization, researchers suggest focusing on these four areas:
Compliance:Although tracking and reporting regulations, such as the Fair Labor Standards Act, may be time-consuming, it is essential to avoid penalties and litigation. Use workplace management technology to ensure compliance, minimize risk, and to keep costs low.
Consolidation: Share critical employee-related data to improve staff engagement and lower costs.
Measurement: Use technology that allows for benchmarking in order to see if your organization is reaching its goals.
Retention: API points to incentives, such as continuing education and tuition assistance, to keep employees happy. A recent survey from Monster.com found that healthcare workers are the third most satisfied with their jobs, but they aren't happy with stagnant compensation levels.
To learn more:
- read the announcement from API Healthcare
Survey: Public health nurses like their jobs, not their salaries
Healthcare workers among most satisfied
Healthcare job growth slows in May