White Paper
Beyond Productivity: A New Approach To Controlling Healthcare Labor Costs
Click Here To Download:
•White Paper: Beyond Productivity: A New Approach To Controlling Healthcare Labor Costs
A new approach — guided analytics — that goes beyond basic productivity tracking can bring costs under control and empower managers to be accountable for meeting the organization’s labor cost management goals. This white paper compares and contrasts typical productivity measurement approaches to labor cost management using the new guided analytics approach.
Many companies face a hard truth. They don’t know their workforce. Consider these real world examples of results achieved by healthcare organizations that have adopted a guided analytics approach:
- A large, faith-based system serving communities in 11 states with a $1.6B salary budget and 50,000 FTEs recognized that its proliferation of approaches and technical solutions to labor cost management needed a major overhaul. The organization saved $34M in a single year after adopting a guided analytics approach.
- A children’s hospital cut labor expense growth by two-thirds, lowered the ratio of labor expense to net revenue by 1.5 percent, and reduced FTEs per adjusted occupied bed by 1.4 percent within nine months of implementing a guided analytics approach to labor cost management. These results were achieved even as patient days and acuity of care were increasing.
Click Here To Download:
•White Paper: Beyond Productivity: A New Approach To Controlling Healthcare Labor Costs
