Labor cost management in today’s environment involves much more than just focusing on how many full time employees (FTEs) you need. As hospitals and health systems face increasingly complex issues, including recruiting and retaining hard-to-fill positions, rising inpatient acuity, new competition in the market, and other challenges, they must deploy a strategic, integrated and highly disciplined approach to workforce management and operations.
Prism Healthcare Partners works with hospital and health system clients to take an in-depth look at the processes that drive workforce efficiency and care outcomes. Then we collaborate with you to create operational plans that tactically and strategically leverage your staff to improve operations, productivity, and quality measures. And we provide front line managers with the productivity and process flow tools and tactics they need to achieve long-lasting and significant labor cost management improvements – often without requiring a reduction in headcount.
Rather than rely on benchmarks, we roll up our sleeves to understand your organization’s unique needs and what work is required to achieve your strategic mission. We redesign the organizational structure, or span of control, that defines reporting relationships to ensure the workforce management improvements we help you implement fit your organization and are sustainable. Prism also goes beyond staffing and productivity to drive savings in the often-overlooked areas of overhead costs, including IT, marketing, human resources, legal, and more.
While labor cost management opportunities and savings can vary greatly, hospital and health system clients who work with us typically achieve savings ranging between 5%-10%. Beyond financial benefit and increased productivity, the structure and processes Prism implements also often improve patient and employee satisfaction, reduce turnover, drive up quality scores, and eliminate the need to rely on costly medical staffing agencies.