The Healthcare Compensation Crisis: Balancing Increased Personnel Cost with Revenue Challenges
While it has been almost two years since the initial COVID-19 shutdown, healthcare professionals continue to juggle higher acuity, staffing shortages, hostility from patients and family members, vaccine mandates, and heightened stress/anxiety. Adding complexity to an already tense work environment, the increased opportunities for staff members to leave their full-time employment for more lucrative “traveler” positions has grown exponentially over the past 18 months at an unsustainable cost to hospitals and healthcare systems. In addition, the utilization of agency or contract staff has magnified existing pay rate discrepancies, mainly for entry-level positions.
In our latest whitepaper, “The Healthcare Compensation Crisis: Balancing Increased Personnel Cost with Revenue Challenges,” the ongoing operational struggle for healthcare organizations of valuing employees through fair and equitable compensation, which predates the pandemic, is evaluated.
Productivity Produces Positive Results
Since the start of the COVID-19 pandemic in early 2020, hospitals and healthcare systems have endured significant changes, ranging from volume disruption to supply issues, from financial challenges to government subsidies, and from employee burnout to increasing turnover. Impacts from this public health crisis are still causing shockwaves throughout the industry as organizations take action to recover and hospital leaders work to place their facilities on a new path for operational and financial improvement. In various board rooms and on virtual meeting platforms across the country, healthcare executives are now reworking long-range strategic plans, redefining goals, and establishing future targets to promote sustainability.
Physician Practices: Maintaining Profitability Whether Independent or Employed
Physician practices have been a “hot-button” topic in the healthcare industry over the last several years. Hospitals and health systems have recognized the operational and financial benefits of employing providers within their organizations, fueling the current mergers and acquisition market. Those that choose to remain independent are now facing mounting financial risk, increased cost, and performance pressures. However, whether independent or employed, efficient operations have become an important focus for all practices to sustain profitability.
In our latest whitepaper, “Physician Practices: Maintaining Profitability Whether Independent or Employed,” ALTIUS explores the overall differences between independent providers and employed practices along with a three-phase approach to measuring productivity and labor management performance in this setting.
Electronic Health Records: A balancing act of technology, cost, and quality
Electronic Health Records (EHRs) are the systemized collection of important healthcare information that is stored, accessed, and shared in a digital format. EHRs are operationalized through protected network-connected, enterprise-wide information systems and include patient data such as demographics, medical history, allergies, test orders/results, and vital signs. EHRs are now touted as the preferred, if not mandated, method of streamlining care and improving business operations within the healthcare industry by eliminating the need for paper records and manual processes.
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Improving Productivity: The Effective Use of KPIs in Labor Management
Key Performance Indicators (KPIs) aid hospitals and health systems in evaluating their performance against the national, regional, state, and peer group comparisons. KPIs are quantifiable values that directly correlate with an organization’s operational and financial goals.
Download our white paper today to learn how to effectively use KPIs in your organization!
Blount Memorial Hospital
Due to market dynamics, BMH’s turnover percentage had been increasing as well as their compensation ratio and operating costs. In addition, patient satisfaction and quality scores were declining when compared to historical performance.
Effingham Health System
ALTIUS was engaged by Effingham Health System (EHS), a suburban Georgia organization consisting of a25-bed critical access hospital, a 100-bed, four-star nursing home, and eight physician clinics with additional outreach services, to conduct a labor management assessment focused on accommodating growth.
Genesis Healthcare System
Not only did Genesis need to ensure it was properly positioning itself in the community by offering a menu of services that would best use its facility and resources, but also it needed to secure funding for it’s new, modern campus, as well as ensure its future fiscal viability by proving it could align anticipated patient volume with the appropriate staffing patterns.
As a 100-bed acute care facility located in rural Pennsylvania, UPMC Somerset enjoyed a stable — but limited — market share for much of its long history.