By Jackie Larson, President, Avantas
As the fate of the Affordable Care Act has yet to be decided, leading healthcare executives have come together to share how their organizations are mobilizing their workforce in these changing times. Approaching labor management with an enterprise mentality and utilizing predictive analytics to forecast future staffing and scheduling needs, these organizations have been able to deliver valuable time back to managers and directors to focus on patient care.
In Leveraging Analytics to Hedge Against Uncertainty: A Leadership Roundtable, leaders from The University of Kansas Hospital, Hackensack Meridian Health, and WellStar Health System weigh in on how their organizations have strategized their workforce planning while facing this era of change. They discuss how they have made use of predictive and workforce analytics within their organizations to give power to their data and drive effective solutions for managing their workforce.
Top healthcare systems have realized the value in being proactive with their workforce plan and staffing needs. Using predictive analytics to identify where and when staff should be scheduled well in advance of the shift gives providers a level of control in a world that is constantly changing. With a forecasted staffing need that is 97% accurate by 30 days before the shift, provider organizations have seen an increase in fill rates while decreasing floating and last-minute recruitment.
Further leveraging data, by using workforce analytics to take a look at key optimization metrics such as overtime, cancellations, and staff not being scheduled to their FTE commitment (FTE leakage) allows organizations to identify areas of opportunity. These statistics bring to light where significant cost savings can be achieved. In a time when there is immense pressure for provider organizations to cut costs while maintaining high-quality patient care, meaningful and effective solutions can arise from this data.
In an industry where the term “analytics” is gaining ground and turning heads, these healthcare leaders are able to discuss real-life examples of how they have implemented this methodology and the ROI they have realized in doing so. Being proactive about workforce management and labor optimization gives these organizations an edge when pushing through uncertain times.