6 Unique Advantages of an MSP in Healthcare Staffing
While contingent labor is crucial in addressing nursing shortages within healthcare facilities, managing multiple staffing agencies can become a logistical and costly challenge. But it doesn't have to be this way if you transition from traditional outsourcing to modern managed services.
In other words, if you're tired of juggling multiple agencies and overspending on labor, consider a managed service provider (MSP) specializing in the healthcare industry.
If you're unfamiliar with MSP solutions, let's review them before discussing the unique advantages of an MSP in healthcare staffing.
What Is a Healthcare Managed Service Provider (MSP)?
Managed services, like traditional outsourcing, involve an external party. However, the managed services model differs fundamentally from traditional outsourcing by offering cost advantages and enhanced flexibility, control, and outcome delivery.
A healthcare managed service provider proactively manages your contingent labor while supporting, executing, and continuously improving your shift fulfillment process based on the desired outcome, as per agreed standards. So, from onboarding and credentialing to scheduling and payroll, the MSP handles all your staffing needs from a single platform.
How an MSP Benefits Healthcare Facilities
A managed service provider offers a more efficient, cost-effective, and strategic approach to managing your shift fulfillment needs. Here are six advantages of an MSP in healthcare staffing:
1. Streamlined Processes
An MSP consolidates your staffing needs into a single point of contact, simplifying multiple vendor management. It also reduces administrative burdens and improves operational efficiencies.
2. Decreased Labor Costs
An MSP leverages its contingent labor network and expertise to negotiate better rates and terms, often leading to substantial cost savings. Centralizing workforce management can also reduce administrative costs and avoid duplication of efforts.
3. Improved Staffing Flexibility
An MSP can quickly adjust your staffing levels based on demand, providing the flexibility to handle varying patient loads and staffing needs.
4. Enhanced Compliance
An MSP ensures that all contingent labor complies with healthcare regulations and industry standards. It also manages the credentialing and licensing of healthcare professionals to reduce compliance risks.
5. Increased Quality and Consistency
An MSP implements consistent hiring practices and quality control measures, improving the overall quality of staff.
6. Better Data and Reporting
An MSP provides detailed reporting and analytics, giving valuable insights into staffing trends, costs, and performance. As a result, you can make more informed decisions about staffing and resource allocation.
How to Evaluate MSP Solutions in Healthcare
Using a managed service provider for healthcare staffing can revolutionize your shift fulfillment processes, enhance operational efficiency, and generate substantial cost savings. However, selecting the best healthcare MSP for your organization is crucial to maximize these benefits. Here are six key factors to consider:
1. Expertise in Healthcare Staffing
Choose an MSP with deep experience in the healthcare industry and specialized knowledge in addressing staffing challenges, compliance regulations, and credentialing requirements. Their expertise ensures that your staffing needs are met with precision and adherence to industry standards.
2. Cost-Saving Strategies
Look for an MSP that reduces labor costs while maintaining optimal staffing ratios. They should have strategies to minimize overtime, surge pricing, and bonuses, ultimately driving down expenses without compromising care quality.
3. Seamless Scalability
If your organization's needs are dynamic and ever evolving, opt for an MSP that can seamlessly scale services to accommodate your growth and changing staffing demands. The ability to adapt ensures continuous, reliable support as your organization expands.
4. Reliability and Proactive Monitoring
Reliability is non-negotiable. An ideal MSP uses proactive monitoring and maintenance to detect and resolve issues before they impact your operations. This foresight prevents disruptions, ensuring smooth and uninterrupted service.
5. Advanced Technology Solutions
Select an MSP that leverages cutting-edge technology, including cloud computing, predictive analytics, and AI-based tools. These innovations provide superior insights, streamline operations, and enhance decision-making processes, keeping your organization ahead of the curve.
6. Fair Pricing Structure
Healthcare MSPs are central in managing the financial interactions between staffing agencies and healthcare organizations. Some MSPs charge staffing companies fees for the opportunity to fill shift vacancies. When organizations give MSPs access to their order flows, these facilities are at a significant cost disadvantage. So, it’s worth looking into an MSP that doesn’t charge staffing agencies to join its network.
Focusing on these six critical areas can help you find a healthcare MSP that meets and exceeds your organizational needs, paving the way for optimized staffing, operational excellence, and significant cost savings.
Introducing the ShiftMed Unlimited Network
The ShiftMed Unlimited Network is a digital MSP platform offering unparalleled access to over a million credentialed healthcare professionals from more than 1,000 staffing firms through a single, user-friendly interface.
Our network uses a consumption-based pricing model, where you pay for the shifts you fill rather than paying an upfront cost for unlimited use. We don’t charge staffing agencies to participate in our network.
The healthcare professionals within our network excel across multiple practice areas, including nursing (CNAs, LPNs, RNs), allied health, pharmacy, and respiratory therapy, and are available for per diem, contract, and travel assignments.
Why Use Our MSP for Healthcare Workforce Management?
While the ShiftMed Unlimited Network provides everything you should expect in a quality managed service provider, it goes above and beyond other healthcare MSP solutions by offering the following AI-powered features:
Bid Optimization
Enable staffing agencies to compete for your shift vacancies, allowing you to secure competitive rates and identify the most cost-effective staffing solutions for your needs.
Intelligent Routing™
Identify the most qualified and cost-effective staff matches for your shift vacancies and notify them in real time. This approach helps reduce overtime expenses and surge pricing, ensuring efficient and economical healthcare staffing solutions.
Simplified Accounting
Pay a single reconciled invoice integrated with your time clock system, providing greater visibility into your labor costs and spending patterns.
Conclusion
Transitioning to a healthcare managed service provider (MSP) like the ShiftMed Unlimited Network can revolutionize your staffing processes. By consolidating your staffing needs into a single, efficient platform, you gain unparalleled access to a vast network of credentialed healthcare professionals. This shift enables significant cost savings, enhanced flexibility, and improved operational efficiency.
Embrace the future of healthcare staffing and experience the transformative impact a dedicated MSP can make for your organization. Book a workforce consultation with us today!