The American Hospital Association has sounded the alarm: clinical workforce expenses soared by $24 billion nationwide in 2021. This surge was propelled by a staggering 132 percent surge in agency and temporary staff usage, coupled with a 52 percent uptick in overtime hours. ByJanuary 2022, contracted registered nurses (RNs) accounted for over 38% of total RN hours worked!
The American Hospital Association has sounded the alarm: clinical workforce expenses soared by $24 billion nationwide in 2021. This surge was propelled by a staggering 132 percent surge in agency and temporary staff usage, coupled with a 52 percent uptick in overtime hours. ByJanuary 2022, contracted registered nurses (RNs) accounted for over 38% of total RN hours worked!
The persistent shortage of skilled healthcare workers and the ballooning costs associated with this has prompted some industry leaders to adopt a private and public Nurse marketplace technology ecosystem. Their aim? To establish a robust, cost-effective workforce ecosystem.
A robust workforce ecosystem model boasts several key features:
1. Coordinated management and recycling of internal and external workers, multi category and multi skill set oriented yielding efficient outcomes.
2. Strategic recruitment and engagement efforts across all talent pools.
3. Support for managers in navigating external hiring processes, real-time worker pool inventory access.
4. Leadership that adeptly allocates tasks among internal and external contributors.
5. Alignment of workforce strategies with broader business objectives.
Implementing this ecosystem approach requires active involvement from senior executives and management teams, transcending traditional HR boundaries. While staffing vendor-driven legacy traveller models proved to be costly quick fixes, the focus now is on integrating contracted or on-demand workforce arrangements into the ecosystem with an eye toward cost efficiencies. Until recently an integrated robust workforce ecosystem was basically a patchwork of distributed systems, vendors and processes further piecemealed by different disciplines, specialties, and role categories. Too many silos and inefficiencies.
With the advent of talent marketplaces such as SkillGigs, everything is now possible to manage under once system. The modern private/public talent marketplace offers the following characteristics as a truly integrated workforce solution.
Recruit & Manage Alumni Contractors, previously curated talent via your ATS and Net -New applicants that directly sign up in your Private Talent Cloud as real time talent pools. Fill jobs faster with skills specific to your variable hiring needs with contractors who have worked for you in the past. Recycle and optimize your contracting human capital, recruit manage and deploy in a single location leveraging AI based Private talent marketplace technology customized to your needs. Avoid MSP/VMS/Agency friction.
Leverage Direct Sourcing Tech for full time or Contractor hiring via a Public Talent Marketplace. Get complete control of your perm hiring and contractor hiring process across multi skill categories. End to end new talent acquisition and management tech.
Cost savings from removing the middleman VMS and Staffing companies. Save millions in current spending with staffing firms and VMS’s by having real time access to your Alumni contracting talent and not having to rely on staffing firms and VMS to manage this for you. Average savings, 40-50% annually. One fixed fee regardless of if you are hiring someone for $20/hr or $200/hr
Our system matches the right person for your job based on our patented 3D resume technology and ArtificiaI Intelligence. AI-based talent acquisition helps you identify and secure the ideal candidates as per your needs. Use your hiring data from the past to help your managers make quality hires and hire multi disciplines and skills in one location.
Bidirectional bidding technology gives hiring a new feel. This powerful e-comerce-based tech means better engagement rates with candidates, and a transparent ability for you to control your spend vs being dependent on the Vendors to control pricing. Contract and offer negotiation made simple and powerful for you, with user experience cues and pricing data insights to help your teams stay within budget.
Based on the detailed facts provided, let’s craft a persuasive case study highlighting the benefits of the SkillGigs Private Talent Marketplace for staffing open contract positions with a focus on recycling alumni travel and per diem nurses. This case study aims to convince hospital executives to consider this innovative approach for their staffing needs.
In the competitive and fast-paced healthcare industry, finding efficient and cost-effective staffing solutions is paramount. An acute care facility in upstate New York faced significant challenges in filling nursing openings, with nearly 45% of positions being covered by travel nurses through staffing agencies operating under a Vendor Management System (VMS) and Managed Service Provider (MSP) model. This approach was not only straining the hospital’s financial resources but also impacting its profit and loss (P&L) statements negatively.
The hospitals reliance on traditional staffing methods through VMS and MSP models led to several key issues:
High Staffing Costs – The fees and margins added by staffing agencies significantly increased the overall cost of employing travel nurses.
Operational Inefficiencies – The multi-layered process of hiring through agencies made it difficult to rapidly fill open positions, affecting the hospital’s ability to provide timely care.
Limited Control Over Hiring – The hospital had minimal control over the cost and quality of nurses being hired, leading to potential mismatches in skills and hospital needs.
The turning point for the hospital came when it was introduced to SkillGigs’ private marketplace solution. This innovative technology allowed the hospital to leverage its existing Applicant Tracking System (ATS) and VMS data to create a private, online marketplace specifically tailored for its needs. Key features of the solution included:
Direct Recruitment of Alumni Nurses- The marketplace focused on re-engaging alumni travel and per diem nurses who had previously worked at the hospital, creating a pool of familiar and qualified talent.
Cost-Control Through Bidding– The platform enabled the hospital to place bids on nurses, allowing for transparent and controlled staffing costs. Nurses could also bid on open positions, fostering a competitive and fair environment.
Streamlined Hiring Process– From interviewing to onboarding, SkillGigs’ technology facilitated every step, significantly reducing administrative burdens and speeding up the hiring cycle.
Employer of Record (EOR) Services– SkillGigs handled all payroll and benefits for the nurses, simplifying the financial and administrative processes for the hospital.
Fixed Fee Billing- The hospital received a single invoice with a fixed fee, eliminating the traditional margins added by staffing agencies.
30% Savings on Travel Nurse Spend– By recycling their alumni nurses instead of relying on external staffing agencies, the hospital achieved substantial cost savings.
Increased Operational Efficiency– The direct connection between the hospital and nurses through the platform enabled faster filling of open positions with qualified candidates.
Enhanced Control and Transparency– The bidding system provided the hospital with unprecedented control over staffing costs and ensured a transparent hiring process.
The acute care facility’s partnership with SkillGigs revolutionized its approach to staffing travel and contract nursing positions. By leveraging a private talent marketplace, the hospital not only realized significant financial savings but also improved its operational efficiency and regained control over its staffing processes. This case study demonstrates the tangible benefits of adopting innovative staffing solutions and serves as a compelling argument for other hospital executives to consider SkillGigs for their staffing needs.
Hospital executives facing similar staffing challenges are encouraged to explore the SkillGigs Private Talent Marketplace. By adopting this innovative solution, hospitals can not only reduce staffing costs but also streamline their hiring processes, ultimately leading to improved patient care and financial health.
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