HRO Today May 2018 - 38

Talent Acquisition
An
for
Contingent
Workers
How a vendor-neutral MSP alleviates
challenges for healthcare organizations.
By Leanne Oatman
Today's integrated managed services models help
healthcare organizations navigate complex challenges
and attract the best talent to their organization. And
this is more important than ever, for according to a
2017 Moody's Investor Services report, overall hospital
operating expenses outpaced operating revenues. With
labor representing the most signifi cant portion of hospital
operating expenses, these fi nancial challenges are fueling
the need for healthcare organizations to reconsider hiring
models. One option for contingent labor is a vendorneutral
managed service program (MSP).
An MSP acts as a consultant to healthcare systems that
allows hospitals to address workforce challenges by
increasing access to talent, managing compliance risks,
controlling costs, improving business outcomes, and
enhancing patient experiences. Pure vendor-neutrality
occurs when the MSP has no direct staffing interests,
ensuring complete goal-alignment with the healthcare
organization. There are several key elements healthcare
organizations should consider before engaging an MSP to
manage the contingent workforce:
* Getting the most from data. The healthcare industry is
ripe with data. With access to all of these data points,
organizations need to be able to use it to draw business
insights. A recent Harvard Business Review survey found
that 75 percent of business executives identify talent
analytics as important, but only eight percent believe
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HRO TODAY MAGAZINE
| MAY 2018
their organizations are strong in this area. A critical
step is to consolidate all disparate data into a complete
overview from which to achieve informed decisionmaking.
Analytics from an MSP allow organizations to
assess trends and underlying patterns in contingent
workforce utilization while bringing clarity to contingent
worker spend, overtime expenses, average time-to-fi ll
rate, worker quality, and staffi ng supply and demand
fl uctuations.
Using analytics to drill into the details, healthcare
organizations can drive cost savings and program
effi ciencies through smarter workforce planning
decisions. An MSP provider can also recommend costsavings
initiatives that align with industry benchmarks.
By leveraging market intelligence, an MSP provider can
monitor state and federal legislative updates and market
rate trends.
* Shifting the burden of supplier management. Another
challenge for healthcare organizations is managing
staffi ng supplier agreements and performance. A vendorneutral
MSP serves as a multichannel sourcing model that
leverages talent from a breadth of avenues, including
staffi ng agencies, statement of work (SOW ) suppliers,
independent contractors, and self-sourced workers. Once
engaged, supplier scorecards can be used to measure and
evaluate staffi ng supplier performance. This will help
optimize supplier engagement and program performance.

HRO Today May 2018

Table of Contents for the Digital Edition of HRO Today May 2018

HRO Today May 2018 - 1
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