Earlier this year, the Radiology Business Management Association (RBMA) invited Quinsite CEO Jeff...
The Hidden Costs of Today’s Healthcare Staffing Shortage
Staffing shortages continue to be a challenge for many healthcare organizations, creating immediate and obvious challenges, along with several less obvious long-term effects. Explore some of these “hidden” costs, as well as ways to minimize their impact using integrated data analytics.
Workload: Shortages increase overall responsibilities and workload for existing staff. These growing burdens often jeopardize productivity and lead to difficulties effectively onboarding and training new physicians, decreased job satisfaction, increased turnover, and ultimately burnout.
Recruitment and Retention: Shortages can deter potential candidates. Existing staff may seek employment elsewhere due to the increased workload and burnout, further threatening capacity and retention.
Recruitment Expenses: Cost for job postings, recruiter fees, background checks and interview time add up quickly. Time required to onboard and train new providers ultimately reduces practice productivity, even if only temporarily.
Knowledge and Expertise: When experienced providers leave, their expertise and institutional knowledge are lost. This can result in a need for additional training and process improvement to enhance the capabilities and efficacy of remaining staff.
Other Costs: Increased pressures on existing staff members may lead to more frequent sick leaves, resulting in overtime or locum staff expenses. Additionally, overworked staff may result in medical errors that lead malpractice claims and legal costs.
Quality and Continuity: Staffing shortages often create gaps in patient care, compromised quality, and decreased patient satisfaction. Patients may struggle to stay connected with their plan of care or opt to seek new providers and a better experience elsewhere.
Reputation and Patient Loyalty: Patients may perceive frequent turnover as a sign of instability or inadequate quality of care, leading to reduced trust and loyalty. Negative word-of-mouth and online reviews can further damage reputation, ultimately impacting patient volumes and revenue.
The Role of Integrated Insights
Below are a few examples of how integrated data analytics can support better decision-making for long-term organizational health in the face of staffing shortages.
Forecasting: By analyzing historical patient data, market trends, and other relevant factors, these integrated insights can help predict future demand for staffing resources. This enables organizations to staff appropriately, avoiding overstaffing or understaffing situations that can lead to unnecessary costs.
Workforce Optimization: Productivity insights highlight gaps in performance, helping inform organizational benchmarking and opportunities for staff education to empower improvement.
Scheduling Optimization: Analysis of historical patterns, volume demand, and provider availability generates an overview of organizational capacity that helps optimize staff scheduling by aligning schedules with anticipated workload, minimize unnecessary overtime expenses while ensuring adequate staffing during peak times.
Performance-Based Incentives: Productivity insights also help track employee performance and identify top performers. Performance-based incentive programs can help motivate employees, reward high performers, and create a culture of excellence and efficiency.
Flexible Compensation Models: A one-size-fits-all approach to compensation may inhibit growth. The right insights can help organizations offer more flexible and creative compensation to support their unique company culture and appeal to candidates looking for varied benefits (i.e., financial compensation, a flexible work schedule, better work-life balance, etc.).
Proactive Intervention: Integrated data insights empower proactive problem identification, resolution, and ultimately prevention through improved staff training, partner relationship management, and quality of care.
Are staffing shortages a challenge for your practice? Let Quinsite bring your data to life and help you make informed decisions that create lasting financial and operational impacts. Contact us today!
Discover the power of Integrated Data Insights.