You are likely aware of the challenges that come with recruiting and retaining top talent in the healthcare industry.
As healthcare organizations continue to face staffing shortages, many are turning to innovative solutions to address the problem. Recent studies show that the use of Vendor Management Systems (VMS) in the healthcare industry has been steadily increasing over the years. In fact, a report by Staffing Industry Analysts found that around 60% of healthcare systems in the US are currently utilizing a VMS solution to manage their contingent workforce. Our leading solution is Ringo VMS - The People Technology™ a cloud-based vendor management system that helps healthcare organizations manage their contingent workforce.
By using Ringo VMS, Healthcare organizations will benefit in many ways. Ringo VMS streamlines the process of finding and hiring contingent labor staff, allowing healthcare organizations to quickly fill staffing gaps and ensure that patient care is not compromised. With Ringo VMS, healthcare organizations can easily manage their contingent workforce, track hours worked, maintain credentials, consolidate billing, and gain valuable insights into the business.
First, the platform can help you save time and money by automating many of the manual processes involved in recruiting and managing contingent workers. This can include everything from posting job listings to managing contracts and payments. The platform also allows you to set rate cards and establish parameters around expenses associated with provider travel.
In addition, Ringo VMS can help you improve the quality of your contingent workforce by providing you with access to a larger pool of qualified candidates. The platform can help you identify and attract top talent from a variety of sources by expanding your vendor supplier pool under a single contract and intuitive workflow process.
While Ringo VMS helps healthcare organizations streamline their staffing solutions and reduce the time and resources required to find temporary staff, it's worth noting that the cost of contingent labor can still add up quickly. In fact, a recent industry report found that healthcare systems in the US spend an average of $2.8 million annually on contingent labor. However, with Ringo VMS' ability to consolidate billing and provide valuable insights into the business, healthcare organizations can better manage their spending and ensure they are getting the most out of their contingent workforce budget.
The cost of contingent labor is a leading concern for healthcare organizations. Studies have shown that the use of VMS solutions like Ringo VMS can significantly reduce those costs. In fact, according to a study by Ardent Partners, organizations that use a VMS solution typically see a 10-20% reduction in their contingent labor costs. This is because VMS solutions help streamline the hiring process, allowing organizations to quickly find and hire qualified candidates while also providing clarity into staffing needs and provider availability. By providing real-time visibility into your contingent labor utilization, Ringo VMS allows healthcare organizations to optimize their staffing levels and avoid over-staffing. This will result in significant cost savings over time.
Another benefit of Ringo VMS is its ability to streamline vendor billing. With traditional staffing models, healthcare organizations may have to manage multiple vendors and invoices, which can be time-consuming and confusing. However, with Ringo VMS, all vendor billing is audited by Ringo against system approved rates, electronic confirmation agreements executed within the platform via eSignature, resulting in an accurate weekly consolidated billing invoice for all vendors. This allows healthcare organizations to easily track their spending on contingent labor and ensures that they are only paying for the services they need. By streamlining the vendor billing process, Ringo VMS helps healthcare organizations save time and money while also providing valuable insights into their contingent workforce spending.
Overall, Ringo VMS can be a valuable tool for Healthcare organizations who are looking to streamline their contingent workforce management processes and improve the quality of their workforce. Whether you are already engaged with a VMS solution or exploring your first VMS technology implementation, you owe it to yourself to explore how Ringo’s solutions can benefit you. By leveraging the platform's automation and compliance features, you can focus on what you do best – providing high-quality healthcare services to your patients.
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