Financial Benefits of Outsourcing Healthcare Recruiting
Healthcare facilities are facing unprecedented financial challenges as they recover from the COVID-19 pandemic. The revenue loss stems from an increase in extended stays for inpatient cases, higher cost of drugs and supplies, and a decrease in outpatient visits that have higher profit margins. Effective healthcare recruiting is one way to positively impact the bottom line when every dollar counts.
Staffing shortages have been an ongoing issue in healthcare for multiple reasons, including:
- Healthcare burnout – The impact of “the great resignation” has been felt across numerous industries, and healthcare is no exception. Medical professionals were under more stress during the pandemic, and some have reached a breaking point. A report from Morning Consult found that 18 percent of healthcare workers have quit their jobs since the start of the COVID-19 pandemic, and 31 percent have considered leaving the medical field.
- Staffing in rural areas – Healthcare facilities in rural areas have historically struggled with staffing issues. People leave positions in smaller towns because of the lack of advancement opportunities and lower salaries. Understaffed hospitals and medical offices require their employees to take on long shifts and heavier workloads to make up for fewer staff, which also leads to burnout.
- Longer life expectancy – Medical advances are allowing people to live longer, but the health care system has not been able to keep up with the number of caregivers needed for each patient. The generation of “baby boomers” born between 1946 and 1964 is the second largest adult population group in the U.S. Because of their advancing age, they need ongoing care for chronic health issues like diabetes, heart disease and certain cancers.
The real cost of in-house recruiting
With staffing shortages plaguing healthcare facilities, many are stuck in a never-ending cycle of recruiting, hiring and training staff. But it comes with a cost.
AKASA, a healthcare technology company, recently released the results of a survey of healthcare financial leaders that uncovered the lost time and costs associated with recruiting and hiring a new employee
Their findings show that it can take up to 207 days and cost nearly $5700 to fill a senior-level healthcare role. Even entry-level positions take nearly three months to fill, costing just over $2000. Here’s the breakdown:
- Entry-level revenue cycle talent (0-5 years): On average, costs $2,167 for recruitment and takes 84 days to fill vacant roles
- Mid-level revenue cycle talent (6-10 years): On average, costs $3,581 for recruitment and takes 153 days to fill vacant roles
- Senior-level revenue cycle talent (10+ years): On average, costs $5,699 for recruitment and takes 207 days to fill vacant roles
Those costs do not include expenses for advertising open positions or the financial burden of onboarding new hires, which can include paperwork and equipment.
Hard costs are not the only factor. When higher-level staff need to interview candidates for specialized roles, time away from their jobs costs the facility. The HR and IT departments invest their time into the onboarding process, which can also take away from their core responsibilities. Training takes its toll, too. It can take weeks for a new employee to be ready to tackle a position alone.
When healthcare leaders are overwhelmed with staffing their facilities, they have little time to oversee current employees to ensure they are providing first-rate patient care. New employees may not always be the right fit, so staff must start the recruitment cycle again if it does not work out. All that lost revenue and time cannot be recovered.
How a staffing agency can help
Between staff shortages and an increase in patients, many hiring managers are overwhelmed with too many responsibilities. If your team is on a never-ending cycle of recruitment, consider working with a professional healthcare staffing agency. TinkBird offers comprehensive recruiting and job placement. We specialize in recruiting and placing highly skilled physicians, physician assistants, nurse practitioners and registered nurses.
Better outcomes with outsourced healthcare recruiting
With an extensive pool of candidates in our network, TinkBird helps medical facilities find qualified, permanent full-time or part-time employees without posting ads and reviewing hundreds of applications. We search our database for the right match and provide you with the applicant’s entire work history and resume to see if they are a good fit.
The recruiting process is faster and less tedious when you use a professional recruiter like TinkBird. You will better understand your new employee’s capabilities and can get them started on the real work right away. We give time back to healthcare facilities so their leaders can focus on motivating staff and improving the patient experience.
With the right providers on your team, you can manage operational costs, increase revenue and elevate the focus on patients. See for yourself the financial benefits of outsourcing healthcare recruiting. Call TinkBird to get started.