HARTFORD, Wis.--(BUSINESS WIRE)--API Healthcare, architect of the revolutionary Healthcare Workforce Information Exchange (HwIE), today released results from independent hospital and health system research recently conducted by Kelton Research. The research revealed that in order to achieve long term fiscal sustainability amidst shifting revenue and care delivery models, hospital and health system executives are targeting organizational priorities deeply influenced by workforce management.
As of 2013, labor costs comprise up to 60 percent of hospital and health system operating budgets. As more organizations strive to keep patients healthier while reining in healthcare costs, workforce management strategy becomes increasingly more important. The API Healthcare research, solicited by Kelton Research through in-depth interviews, revealed that hospital and health system executives are intending on cutting costs and boosting quality in areas deeply impacted by labor management. Specifically, respondents are prioritizing regulatory compliance, organizational consolidation, healthcare delivery measurement, and staff retention.
“Overwhelmingly, healthcare CEOs and other executives are seeing immediate impacts by the Affordable Care Act and the current regulatory climate. These factors are flourishing into significant variables that touch every aspect of the healthcare business,” said J.P. Fingado, president and chief executive officer, API Healthcare. “The results from the research confirm what API Healthcare has known for some time. The strategic development and deployment of the workforce is the key to achieving long-term sustainability in a continually evolving marketplace, and implementation of technology provides an immediate positive return on the investment.”
The four key priorities outlined by participants are closely tied to workforce management strategy, as outlined below:
Compliance
Tracking and reporting compliance with both external regulations, such as the Fair Labor Standards Act and internal operations, such as labor unions is time-consuming yet essential to avoid costly penalties and reputation-damaging litigation. Workforce management technology provides healthcare organizations with the tools necessary to help ensure compliance internally and prove compliance externally, minimizing risk and keeping costs low.
Consolidation
As hospitals and health systems turn towards consolidation as a solution for long term viability, staffing and scheduling technology helps newly formed organizations better manage employees across multiple facilities through the entire continuum of care. By sharing critical employee-related data contained in the Electronic Employee Record (EER) across an entire organization via the Healthcare Workforce Information Exchange (HwIE), patients will benefit from greater consistency in care and healthcare organizations will realize improved staff engagement and a reduction in labor costs.
Measurement
Technology that provides benchmarking data enables organizations to better manage both tactically as well as providing a future view of workforce requirements based on the strategic plans of the organization. With high numbers of experienced nurses on track to retire in the next 10 years, healthcare organizations are in need of solutions to improve employee satisfaction and increase retention rates among younger nurses and caregivers.
Retention
Effective talent management plays an important role in keeping employees engaged and satisfied. Incentives that go beyond salary, such as continuing education and tuition assistance, are important to keeping employees happy and loyal.
API Healthcare’s innovative workforce management solutions elevate quality and performance through workforce optimization across the entire healthcare community. When clients deploy the full suite of solutions they staff at optimal levels, nurses are matched with the unique needs of their patients, employee satisfaction is elevated and better patient outcomes are achieved.
ABOUT API HEALTHCARE
API Healthcare (www.apihealthcare.com), the largest healthcare-specific vendor focused on workforce management solutions, is also the architect of the Healthcare Workforce Information Exchange (HwIE); a revolutionary solution that facilitates the sharing of workforce data across the entire continuum of care. Driven by the mission to elevate quality and performance across the healthcare community through innovative workforce solutions and services, API Healthcare has been dedicated to the healthcare industry for more than 30 years. The company’s staffing and scheduling, patient classification, human resources, talent management, payroll, time and attendance, business analytics, and staffing agency solutions are used by more than 1,600 hospitals and staffing agencies. Founded in 1982, API Healthcare has been rated by KLAS in the Top 20 Best in KLAS Awards Report (www.KLASresearch.com) as the top time and attendance provider system for the last 11 years (2002-2012) and the top staffing and scheduling solution in 2012.
ABOUT KELTON
Kelton is a leading global insights and strategy firm with offices in Los Angeles and New York, serving as a partner to more than 100 of the Fortune 500 and thousands of smaller companies and organizations. Utilizing a wide range of customized, innovative research techniques and staff expertise in marketing, branding, PR, media, business strategy, and design, Kelton helps drive our clients' businesses forward. For more information about Kelton, please visit www.keltonglobal.com.
