​Tips to Help Healthcare Facilities Deal With Rising Costs

​Tips to Help Healthcare Facilities Deal With Rising Costs

12/17/2021 Tags: Announcements, In the News

It’s a tough time in the healthcare industry right now.

Thanks to burnout, higher-paying contact opportunities, family obligations, and other factors, there’s a shortage of nurses. Hospitals also have to compete with other industries for staff members, such as housekeepers and maintenance. And just like other industries, continuing inflation isn’t helping matters.

There are no easy answers, but some healthcare facilities are trying multiple — and often creative — tactics to improve their situations and retain qualified talent.

Ideas for helping to retain staff include:

  • Increase retention and merit pay
  • Expand benefits to include mental-health and childcare services
  • Develop “float pools” of staff — especially nurses — who can work in various departments
  • Offer signing bonuses for multi-year work commitments
  • Offer scholarship or loan forgiveness plans
  • Focus on improving and developing a strong culture within your organization
  • Find ways to improve employee engagement and career development rather than focusing on additional compensation alone

Though there are plenty of challenges facing healthcare facilities right now, there are also some bright spots.

For instance, staffing shortages in the past two years created the opportunity for facilities to find operational efficiencies. Those efficiencies have helped relieve some of the stress on current employees.

Facilities that continue to use innovative approaches to how they operate will be better able to retain talented staff and control their costs.

Now more than ever, consider options like community needs assessments, strategic planning, service line analysis, and similar activities. Also, consider diversifying your facility’s cash flow and strengthening its liquidity. That can help you navigate these tumultuous times.

If your healthcare facility needs a personalized plan to handle these current trends, let us know.

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