The Business Case for Proven Healthcare-Specific Workforce Management Solutions
Labor costs compose the majority of health systems’ operating budgets, and a recent study shows that workforce costs have grown 19.1% per patient since 2019.1 Effective workforce management is critical for health systems as they adjust to operating in the challenging environment brought on by COVID- 19. To survive and thrive, health systems require a healthcare- specific, integrated solution that can streamline healthcare operations, help protect revenue, and mitigate risk while improving care quality and patient outcomes.
Hobson & Company (H&C), a leading research firm focused on return on investment (ROI) studies, worked with symplr, a leader in healthcare-specific workforce management solutions, to explore market challenges and learn how industry leaders are responding.
H&C conducted independent research consisting of seven in- depth interviews with symplr Workforce Management customers using the Time and Attendance, Staffing and Scheduling and/or symplr Clinical Communications solutions. The research revealed that symplr addressed specific customer challenges to deliver a quick and compelling ROI.
The effects of symplr’s Workforce Management Solutions
Based on H&C and symplr’s analysis, a health system with 552 beds, 1,250 active employees, and $1 billion in net patient revenue would pay back the cost of using symplr’s solutions in less than three months and generate ROI of 467% in one year.
Workforce Management Challenges in Healthcare
Customers interviewed for the study noted that there are consistent and increasing challenges to effectively manage their workforce. Below is a list of some of the most universal concerns.
Streamline Healthcare Operations
Grow and Protect Revenue
Mitigate Risk
Research Results
The ROI of a validated, healthcare-specific workforce management solution is immediate and demonstrable. A sample hospital system with $1 billion in net patient revenue with the following profile can realize significant financial benefits from an investment in symplr:
552 beds
- 1,250 active employees
- 750 pagers in use
A health system with this profile generates a positive return in less than three months and a one-year ROI of more than 460%, with annual benefits exceeding $6.3 million.
About symplr
symplr is the leader in enterprise healthcare operations software and services. For more than 30 years and with deployments in 9 of 10 U.S. hospitals, symplr has been committed to improving healthcare operations through its cloud-based solutions, driving better operations for better outcomes. Our provider data management, workforce management, and healthcare governance, risk management, and compliance (GRC) solutions improve the efficiency and efficacy of healthcare operations, enabling caregivers to quickly handle administrative tasks so they have more time to do what they do best provide high-quality patient care. Learn how at www.symplr.com.
About Hobson & Company
Hobson & Company helps technology vendors and purchasers uncover, quantify and validate the key sources of value driving the adoption of new and emerging technologies. Our focus on robust validation has helped many technology purchasers more objectively evaluate the underlying business case of a new technology, while better understanding which vendors best deliver against the key value drivers. For additional information, please visit www.hobsonco.com.
Disclaimer:
The return on investment (ROI) and other financial calculations expressed in this research paper are based on data provided by symplr customers and various assumptions, and provide estimates only. The actual ROI customers realize may vary from the estimates provided. symplr offers this tool to assist customers with evaluating their solutions; however, symplr and Hobson & Company (the firm that created the tool) are not responsible for the accuracy of any estimates.
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