It is no surprise that the impending healthcare workforce crisis is on every CEO’s mind.
While the shortage of healthcare workers escalated during the pandemic, this is not a new problem.
According to a study done by the Association of American Medical Colleges, the US could see a “shortage of between 37,800 and 124,000 physicians by 2034.” That, coupled with research recently published in Mayo Clinic Proceedings that reveals nearly 1 in 3 physicians and nurses intend to reduce work hours and 1 in 4 physicians intend to leave their practice, is altogether frightening.
To combat these declines, hospitals continue to spend more money on recruiting, retention and benefits. To survive these rising costs, organizations are quickly finding they must become more efficient or face cutting services.
Likely, “increased efficiency” is the desired path forward for all.
Workforce Innovations Fuel Efficiencies & Growth
“Strengthening physician and APP culture is critical to managing costs and enabling growth. It’s becoming increasingly evident that innovative solutions are necessary to address this,” shares John Hancock, ProCARE CCO.
Hospitals are partnering with their innovation arms and outside vendors to address various aspects of workforce optimizations, focusing on improving efficiencies in practitioner scheduling, HR, incentive compensation management and other areas.
Most critically, organizations are leaning on automations to reduce clinical and administrative inefficiencies and drive growth models.
“Growth is a top objective in every hospital system. But growth at scale, without the support of technological innovations in workforce and human capital management, is unlikely,” Jack Liu, ProCARE’s Founding Partner & CEO states.
Automating & Optimizing Provider Compensation
Health systems across the country are realizing efficiency improvements with the implementation of a fully-integrated and automated provider incentive compensation system.
Deploying a system of this nature enables organizations to compete and retain top talent by offering complex and enticing incentives without the overhead. In addition, visibility into the compensation data increases physicians’ trust and confidence in the organization.
“My team was manually calculating every physician incentive payment. When errors were made, we were responsible for explaining to the physician. After physicians experience a miscalculation, they begin questioning and scrutinizing subsequent payments,” shared Carolyn Stepp with Cancer Treatment Centers of America, “Automating this experience in ProCARE has helped us assure fidelity of payments, and establish a high level of trust and credibility with our doctors.”
Ultimately, it falls on organizational leads to spearhead efforts to help mitigate this issue and change the trajectory of the healthcare industry.
To learn more about why organizations are choosing ProCARE for their provider incentive compensation automation needs, schedule an Introductory call today.