June 23, 2023

Introducing Smart Rates: How Healthcare Facilities Are Cutting Labor Costs & Filling Shifts Faster

Screenshot of the Smart Rates setting within CareRev’s healthcare staffing technology platform.

Setting your team up for success

Since the beginning of the COVID-19 pandemic, facilities have struggled to price shifts appropriately. Increased patient needs and added pressures caused health systems to panic, and their labor costs to skyrocket. Now that we are settling into a new normal, health systems and facilities must re-evaluate the way they staff and price shifts. At CareRev, we are bringing data-driven insights into healthcare systems across the country to equip staffing managers with cost-effective and competitive rates that will attract local, qualified healthcare professionals. 

Our breakthrough healthcare staffing technology 

We know first-hand how challenging it is to manage, price, and fill shifts. That’s why we are thrilled to announce the launch of our breakthrough technology, Smart Rates, a system that takes the guesswork out of shift rates to support healthcare facilities and their staffing managers. Smart Rates offers healthcare facilities a data-driven approach to calculating shift rates by taking into consideration the factors we often look past when pricing a shift. 

How Smart Rates works

The Smart Rates tool uses facilities’ economic, performance, and market data to recommend wages on-demand. This AI-driven technology takes the shift fill rate and pick-up speed of previous shifts to curate the rates that make the most sense for upcoming available shifts – keeping labor costs within budget

In minutes of uploading a shift, Smart Rates takes into account variables such as pay rates at the facility and in the local area, shift type (day, afternoon, night) and length, day of week, specialty, and eventually, the weather, to determine the best rates. Once the shift rates are generated, staffing managers can easily view and accept Smart Rates’ recommended wages. Available shifts are then shared with pre-vetted and qualified healthcare professionals in CareRev’s local network.

Smart Rates lives within CareRev’s platform, creating centralized staffing management. This allows staffing managers to connect with the local talent pool and generate optimized rates all in one place, streamlining workflow and saving clinician’s valuable time. 

CareRev’s Smart Rates technology has already made a positive impact on facilities’ staffing management. For instance, Health system partners including Henry Mayo Newhall Hospital and Gateways Hospital have seen an 18% decrease in labor costs while filling shifts 50% faster compared to manually priced shifts. 

To learn more about how Smart Rates can help your facility check out our Smart Rates page and frequently asked questions.

Learn more about how Smart Rates can help your facility

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