With: Becker’s Healthcare and Steve Thompson - Chief Product Officer at CareRev, and Elaine Zemel - Business Analyst to Nurse Administration at Henry Mayo Newhall Hospital
In the vast and dynamic landscape of healthcare, leaders constantly grapple with the complex task of achieving a delicate equilibrium between delivering exceptional patient care and upholding financial sustainability. Amidst the ever-evolving patient demands, resource constraints, and regulatory pressures, the critical challenge lies in effectively managing labor costs while ensuring optimal staffing levels. It is a constant tightrope walk where hospitals and healthcare facilities must demonstrate unwavering commitment to patient well-being while safeguarding their bottom line.
In the pursuit of progress, healthcare leaders are turning to the realm of technological innovation for groundbreaking solutions. The digital revolution sweeping through the industry has brought with it a myriad of possibilities to transform the way healthcare is delivered, managed, and optimized. One of the most revolutionary technologies that have risen to prominence is Artificial Intelligence (AI). Its potential to reshape the healthcare landscape has captivated the imagination of industry stakeholders worldwide.
CareRev’s Smart Rates uses an artificial intelligence (AI) algorithm to recommend optimized hourly shift rates based on historical performance and market demand. Smart Rates works in real-time, continuously adjusting rates until the rate is accepted and the shift is filled. This increases the number of shifts filled, in less time, and at lower hourly rates on average, than if you did it yourself—without compromising the quality of the professional.
During a recent webinar, CareRev's Chief Product Officer, Steve Thompson, and Elaine Zemel, Business Analyst to Nursing Administration at Henry Mayo Newhall Hospital, came together to share their remarkable accomplishments with CareRev's Smart Rates and the impact it has had on the facility.
AI-powered Smart Rates enhances operational efficiency while controlling costs
Moderator: Elaine, I would love to ask you a little bit more about Smart Rates, what have been the benefits of using CareRev and its AI-enabled systems, like Smart Rates at Henry Mayo?
Elaine Zemel: I think my favorite takeaway from Smart Rates is not only the savings, but how fast our shifts are filled from the day of implementation. So today, shifts are filled 45% faster than before. As far as amount of shifts filled, that’s increased by 10% with Smart Rates. So all data points have improved. There’s been nothing in the red, it’s all green. So to me, that’s already a win. Smart Rates shifts are filled during the first 10% of their lifespan on the CareRev marketplace. Manually boosted shifts are filled in the first 20% of their lifespan on the marketplace. So, Smart Rates really improved our fill rate speeds.
Moderator: Those are some really amazing numbers. Steve, industry-wide, what are you seeing in terms of when hospitals utilize this technology?
Steve Thompson: I think where it’s being utilized most is exactly in the areas where you have goals around; costs, cost savings, and fill management. You know, exactly what Elaine articulated there, it’s a really great fit because Smart Rates basically predicts the shifts that are going to be hard to fill, and it bumps up that rate right away. It actually sounds like, “well, you’re just bumping up rates here”, but what it does is it’s anticipating that in advance and putting it at a more appealing rate to a professional, which is actually eliminating the need to bump up the shifts. So like what Elaine says, if you have these shifts that are sitting out there for a long time, nobody’s actually filling those things.
I think the other piece that kind of goes along with that is stress reduction. You know, managing rates and managing these pools here is really, really hard. So what Smart Rates does is it takes a lot of the stress out of the shift posting. It gives schedulers the data they need to make an informed decision and have confidence that they’re not paying too much. It’s available in the application. It’s just there. You don’t have to go look it up. You don’t have to, you know, find your friend who’s a data scientist to go look at the modeling for you. It’s right there for you in the application.
Optimizing workforce costs with marketplace technology
As the healthcare industry strides boldly into the future, it encounters increasingly intricate challenges. Yet, alongside these challenges lies an abundance of opportunities for innovation and progress. Amidst the array of technological advancements, Artificial Intelligence (AI) and Smart Rates stand tall as a beacon of hope, illuminating the path toward a more efficient, patient-centric, and financially sustainable healthcare ecosystem. The promise of AI lies not in replacing the human touch but in empowering healthcare leaders to make smarter, data-driven decisions. By embracing the potential of AI in managing labor costs and optimizing staffing, hospitals and healthcare facilities can shift their focus from managing challenges to unlocking new possibilities that redefine the very essence of healthcare delivery.
Read the full case study to learn how Henry Mayo increased their fill rate by 57% with CareRev's flexible workforce and AI technology.