Reduce facility expenses without sacrificing patient coverage
Used Smart Rates AI technology to recommend hourly shift rates based on market demand and past performance
Cut Mount Sinai’s labor costs by 7% and filled shifts 25% faster
In 2022, Mount Sinai faced an industry-wide challenge: cut facility expenses without sacrificing patient coverage. CareRev was ready to help. Using CareRev’s Smart Rates technology, Mount Sinai was able to meet patient demand, ease the burden of manual processes on its internal staff and save money and time by hiring flexible, local healthcare professionals with CareRev’s optimized market rates and automated processes.
Within the first 30 days, Mount Sinai saw a 7% decrease in costs with minimal impact to their fill rate. In addition to helping their bottom line, their staffers are saving time because it reduces the operational workload of changing rates and the stress of filling shifts. They were looking at total cost per hour with their vendors, not just the bill rates and they saw a positive effect of using Smart Rates with CareRev.
Smart Rates have saved Mount Sinai 7% in overall healthcare staffing costs
Using Smart Rates technology, Mount Sinai is outperforming every other CareRev facility in shift rate optimization
Staff no longer has to monitor or manually adjust rates, saving time and productivity
CareRev has helped reduce dependence on travel agencies and third-party staffing agencies. As a trusted partner, we have shared current market rates and shown what the labor market is demanding, giving them negotiating power over other agencies that tend to hide that information and tack on travel stipends and overtime requirements.
We know that if things don’t change soon, the fiscal future of America’s healthcare facilities is bleak. It’s not out of the realm of possibility that some of today’s healthcare systems may not be here in another 5 years. Something needs to change or America’s healthcare system will suffer.”
Sinai ACNO and Executive Director