The subject of bill rates and rate plans is often the hot topic at any client meeting between a supplier and their healthcare partner.
Typically the question is asked: “Are my rates competitive?” and then it is followed up with “I was told that we are below market by X dollars.”
Tracking bill rates is extremely important to any organization. However there is always a challenge in deciding what the next move should be and how it is going to effect the success of the organization’s staffing program:
Should I increase my rates, if so by how many dollars?
Do I increase rates across the board or just in some areas?
If I do increase rates, what is that going to cost the organization?
A VMS and KPI cocktail
Aligning your staffing goals with your VMS solution can give color around the ambiguity of these questions and help organizations determine their current state through VMS and KPI (Key Performance Indicators) reporting.
The cocktail of using the VMS along with KPI reports can help provide the logic and data around system and supplier performance to determine, in this case, where a rate increase may be necessary.
However, the beauty of an organization determining their own KPI metrics is that it is not limited to just a bill rate analysis.
Organizations can also use KPI metrics to help determine any gaps in:
- order fulfillment
- supplier performance
- organization order response time
- average time it takes a supplier to submit a candidate to a job
- average number of candidate submissions per order
- cost savings opportunities
Existing ShiftWise customers
If you are interested in setting up and tracking your organization’s monthly KPI’s, please contact your ShiftWise Account Manager to discuss program goals, targets and reporting options.
In fact, monthly KPI reporting can also help measure the outcomes from any changes in the staffing program and help determine the level of success or challenges that the program is presenting.
This allows the organization to be proactive with their staffing decisions and provides the opportunity for changes to ensure their program is getting the best candidates at the most reasonable market price.
Whether the organization is looking for opportunities to save costs, change rates or improve supplier performance, the KPI reporting options with the VMS give organizations a quick and easy tool to track their objectives.