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CFO’s Guide to Healthcare Cost Containment
VISTA knows that health systems and medical organizations have cost containment in mind, and CFOs are facing the same challenges but within different environments. Here are just some of the challenges that CFO’s of health systems are facing and how to combat them.
Top Healthcare Cost Containment Challenges CFOs Face
Overspending on Locum Tenens Staffing
Locum Tenens physicians play an essential role in healthcare systems. They help physicians focus on what they do best while minimizing administrative duties. Locum tenens staffing also comes with other benefits such as business flexibility, positive patient care, and finding appropriate permanent top talent for hospitals.
Nonetheless, CFOs often overspend on locum tenens physicians which can cause strain on the healthcare system’s finances. It can also add pressure to CFOs as they work to develop an efficient staffing strategy.
Since healthcare cost containment for CFOs is paramount to the success of healthcare systems, it’s essential to learn effective approaches. VISTA has over 30 years of experience in locum tenens staffing, permanent search, and optimizing a healthcare systems workforce that help identify and eliminate unnecessary costs.
Lack of Locum Hiring Optimization
CFOs have so many duties to fulfill, including communicating with internal and external stakeholders, preparing budgets, formulating strategies that will boost revenue, and managing staffing costs. Working with VISTA helps you get competent yet cost-effective locum tenens physicians who will perform exceptionally.
Absence of Cost Transparency
Generally, healthcare providers and health insurance companies negotiate prices for products and services. However, these figures are not available publicly, and while it may seem like a disadvantage to care purchasers, it affects CFOs significantly.
The financial sector is data-driven, and therefore, CFOs need these figures to forecast, prepare statements, and develop strategies that will boost the hospital’s ROI.
Lack of Consolidated Software Technology
Real-time analytics is a fundamental part of CFOs’ performance. With integrated software technology, CFOs have access to essential information which helps them execute their tasks efficiently.
However, a lack of consolidated software technology means they are not empowered adequately to perform their duties. Healthcare systems need to adopt technology like a Vendor Management System (VMS), providing the analytics needed to boost performance.
How VISTA Select Provides Cost-Savings for Your Healthcare System
Vendor Management System (VMS)
VISTA gives you access to technology systems that help your facility manage its staff better. For example, you can track the different costs of locum or permanent staff and, therefore, eliminate what is unnecessary.
It also helps you curb understaffing or overstaffing, leading to poor performance or excessive expenditure. Thus, you save funds and use them to boost your returns.
Complete Managed Service Provider (MSP)
Without proper cost control, risk mitigation, and excellent service, a healthcare system cannot survive the numerous challenges in this industry. VISTA helps you develop measures that will aid you in controlling costs and eliminating potential risks.
While the experts take this demanding task off your plate, you can focus on other significant issues. As a result, more facilities are adopting this approach to ensure their staff’s performance is unrivaled.
Preferred Partnership Network
Whether you need physicians, nurse practitioners, CRNAs, or physician assistants, VISTA helps you enhance your business by fulfilling all your clinical demands through the preferred partnership network.
What to Expect in the Future
Figuring out what will happen in the coming months or weeks is crucial for planning. With the different developments such as AI, agility, and cloud to enhance healthcare, facilities must match the standards to remain viable in the healthcare industry. Integration of services is also becoming the need of the hour; hence facilities need to prepare well for the future.
How VISTA Can Help You Prioritize
Prioritizing the healthcare system’s needs allows you to operate your business smoothly. Thus, you need help to ensure that staffing, financial, and service provisions are at their best.
Here’s how VISTA helps you prioritize the different demands:
After a permanent employee leaves the practice, you need to replace them with an expert who can provide a seamless transition. Most facilities will find themselves in a dilemma trying to get a permanent employee fast which can be detrimental to your business.
By working with VISTA you get a strategic physician and advanced practice staffing partner, enabling you to contain costs while increasing efficiency and productivity.
Download a Copy!
Ready to get started? VISTA created The CFO’s Guide to Healthcare Cost Containment e-book offering you solutions on healthcare contingent staffing and finance. Contact a VISTA expert today to optimize locum hiring, stop overspending, and achieve cost transparency.