The consolidated reporting of key metrics is one of the most important elements driving an effective healthcare contingent workforce staffing program. An important benefit of adopting a managed service provider (MSP) or vendor management system (VMS) is the ability to see key recruitment metrics such as fill rates, time-to-fill, candidate submissions and quality, as well as a consolidated view of invoices and expenses across all staffing agencies. In addition to a streamlined recruitment, credentialing and invoicing workflow, these workforce solutions also provide a single view of open positions, candidates and clinicians on assignment.
In relying on an MSP or VMS to manage their contingent workforce, healthcare hiring managers should ensure they have real-time, direct access to reports to evaluate whether temporary positions are being filled with quality healthcare professionals in a timely manner. Here are some important metrics to look for when evaluating whether your contingent workforce program is delivering on its promises:
Fill rate %
% of assignments successfully completed
% of on-time assignment starts
Performance review ratings by healthcare provider
% compliance with standard rate card
Candidate profiles-to-interviews conversion rate
Interviews-to-offers conversion rate
Offers-to-placements conversion rate
Candidate profiles-to-placements conversion rate
% of open positions without candidate submissions
Rate of cancellations by clinicians
Rate of cancellations by hiring manager
To evaluate how the program is performing, ideally the hiring manager should be able to view these reports and metrics in multiple formats: (1) at a consolidated level, (2) by clinical specialties and geographies, and (3) by sub vendor.
Consistent review of program performance measures across the workflow can yield deeper insights into specific areas where improvements can be made. For example, hiring managers can identify whether profile reviews, interviews and offers are occurring quickly enough, as well as whether enough candidate profiles are being submitted. Hiring managers can also evaluate which agencies are sending quality candidates that are likely to result in placements.
Review of your contingent workforce management metrics can help to identify whether you are achieving your program performance objectives. This ongoing review could lead to continuous improvements in program performance. In cases where ongoing performance is poor, it could lead to a decision to upgrade from a VMS-only solution to adoption of a full-service MSP, or a switch in MSP partners. (See article MSP/VMS Is Not Delivering On its Promises. Should I Switch Providers?)
Any time healthcare executives are evaluating whether to adopt an MSP partner or VMS technology, it is very important to consider the reporting capabilities that would be available as one of the many factors in making that decision.
Founded in 2003, AHSA is a full-service, comprehensive MSP and VMS technology workforce solutions provider to healthcare organizations nationwide. As a vendor-neutral MSP, AHSA manages contingent work programs using its proprietary Trio VMS, developed specifically to provide an enterprise-wide solution for simplifying staffing processes within healthcare. As a pioneer in the industry, AHSA was the first to provide physician locum tenens and advanced practice technology workforce solutions in addition to nursing, allied health, medical office, IT and non-clinical MSP/VMS services.