Healthcare MSPs: What They Do and How They Can Make Your Work Life Easier
In the field of healthcare, you’ve got the world depending on you. And the last thing you need to worry about is managing the day-to-day staffing tasks.
Healthcare MSPs are vital for handling the day-in and day-out tasks like staffing, billing, and time tracking.
But are all MSPs the same? And does your current MSP truly understand and meet the challenges your healthcare facility faces each day?
Read on to discover the benefits of using the right healthcare MSP, including how it can maximize the efficiency of your healthcare facility and simplify your life.
Table of Contents
- What Is a Healthcare MSP?
- What Is a Vendor Management System?
- 11 Benefits of Using a Healthcare MSP
- Ready to Experience the Benefits of a Healthcare MSP? Contact Trusted Managed Services
What Is a Healthcare MSP?
A healthcare MSP is a managed service provider. It refers to the company that streamlines the hiring process of temporary staff and clinicians for healthcare facilities, hospitals, and healthcare systems.
Without a reliable healthcare MSP, hospitals are stuck doing a lot of logistical heavy lifting on their own, such as managing:
- Communication with multiple vendors
- Staffing
- Billing
- Time-tracking
- Invoicing
- Compliances
With the right healthcare MSP, everything is easily and efficiently managed from one single point of contact instead of having to employ several different pieces of software for each workforce solution.
At Trusted Managed Services, we offer a customizable, comprehensive healthcare staffing solution. We give you the tools you need to run with optimal efficiency and cost savings.
Request a demo and learn more.
What Is a Vendor Management System?
A VMS, or vendor management system, is a web-based software application that allows you to manage your healthcare facility’s entire contingent workforce hiring process in one easy-to-use solution.
It automates and streamlines each step it takes to navigate the sourcing, acquiring, managing, and paying of temporary workers.
Simply put, the healthcare MSP is the service — the vendor management system is the technology that makes the magic happen. The two go hand in hand, with the VMS streamlining all services.
11 Benefits of Using a Healthcare MSP
Why should you use a healthcare MSP? The reasons are numerous and include that they:
- Are free
- Streamline all services
- Offer recruitment outsourcing
- Provide cost reductions in labor
- Increase program efficiency
- Help keep track of regularly compliances
- Reduce Vacancy Rates and Increase Retention
- Promote Better Cost Control Measures Among Vendors
- They Provide Detailed Reporting and Analytics
- Offer Scalable and Customizable Workplace Solutions
- Provide Excellent Customer Service
#1: They Are Free To Use
Most hospitals find temporary hires in one of three ways:
- They spend money to use their own internal travel agency
- They spend money going from vendor to vendor for, available candidates, invoicing, data collection, etc. ; or
- They use an MSP — for free
When you partner with an MSP like Trusted Managed Services, you get all the amazing benefits a healthcare MSP has to offer at no cost to your facility.
All fees for using an MSP are charged to the vendors participating in the service, who typically pay an additional 5% of normal billing rates.
#2: They Streamline All Services
The best MSP will streamline your facility’s services by taking care of everything, including:
- Managing timekeeping
- Creating customized reports
- Automating record-keeping processes to easily allow practitioners to collect, store, and retrieve patient data
- Creating and generating one master invoice instead of having to pay ten different vendors and suppliers
- Managing and consolidating compliances into one database, just a click away, instead of having to put everything in various computer folders
- Allowing automated, interrupted communication between healthcare workers
#3: They Offer Recruitment Outsourcing
With a healthcare MSP, hospitals have quicker and easier access to high-quality talent.
And with the current healthcare staffing shortage wielding a strong blow to healthcare facilities, this is especially great news.
You want to choose an MSP that has access to a wide array of applicants.
The competition for candidates is fierce, so having more recruiters means you don’t have to chase down the right candidate, and makes finding just the right person much easier.
Your MSP should be your facility’s one-stop, easy-to-manage source for the entire staffing process — offering everything from interviewing and hiring to onboarding and contract extensions for your travel and temporary staff and per diem nurses.
Trusted Managed Services even puts an account manager in your facility several times a week to help you recruit for permanent needs and offer any other support you may need.
#4: They Provide Cost Reductions in Labor
Another benefit to consider when searching for the right MSP for your healthcare facility is whether or not the software can provide insights into what other facilities are paying their clinical staff.
Then, with the help of the MSP software, your facility can adjust the rates to keep your facility aligned with the current hiring market.
Your MSP is a great tool for ensuring that your healthcare facility isn’t overpaying its clinicians while still providing additional financial incentives to attract the best candidates in the current workforce.
#5: They Increase Program Efficiency
Having a healthcare MSP increases program efficiency, accountability, and value by automating the often time-consuming tasks of:
- Timesheet approvals
- Contract management
- Assignment extensions
The MSP allows them to be delivered simply and reliably — saving your administrate team valuable time.
#6: They Help Keep Track of Regulatory Compliances
Healthcare MSPs can also help to ensure all your …
- Processes
- Technology; and
- Security measures
… are current, fully aligned, and compliant with all regulatory requirements, including HIPAA.
Their organization and attention to detail also help you to be prepared for any possible audits. This frees up valuable time for your administrative staff by avoiding penalties, fines, and operational downtime.
#7: They Reduce Vacancy Rates and Increase Retention
A healthcare MSP can also enable you to give your full-time staff the support they need to perform their jobs at their optimal capabilities by providing a reliable source of temporary workers.
This helps boost workforce efficiency across the board by increasing the retention of your full-time staff while reducing the risk of burnout and turnover.
#8: They Promote Better Cost Control Measures Among Vendors
Healthcare MSPs have access to broad visibility of the available talent and current pay rates in each market they serve.
This means they are better able to negotiate rates from staffing suppliers and statement of work (SOW) vendors while still maintaining a top-of-the-pool workforce.
MSP management of a VMS also results in reduced costs since the client’s internal resources can fully focus on the core of their business while leaving the management of the contingency program to the MSP.
#9: They Provide Detailed Reporting and Analytics
Another worthwhile benefit of healthcare MSPs is that they provide detailed:
- Reporting
- Workforce analytics; and
- Insights
This allows for more informed contingent labor decisions through their VMS, including:
- Reporting on spend utilization.
- Staffing headcounts and average bill rates.
- Requisition lifestyle, time to fill, and staff sourcing efficiency.
- Disengagement and termination details.
- Bill rate details.
- Worker quality and survey details.
- Budget to actual details.
- Redeployment.
- Open and pending reacquisitions.
#10: They Offer Scalable and Customizable Workplace Solutions
When a service involves software, it needs to be scalable to the size of the company.
A good healthcare MSP can evolve with the business as they grow to help meet staffing needs.
They will be able to work with you to determine the aspects of workforce management that best align with your healthcare facility’s larger strategic needs and initiatives.
#11: They Provide Excellent Customer Service
With a quality healthcare MSP, you’ll have the benefit of a workforce consultant who will be able to advise you on labor trends and create custom solutions that will work within your organization
When you work with Trusted Managed Services, you’ll have a designated representative assigned to each key program area, such as:
- Payroll and billing
- Recruitment
- Credentialing
- Contracting; and
- Insurance
They will regularly visit your facility and can help your staff understand the VMS, if necessary.
Ready To Experience the Benefits of a Healthcare MSP? Contact Trusted Managed Services
Are you a Director of Nursing or HR manager who is looking for an MSP that can actually handle your facility’s staffing challenges?
Look no further than Trusted Managed Services.
When it comes to addressing contingent staffing labor challenges, implementing the same cookie-cutter approach for every facility doesn’t work.
Trusted Managed Services offers a customizable and comprehensive solution to your facility’s staffing challenges, allowing you to realize cost savings and process efficiencies throughout your contingent workforce utilization.
Our VMS software application allows you to manage your company’s entire contingent workforce hiring process in one easy-to-use solution … all at no cost to you.
Request your free demo today.
