The Challenge
Trio Workforce Solutions partnered with a 3,412 bed hospital system in the Upper Midwest U.S. to improve their contingent workforce management process. The partnership led to the development of an innovative system that reduced the amount of time spent on administrative tasks and enabled staff to focus on delivering high-quality patient care. The new system introduced workflow automation into the client’s ecosystem, which streamlined the hiring process and allowed for better communication between Trio, the healthcare system, and approved staffing firms. As a result, Trio was able to reduce annual contingent spend by more than $13 million and reduce the number of open contract positions by 81%. Additionally, Trio focused on improving the staffing experience, making it easier for staff to find and apply for job opportunities with the best-in-class Vendor Management System, Trio VMS. Overall, the partnership between Trio and the client resulted in improved efficiencies and tremendous cost savings for the healthcare system, while simultaneously improving the staffing experience for healthcare professionals.
CLIENT’S GOALS
- Reduce annual contingent labor spend
- Increase workforce talent with an expanded network
- Improve operational efficiencies
Improved Operational Efficiencies
The healthcare system leveraged Trio’s workforce solutions program, enhanced by a state-of-the-art Trio VMS, to optimize operational efficiencies and streamline their workforce management process. The platform provided real-time data, analytics, and detailed reports that guided the client to make data-driven hiring decisions, resulting in significantly reduced costs for the client. In Addition, the healthcare system and Trio partnered on a significant overhaul to its invoicing program (outlined below). By partnering with Trio, the client increased fill rate, reduced annual contingent labor spend, and improved the staffing experience.
Increased workforce talent
Trio’s partnership resulted in a more efficient and effective recruitment process, enabling the client to attract and hire high-quality healthcare professionals. Trio VMS enabled the healthcare system to overhaul its screening and onboarding process, resulting in higher quality of care.
The client aimed to improve its internal talent to ensure an organization has access to a skilled and flexible workforce that can adapt to changing business needs and help drive growth and innovation.
Reduced annual contingent spend
Trio partnered with the healthcare system to optimize their contingent and direct hire workforce management process, resulting in a reduction of its annual contingent labor spend by over 50%. By partnering with Trio, the client significantly reduced its reliance on costly third-party labor and simultaneously maintained a high-level of care, resulting in improved operational efficiencies and patient outcomes. Trio utilized its proprietary VMS platform, Trio VMS, that provided the client with real-time data and analytics, enabling them to fill jobs at rates lower than local and national averages. Trio also introduced workflow automation, which streamlined the hiring process and allowed for better communication between Trio and the healthcare system.
CLIENT RESULT
- 60% reduction in contingent workforce spend
- 50% decrease in contingent workforce head count
- $13.3 M in annual savings
- Reduced travelers from 450 to 246
How Using Reverse Invoicing Helped All Parties
Health System
- Consolidated and created a more accurate Invoice/AP Process
- Minimized discrepancies managers reviewed
- More accurate Timeclock punches, resulting in cost savings
- Physical timecard signatures no longer required
- Productivity data visible within 21 days, compared to 70+ days with manual timecard process
Trio Workforce Solutions
- Streamlined, consolidated, and expedited Invoicing process for the hospital
- Reduced Invoice Aging
- Auto import of accurate timecards, increasing turnaround time
- Reduced delayed timecards on invoices to the client by +60%
- No longer relying on Agency to enter paper timecards monthly, increasing efficiencies on all sides
Staffing Agency/Clinician
- Payment reimbursements received sooner as a result of no delayed/missing timecards
- Increased payment accuracy, resulting in less agency discrepancies sent to Trio/Client
- Reduced Invoice Aging
- Agency no longer enters time into Trio, giving time back
Summary
As a result of this strategic partnership, the healthcare system reduced its annual contingent labor spend by $13.3 million. Trio’s partnership with the client successfully optimized the contingent workforce management process, resulting in improved operational efficiencies and cost savings.
- 60% reduction in contingent workforce spend
- 50% decrease in contingent workforce head count
- $13.3 M in annual savings
Find out how teaming up with Trio Workforce Solutions can help you save time and money.