The dramatic increases in the travel nursing market in 2021 and 2022 have tapered off and normalized in the past few years. However, travel nurses are still in high demand due to the global shortage of healthcare professionals.
The World Health Organization (WHO) forecasts a global shortfall of 10 million healthcare workers by 2030. As such, staffing agencies and managed service providers will play an even greater role in contingency hiring and travel nurse assignments. However, distinct requirements require a centralized vendor management system (VMS) to streamline and optimize processes.
There are several unique challenges when it comes to managing travel nurse assignments.
One of a staffing agency's biggest challenges when managing travel nurses is navigating the stringent compliance and credentialing requirements. On top of baseline requirements, healthcare facilities frequently have their own specific criteria that candidates must meet, such as holding certain certifications or having a minimum level of experience.
Ensuring each travel nurse meets all the necessary qualifications is an ongoing struggle—not just at engagement but throughout their assignment.
Travel nurse comp packages vary greatly, including hourly rates, per diem, travel and housing allowances, and more. The variables stack up quickly depending on specialties, geographic location, and facility policies.
Travel nurses move from one short-term assignment to the next, so agencies constantly need to source and match new candidates. This perpetual churn makes maintaining a consistent pool and forecasting staffing needs difficult.
With other agencies soliciting the same pool of candidates, speed is often a deciding factor in placements. Assignments come up quickly, often with a tight window to find and place a candidate. You need to determine viable candidates and make offers quickly to secure placements.
A VMS helps overcome nurse staffing challenges by streamlining processes and centralizing candidate management. Some of the key benefits include:
Additionally, on a business management level, a VMS helps improve:
The right VMS solution can accurately calculate compensation packages to reduce errors and overpayments. By automating payroll and invoicing, you ensure timely payments, save time, and improve cash flow.
Another significant benefit is you can track key performance indicators (KPIs) such as fill rates and time-to-hire. You can also capture performance data on candidates from facilities to aid in placement decisions and nurse satisfaction for better matching.
Vendor relationship management also becomes easier with a VMS. You can monitor the performance of facilities and other vendors, identifying any areas of concern or opportunities for growth. The data generated also helps you have honest conversations with vendors, with the data to back up your concerns.
To find the best-fit VMS for your staffing agency, you should carefully evaluate potential solutions that can handle the complexities of hiring and managing travel nurses. Here are some of the critical considerations:
You want an easy-to-use system. You need a deep set of tools, but if they aren’t intuitive, you can face adoption problems with your team.
You need a cloud-based system that provides real-time updates. This is necessary for agency teams to communicate effectively with travel nurses and facilities.
If the system isn't designed to address the unique needs of healthcare and contingent workers, you will struggle to manage the nuances of travel nursing, credential checking, and compensation.
Not all VMS options can adapt to your workflow. Some have a set way of doing things that you cannot customize to any great degree. Ensure the VMS you choose integrates within your workflow and can be tailored to your needs.
Look for a provider with deep expertise in data integration, migration, and customization.
You will need comprehensive training and ongoing support to optimize your VMS.
Cost is always a factor when choosing technology solutions. Look for a cost-effective solution that can get you up and running significantly. There are affordable options on the market today that don’t take months to install, train, and put into practice.
Transitioning to a more streamlined way of managing travel nurse recruitment and assignments is critical in today's healthcare landscape. With the challenges of compliance, tiered compensation and bonuses, and maintaining a reliable candidate pool, implementing the right VMS can significantly enhance your operational capabilities.
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