In today’s rapidly evolving healthcare industry, success and sustainability rely heavily on an organization’s ability to attract, develop and retain top talent. But traditional recruitment methods are falling short of ever-growing demands. Enter the healthcare talent ecosystem: an innovative model that transforms the way healthcare organizations approach talent acquisition and management. Medical Solutions’ CEO Craig Meier delves into what a healthcare talent ecosystem is, its benefits and its significance in shaping the future of healthcare.
What is a healthcare talent ecosystem? What does it mean and what does it include?
CM: At its core, a talent ecosystem is a dynamic and interconnected network of individuals, organizations and resources that work together to support the healthcare workforce. It allows healthcare organizations to seamlessly tap in and out of multiple service lines, from international nursing to local contractors, to traditional nursing and allied travel. Unlike traditional staffing agencies, Medical Solutions’ ecosystem is about giving providers control, ensuring we meet them where they want to be met and continuously expanding into new and innovative workforce solutions.
To give you an example, we’re currently working with a health system to build an internal travel program. This system has many different facilities across the U.S., so there’s no reason clinicians should work for us if the system can offer them flexible work at their many different facilities. So, we said, let’s help you create an internal travel program that allows you to attract and retain your employees.
How does a healthcare talent ecosystem meet an organization’s unique and complex needs?
CM: Our ecosystem evolves through deep understanding, analyzing client data and long-term relationships to really get to the root of their frustrations and struggles. And then, using what we’ve learned, we design solutions within the ecosystem to help optimize their labor and ensure they’re retaining clinicians and not losing them because they want to be travelers. Right now, we hear, “I want to control costs.” With an ecosystem, we’re able to lower an organization’s dependency on traditional travelers, give them the resources to attract and retain talent internally and provide them with technology that allows them to be more efficient and strategic, which then delivers them savings.
What could the future of a talent ecosystem look like for healthcare organizations?
CM: Over the past five years, the average hospital has turned over 101.4% of its workforce. Last year alone, the national average turnover rate for staff RNs was 22.5%, equating to a loss of $6.6 million to $10.5 million per hospital. Providers are looking for new ways to handle shortages and operate better while facing razor-thin margins. They’re aligning retention efforts with market realities, redesigning comprehensive staffing models, controlling labor costs and trying to change the public narrative about careers for RNs.
Meanwhile, clinicians are feeling the strain with high turnover rates and increasing levels of frustration and exhaustion. By 2027, it’s projected that healthcare will lose one-fifth of the 4.5 million in the workforce, about 900,000 nurses. And of these, 24% are newer, younger clinicians. Looking to the future, we’re constantly asking ourselves, “What’s next?” What new partnerships or technology can we develop to help support the needs of our clients and clinicians, offset turnover and support innovative care delivery?
How does technology play into a healthcare talent ecosystem?
CM: AI is changing the game for all of us, and this is something we are focused on here at Medical Solutions. From improving candidate matching to automating administrative tasks to predictive analytics, our ecosystem will heavily leverage AI to transform the experience for our clients and clinicians. It’s important to note that all these technological advancements are used to complement and support rather than replace human involvement entirely. Our people plus AI will contribute to happier clinicians, great patient outcomes and thriving healthcare organizations.
This Executive Insight was produced and brought to you by
To learn more, visit: www.medicalsolutions.com/for-healthcare-facilities/