A Vendor Management System (VMS) is a technology solution that provides a web-based application to help hospitals obtain and manage its contingency staff.
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Is Your Talent Bucket Leaking?
Talent leakage is one of the most emblematic challenges healthcare organizations face today when sourcing supplemental labor. Why? The answer mostly lies in our current economy.
As the economy recovered from the last recession, the supply and demand of labor flipped in favor of the talent, and that gap continues to widen. The challenges associated with sourcing and managing talent in an environment where candidates outnumber jobs are markedly different from when the opposite is true.
As a result, contingent clinicians have more choices. For example, when an ICU nurse is needed, your hospital is competing to fill that need with the hospital across town and, in fact, with hospitals across the country. This requires an accelerated hiring process. If a vendor management service is in play, it is prudent to understand how its fees and processes impact the willingness of suppliers to advance their best candidates. In this climate, staffing agencies have choices, too.
Casting a wider net to fill the talent bucket is the starting line. Then candidates who are truly a good fit for your organization must be filtered from those who look good on paper. The longer this process takes, the more likely it is for a candidate to accept a job elsewhere, revealing another hole in your talent bucket. The challenge is to shrink the time it takes from pre-screening candidates to making an offer, without sacrificing quality.
A big bucket of talent helps fill needs, but high fill rates lose their luster when candidates fail to complete assignments. For example, you may have five ICU candidates, but only two can take a fresh CVA because the other candidates worked in facilities where these patients were admitted to designated neuro ICUs. If your pre-screening and interview process fails to uncover this lack of experience, you may be headed back to the drawing board to refill that position.
Increasing your capacity to better match jobs to candidates improves completion rates. Higher completion rates position your organization to have more conversations about extending assignments and converting temporary help to permanent staff. Everybody wins: patients, core staff, the Travel Nurse, and your facility.
VMS vs. MSP: Which Model is Right for You?
Many hospital administrators are seeking out vendor management systems (VMS) or managed service providers (MSP) to help manage their contingent workforce. If your healthcare facility is currently considering a VMS or an MSP, Medical Solutions Plus has provided the following infographic to help you determine which model is right for you:
medical solutions plus presents
Both vendor management systems (VMS) and managed service providers (MSP) offer hospitals efficiency improvements in contingency staff management, but which one is best?
If your healthcare facility is currently considering a VMS or an MSP, Medical Solutions Plus has provided the following infographic to help you determine which model is right for you:
SO, WHAT IS A VMS?
Since a VMS does not recruit candidates, it is considered vendor neutral. Consequently, hospital administrators evaluate candidates on their own.
This DIY model could be an asset to hospitals that do not have hard-to-fill vacancies or require direct communication from a staffing agency.
A VMS tends to be most effective when the supply of candidates outnumbers open jobs. Today, competition for quality candidates is increasing while the supply of labor is shrinking. Consequently, staffing challenges are more complex.
A VMS offers several benefits, including:
Detailed reporting capabilities
THEN WHAT’S AN MSP?
In contrast, a Managed Service Provider, (MSP) is a service solution that helps source and manage the short-term staffing needs of a facility through one central business partner.
The MSP model can be a cost-effective tool for hospitals facing severe staffing shortages, fluctuations in its staffing needs, or an EMR/EHR conversion.
An MSP can help your facility:
Recruit and onboard quality candidates
Improve fill, completion and extension rates
Consolidate contracts into one master agreement
Eliminate inflated bill rates
Streamline and simplify inefficient workforce processes
Increase vendor visibility
Reduce staff turnover and overtime hours
Leverage data to drive the planning process
According to Staffing Industry Analysts, 51% of all travel nursing revenue in 2016 was sourced through an MSP, while revenue through a VMS remained at 16%. Healthcare organizations increasingly recognize that the MSP model is the wave of the future.
To learn more about Managed Service, please contact Medical Solutions Plus at
How to Choose the Right MSP for Your Facility
The number of staffing agencies offering managed service provider programs has exploded in recent years. With so many options, finding the right staffing partner can be a daunting task for hospital administrators. To help you get started, Medical Solutions Plus has 5 tips on how to choose the right MSP for your hospital:
- Expertise: You’ll want an MSP that offers clinical expertise. An MSP with experienced healthcare professionals on staff can get involved in your facility’s hiring process, and ultimately find ideal candidates for you based on your facility’s technical requirements and cultural values. Better job matches translate to higher fill rates, completion rates, and lower turnover. It also creates opportunities to convert proven temporary staff to permanent employees.
- Dependability: When evaluating an MSP program, it’s important to ask for references. Whom have they worked with before and for how long? An MSP’s client retention rate speaks volumes in terms of dependability. Find out which healthcare organizations, if any, have terminated their agreements with your potential MSP and why. In terms of risk management, you should ask to see the results of their independent audits from the last three years to better understand their processes for safeguarding your facility’s compliance.
- Customer Experience: Your MSP’s primary goal is to fill your open jobs. With that in mind, you should know how long your potential MSP team will hold on to a job requisition before they release it to their vendor panel. Depending on their answers, you can determine whether the MSP places your needs before its own interests. A true staffing partner will immediately release your open positions to its vendor panel so your needs are met on your timeline, not theirs.
- Technology: Does the MSP program you’re considering offer a technology system with round-the-clock access to your facility’s staffing activity? You’ll also want to clarify whether the software requires your staff to enter data, upload files, and monitor expiring credentials. Further, does it offer customized reporting? If you decide to use their technology platform, how much training is involved? Find out who will provide technical support should you need it.
- Sub-vendor Relationships: An MSP relies on its vendor panel or network of staffing agencies to help fill your staffing needs. Since Travel Nurses are in high demand, they tend to have multiple job offers from different facilities at any given time. Consequently, it is crucial to ask potential MSPs about their fees and submission processes. These factors can impact a sub-vendor’s willingness to submit their best candidates for your positions.
Why Your Facility Needs an MSP Now
A managed service provider, or MSP, is a staffing solution that can operate and simplify your facility's contingent workforce process through one central business partner. As the healthcare industry continues to change, the number of hospitals and other healthcare facilities using the services of a managed service provider has skyrocketed. Why? Simply put: managed service providers are a hospital’s best friend in this age of staffing shortages. In case you’re not convinced yet, we’ve listed the top 3 reasons your facility needs an MSP now:
1. Saves Your Facility Time and Money: MSPs, like Medical Solutions Plus, can manage your entire contingent workforce for you. When you use the services of an MSP, you’ll no longer have to spend your valuable time and limited resources searching for qualified healthcare professionals. Depending on the MSP, you’ll typically have only one point of contact, one invoice, and a streamlined process. When you find talent at the right time and at the right level, you’ll also drastically reduce costs associated with turnover.
2. Mitigates Your Risk: An MSP can help you increase your patient safety efforts and minimize your risk in hiring temporary staff. MSPs typically have a large database of medical professionals at their disposal, who must go through a rigorous screening process. MSPs ensure that these professionals are safe, qualified, and certified. That means an MSP is far less likely to place temporary staff at your facility who could create on-the-job medical errors. Certain MSPs, like Medical Solutions Plus, also provide clinical services as a resource for your facility. At Medical Solutions Plus, our team of full-time RNs will handle all the administrative paperwork for you, so you can focus on patient care.
3. Helps Your Facility Maintain Quality Patient Care: An MSP can also help you maintain your patient care standards. As the healthcare field shifts to value-based care, using a strategic staffing partner like Medical Solutions Plus just makes sense. Superior patient care begins with a highly skilled medical staff, and MSP has the best and brightest recruits. In fact, the Medical Solutions Plus team has a 95% fill rate and a 96% contract completion rate.
Not all MSPs are the same. You need to find a staffing partner that you can count on time and again. Learn more about us here.
Perfecting the Phone Interview
Recruiting staff with the right clinical skills takes time. Unfortunately, as a busy healthcare professional, time is a luxury you don’t always have.
That’s where Medical Solutions Plus, a leading Managed Service Provider, comes in. We can help accelerate your facility’s hiring process and optimize your job matching. We have the clinical expertise and top-notch interviewing skills needed to find the best and brightest in the industry.
Our in-house Clinical Team of RNs will personally speak with your Unit Managers to identify specific hiring criteria and unit details. Based on your preferences, they can effectively pre-screen and interview candidates for you, so you can focus more time on your patients. Plus, our Clinical Team is available to your facility as a resource throughout your contract.
However, if you decide to interview your own candidates, Medical Solutions’ Clinical Nurse Manager Natalie Olson, BSN, RN, shares her tips for phone interviewing success in the video below: