With years of experience in the medical transcription industry, PRN Funding has a precise understanding of the unique challenges within medical transcription. PRN Funding offers financial resources to these companies by purchasing their accounts receivable–a process known as ‘factoring,’ which provides the cash needed to sustain and grow a healthcare business.
The health care industry is in the midst of a new age- an age where jobs are going global and virtual, and where the hiring process is focused more on retaining employees, rather than just obtaining them. Therefore, business survival in the health care industry will depend largely on how well you can adapt to these new ways of thinking and how well you can position your company for the challenges that lie ahead. Here are PRN’s top tips on creating a positive relationship between hospitals and staffing companies.
Hospitals and Staffing – Relationship Tips
The 21st Century workforce has moved further away from full-time employment and more towards a ‘work-as-needed world.’ These employees tend to boomerang back and forth into and out of the labor force depending on the state of the economy. For example, when the economy slows down, nurses flood to healthcare facilities in pursuit of a secure job with steady pay and good benefits. But as the economy improves, many who rushed into hospitals when times were bad will tend to leave because they no longer feel economic pressure.
As the U.S. economy rebounds from the recession, significant numbers of nurses are likely to leave their current jobs. This should cause an immediate increase in demand for supplemental staffing, which provides a strong foundation for hospitals and staffing companies’ relationships. On a positive note, there is expected to be a significant number of nurses entering the workforce, though not nearly enough to fill the projected shortage. These new nurses know that they are in high demand, so they will remain skeptical and selective when choosing a future employer.
Keeping Employees Staffed and Happy
Recruiting young nurses has never been a problem in the health care industry. Retaining them has become a serious concern because new entrants are more apt to job hop if their expectations are not met. Today’s young nurses are eager to learn the skills that will help them move up the career ladder tomorrow. If they can’t gain enough knowledge at one healthcare institution, they won’t think twice before moving on to one that will teach them the skills to get ahead. Simply finding nurses and paying them a higher hourly wage than another facility or agency will no longer ensure a loyal employee. Today’s nurses are seeking more.
To create a strong relationship between hospitals and staffing companies, ensure the staffing company is treating their nurses with utmost care. Studies have shown that what motivates employees to remain loyal, happy and content with their jobs is a meaningful work environment, one where they feel appreciated and respected by their superiors. Referencing Maslow’s five-level Hierarchy of Needs Theory, many employers assume that workers are motivated to satisfy the lower level of sustenance and safety (such as salary and job security). However, today’s employees look to fulfill more of the affinity needs, including the desire for esteem, respect and self-actualization. The bottom line is that pay and benefits are not likely to motivate an employee to switch positions. While certainly important, these alone are not enough to keep an employee satisfied, loyal and faithful.
It is imperative to set good examples, show appreciation for your employees and react to their concerns to keep them from migrating to a new facility. Challenge your nurses and help foster their inner drive to be better than the rest. Above all, listen to what your nurses want and strive to deliver it because it all starts with them. Keeping your nurses satisfied on the job will increase their performance, boost employee morale and improve their loyalty to your firm. Just remember that happy nurses make for happy patients, which makes for a happy business owner.
NOTE: Dr. Franklin Shaffer is the president of the Education and Training division of Cross Country Healthcare Inc., and he’s the chief educational officer of Cross Country University. Through his position, Dr. Shaffer is responsible for developing standards and programs for insuring that Cross Country employees meet professional and regulatory agency requirements while providing career enhancement opportunities. Dr. Shaffer spoke on the topic “Hospitals and Staffing: Maximize This Strategic Relationship” at the ASA Staffing World 2004 Conference on Friday, October 21, 2004. Written above is a summary of Dr. Shaffer’s lecture.
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