The effects of Covid-19 and subsequent economic downturn have placed insurmountable strain on the financial health of American hospitals and health systems. Now, executives must find a delicate balance between cost reduction, employee engagement and well-being, and high-quality patient care. With labor constituting roughly 55% of operating costs, workforce executives will need to plan for short- and long-term adjustments to the labor budget to improve overall financial health.
The Labor Savings Playbook includes many of the labor savings moves that can offset the revenue decline that health systems face. Each move offers key considerations and industry examples. Use this tool to build a labor contingency plan so that your organization is prepared to weather the worst-case financial scenario before it hits.