Reduce Overtime Pay Expenses with IRP Consulting & Development
August 10, 2014 by Vickie Anenberg
Overtime costs can add up quickly. For example, Chicago’s Cook County healthcare facilities spent $21.3 million on staff overtime in just the first six months of 2011. And they are not alone. Healthcare facilities across the nation are spending more and more on overtime to fill their staffing gaps, which are often in nursing positions.
So how does your healthcare facility reduce its overtime expenses without a drop in patient care? By developing an internal resource pool (IRP) with the assistance of a quality company such as Cross Country Staffing.
How developing an Internal Resource Pool (IRP) helps reduce overtime expenses
An internal resource pool (IRP) allows you to consolidate a group of healthcare professionals who can meet staffing needs when shortages exist or are expected. These professionals possess prior experience with the healthcare facility so they’re able to quickly jump into any role.
Leveraging existing resources within your organization or hospital system helps minimize expenses because using internal resources is less costly than hiring temporary staff. Healthcare facilities that implement an IRP typically find they are able to:
- Reduce reliance on staffing agencies
- Minimize excessive overtime expenses
- Properly align target staffing ratios with fluctuating census demands
When you’re ready to implement an IRP for your healthcare facility, Cross Country Staffing will first perform a diagnostic assessment.
- Outlining current nurse staffing processes
- Identifying key efficiency opportunities
- Determining internal resource utilization cost
Next, the data will be compared to competing hospitals and agencies. Finally, an operational plan will show you how to implement the IRP recommendations. Each IRP that Cross Country Staffing creates is customized to the facility.
Developing an IRP will help you better control your overtime expenses and protect your bottom line. To learn more about IRP consulting and development services, contact Cross Country Staffing today.