The Winning Edge: CFOs Push to Reclaim Control of Workforce Costs

CFOs are rethinking their labor strategies amid rising costs. This week’s webinar will focus on how they’re getting things done.

Reducing labor costs is a steady concern for CFOs, and scaling back on agency staffing is a top tactic. Now that stimulus funding has disappeared, many are asking how they can reduce contracted labor and focus more on recruiting and retaining home-grown staff.

On Tuesday, HealthLeaders’ The Winning Edge will feature a discussion with UW Health’s vice president of finance, Jodilynn Vitello, who will highlight the challenges finance leaders face in organizing their workforce and cutting down on costs.

 The conversation will dig into key topics like:

• What workforce management technologies are helping CFOs to strategically organize labor and bring down costs?
   
• Will contract labor be a forever expense?
   
• What are key retention levers that health systems should be focused on?

Contract labor is a huge pain point for CFOs. UW Health has been using contract labor. especially non-permanent hourly positions and nonpermanent fixed duration appointments, which can be terminated at the discretion of the University. The health system has also used nursing contract labor, which has become increasingly common for health systems as the demand grows for healthcare services and staffing shortages continue. UW Health even hires contract specialists to manage their contracted workers.

Vitello, who is also a member of the HealthLeaders CFO Exchange, has served as the VP of Finance at UW Health since 2017. Prior to this, she held various roles at the UW hospitals and clinics, including. director of finance and controller, director of budget and government reimbursement, and director of government reimbursement.

Her conversation with HealthLeaders will dive into how health systems can build sustainable staffing models by investing in internal talent pipelines, enhancing retention strategies, and leveraging predictive analytics to anticipate staffing needs.

Vitello understands one of the components that builds the foundation of a successful staffing model is consistent, transparent communication with clinical staff as well as the executive team.

“Finance touches everyone in the organization, and it’s important to make sure they are aware of current operations, future changes, etc. so there are no surprises,” she said last December. at the HealthLeaders UpNext Exchange

The discussion will also examine the financial toll of contract labor on operating margins and how targeted initiatives, such as reducing dependency on premium pay rates, can lead to long-term cost savings without compromising care quality.

Additionally, as the healthcare industry moves towards a more tech-based approach, the discussion will examine how workforce management technologies such as AI-driven scheduling tools and streamlined clinical workflow automation can optimize staff deployment and minimize reliance on costly contract labor.