The Winning Edge for Lowering Labor Costs

For CFOs looking to lower their labor costs, a focus on a few key areas could make a big difference. 

Labor costs are eating into hospital budgets in a big way. With inflation and an uncertain economic landscape ahead, CFOs are looking for the best ways to cut costs and boost their retention strategies while maintaining high quality patient care. 

In the latest edition of HealthLeaders' The Winning Edge webinar series, a panel of finance leaders discussed best practices for lowering labor costs for health systems.

The Winning Edge for Lowering Labor Costs webinar included two experts on the subject: Kaitlyn Anderson, Director of Finance at AdventHealth, and Brandon Williams, Chief Financial Officer of Providence Health System.

CFOs should ensure their health system is acting on comprehensive strategies that not only recruit the right employees who want to work there, but also ensure a structure of tools, programs, and other offerings that work as incentives to keep them and keep them happy.

A few key takeaways from this discussion: 

• Technology has great potential to reduce labor costs if implemented in the right areas.
• Recruitment and retention strategies have a big pay off, leading to a stable, happy workforce.
• Workforce management tools should not be overlooked.

Check out the full webinar below for a deep dive on this topic, a recap of it here, and and don't miss our next episode coming soon.