Using Industry Data to Help Health Systems Understand Labor Market Conditions

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In many industries and professions, few things are as valuable as the ability to anticipate a change and get ahead of it, especially in healthcare staffing. Anticipating a need and acting quickly to find and hire the right people at the right time can have a big impact on patient care – and that’s where data analytics comes into play.

The Value of Data Analytics

Nobody can see the future, and very few can predict it with accuracy. But accurately and thoroughly understanding current conditions creates foresight and makes companies nimbler. A refined and clear view of the present leads to improved understanding of trends and helps leaders see where things may be going. Better understanding of market conditions gives leaders the ability to anticipate hiring demand.

Just how much is data analytics being used in healthcare hiring currently? According to a Human Capital Performance Staffing Survey by the Illinois Health and Hospital Association, not too much. The IHA survey participants identified which clinical and allied specialties they anticipated vacancies in or need. Med/Surg nurses topped the list, with 80% selecting them. This was followed by ER, picked 75% of the time. The ICU and RT specialties were selected by 50% of respondents. But when respondents were asked if they had access to predictive analytics for guiding their hiring decisions, just 2 in 10 (22%) said they did, while a majority (78%) said they did not.

Medical Solutions leverages existing industry data for our clients, and those who utilize it can maintain a hiring edge over their competitors. We provide market demand reports and key-point summaries that break down industry data and provide the latest information on market trends. We track monthly open positions, job volume, national bill rates, market comparisons, and more in our market demand reports and forecasting tools.

While information on national trends is highly useful, you also want to know what’s happening in your local area. So, we break down industry data into summaries per specialty and state, giving clients access to the latest market rates and percentages in their vicinity. Our market data can appear as weekly or monthly reports. Data can be filtered by region, job trends, modalities, and more. This allows our clients to take more strategic and data-driven actions.

Market analytics reports and tools are some of the strategic staffing advantages Medical Solutions provides to our partner health systems. If you want to see how it works and get a better idea of how data reporting can help bring a higher level of hiring visibility to your health system, then start a conversation with one of our experts today.

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