Long-term care (LTC) providers are still grappling with the staffing crisis brought on by the COVID-19 pandemic. While the demand for skilled nursing services has increased, the workforce availability has significantly decreased. Providers are struggling to offer high-quality care with limited resources, leading to questions about how to overcome these challenges and stay competitive. Data analysis has the potential to revolutionize the LTC market, from measuring operational metrics to improving hiring efficiency and reducing turnover rates. However, many LTC providers find data analysis overwhelming and time-consuming. Can data and analytics offer solutions to the staffing shortage challenges facing the LTC industry? If so, how can providers ensure they benefit from the value that data has to offer?
The answer lies in the power of data. Data can revolutionize various aspects of the LTC market, from measuring operational metrics to enhancing hiring efficiency and reducing turnover rates. By leveraging technology, data, and analytics, LTC providers can make well-informed healthcare decisions and optimize their financial gains. However, the extensive and time-consuming nature of data analysis often overwhelms many LTC providers. How can they harness the potential of data to address the staffing shortage challenges prevailing in the long-term care industry today? And how can they ensure they capitalize on the immense value that data has to offer?
Leveraging data for effective talent management and retention
Attracting and retaining talent is crucial for LTC providers. A survey conducted by the American Health Care Association and the National Center for Assisted Living revealed that 99% of nursing homes and 96% of assisted living communities are currently facing staffing shortages, with a significant number describing their situation as “severe.” Moreover, these staffing issues are causing employee burnout and affecting the operations of LTC providers. This workforce shortage can even lead to closures.
This is where data and analytics become crucial. Emerging technologies enable LTC providers to capture and monitor data related to staffing gaps, compensation, hiring effectiveness, turnover factors, and retention rates. These insights into trends help them find effective solutions to overcome hurdles. Furthermore, automated reporting capabilities provided by these technologies save valuable time and resources.
How integrated data can help
Integrated data analytics can address key factors in mitigating staffing challenges.
- By gaining visibility into bottlenecks in the hiring process, LTC providers can compete better for scarce skills.
- Monitoring turnover rates at granular levels helps organizations understand the reasons for turnover, enabling them to precisely target employee retention programs.
- Actionable insights into shift-specific staffing gaps empower managers to make better PTO/LOA approval decisions.
- Leveraging diversity indicator metrics drives equitable compensation and hiring practices, ensuring a diverse and representative workforce critical for business growth.
- Integrated data solutions provide a holistic view of all risk factors that can impact the workforce, from projecting potential retirements to reviewing employee engagement trends.
Utilizing advanced analytics powered by data science and AI, LTC providers can identify strategies to achieve a balance between supply and demand for staff, establish optimal rates, and anticipate client occupancy patterns. By effectively managing these factors, LTC providers can increase their revenue by boosting their census while implementing better revenue cycle planning to mitigate cost surges during periods of increased staffing demands. Proactive planning not only saves money but also alleviates the burden of significant spikes in recruitment costs.
To ensure success in utilizing data, LTC organizations should partner with a trusted technology provider with a deep understanding of the industry. Owl Health & Care is such a partner, offering expertise and services in the healthcare industry. They can help streamline, manage, and support existing systems or design and configure an advanced network tailored to unique business objective.
In conclusion, data analysis offers immense potential to strengthen staffing solutions in LTC. By leveraging data and analytics, LTC providers can make informed decisions, optimize resources, and provide high-quality care to their residents. Together, let us embrace the power of data to overcome staffing challenges and create a brighter future for the long-term care industry.
For more information on data analytics in long-term care, please check out our case study on the Parker Health Group’s real-time data insights implementation journey. Feel free to contact our team to learn more about our expertise and services in the healthcare industry.