Disruptive Innovation in Healthcare Finance

The Problem

 Does your organization really know how much to budget each year for the evolving human capital needs of the organization? EMR training, yearly competencies, orientation, new patient care technology education, new grads. YIKES! The budget is blown and it’s only halfway through the fiscal year. What is your plan?

 This scenario occurs in thousands of hospitals and healthcare organizations every year. Despite the best projections and retrospective analysis, it is not an exact science to determine the amount of money that will be spent on the essential training and regulatory requirements of your employees. Many hospitals are looking for ways to become more efficient, so adding more FTE's and increasing the budget for the education and quality department is not an option.

 The Innovation

 I was doing some research to see how some organizations were able to overcome this inevitable obstacle. Here is how they do it:

 They are collaborating with professional education organizations to attain this goal. I’m not talking about an LMS system where everything is online; they are a one-stop shop for everything clinical. These companies provide expert clinical educators, simulation labs, on line learning modules, orientation, ongoing competency education, certification and regulatory courses for a flat fee that covers all applicable employees for the entire fiscal year. Companies like Nurse Education Development Centers (www.nursinged.org) are a powerhouse in this booming industry. They provide the resources, flexibility, and quality education needed to meet the needs of any healthcare organization. How about building in flexibility to cross train staff to float between two departments? They provide the courses and competency needed to ensure your clinical staff flexibility is maximized.

 The Benefit

 Predictability in the cost and quality of care your organization is providing to your patients. Imagine how much variability in the cost of healthcare would be decreased if you knew with certainty how much you spend on your most valuable asset – your clinical workforce.