CareRev’s AI-Powered Smart Rates Enables Hospitals to Fill Shifts at a Higher Rate
Shifts filled with CareRev’s Smart Rates feature had a 23% higher fill rate than non-Smart Rate shifts
CareRev, the on-demand workforce platform for acute care nursing, announced data from a recent analysis of 6,530 shifts across all active users of its AI-powered Smart Rates product, revealing that shifts filled with Smart Rates had a 23% higher fill rate than those filled without the Smart Rates feature. Last year, the company launched the industry’s first AI-based shift pricing system designed to take the guesswork out of shift rates, improving staffing management and filling more shifts in less time. In the time since, CareRev’s Smart Rates has been utilized by 51% of its hospitals and healthcare systems to adjust rates, clearly solving one of healthcare’s biggest challenges related to staffing shortages and managing costs throughout.
With the long-standing challenges of healthcare staffing shortages and rising labor costs, Smart Rates was designed to allow hospitals and healthcare systems to adapt to their changing environment and meet patient needs, all while remaining within budget. CareRev’s Smart Rates utilizes health systems’ economic, performance, and market data to automatically adjust wages on demand, resulting in a 24% lower hourly rate for the shifts it fills. Through AI-driven technology, the tool measures past performance of similar shift postings, market demand, and considers variables such as pay rates in the region and at the facility, shift type, shift length, and more to generate and adjust shift rates. This innovative solution has successfully eliminated the guesswork hospitals see with traditional staffing agencies of manually setting shift rates by automatically optimizing rate recommendations for upcoming shifts – resulting in quicker fill rates.
“When we launched Smart Rates, our goal was to provide data-driven insights to our hospital and health system partners to help inform their workforce strategy. We are excited to highlight the impact Smart Rates has already had on a number of our clients, as CareRev identified a significant need for this solution to address ongoing staffing challenges,” said Brandon Atkinson, Chief Executive Officer at CareRev. “We are excited for more hospital and health system partners to utilize our Smart Rates offering and tackle the nations’ widespread staffing shortage issues while controlling labor costs.”
Latest Hrtech Insights: Welcome to the Age of Work/Life Empowerment
One of the earliest CareRev customers to adopt this new technology was Henry Mayo Newhall Hospital, enabling the facility to realize substantial improvements to the number of shifts filled. Within 30 days of launching Smart Rates, the 357-bed, not-for-profit community hospital and trauma center filled 57% more shifts while lowering the bill rate by seven percent. As a result of streamlined operations and a boost in the number of filled shifts through Smart Rates, Henry Mayo has been able to cut costs while promoting safe staffing.
“Like countless other healthcare facilities, Henry Mayo was greatly affected by the pandemic and began experiencing significant staffing challenges as a result,” said Elaine M. Zemel, Business Analyst, Nursing Administration at Henry Mayo Newhall Hospital. “It has been a huge relief to be able to lean on CareRev’s Smart Rates feature and know that we no longer need to set extremely high rates for shift work, but can still deploy a cost-effective solution to generate a fair price and fill shifts.”
Read More About Hrtech : Managing HR Risk with Workplace Investigation Tools in 2024
[To share your insights with us, please write to psen@itechseries.com ]