CareRev, a leading technology platform that connects healthcare facilities with qualified local professionals announced the launch of the industry’s first artificial intelligence-based shift pricing system, Smart Rates. CareRev’s Smart Rates draws from health systems’ economic, performance, and market data to automatically adjust wages on demand. This allows health systems to take the guesswork out of shift rates to improve staffing management and fill more shifts in less time.
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As healthcare facilities continue to face staffing shortages and increasing labor costs, optimized shift rates recommended by Smart Rates allows facilities to meet the needs of their patient populations while also staying within budget. Fully integrated within the CareRev platform, Smart Rates provides facilities with automated, cost-effective and competitive rates to consistently engage qualified healthcare professionals in the local area. The technology is mobilized when uploading shifts, so that staffing managers can fill shifts faster and eliminate the need to boost shift rates at the last minute. Within minutes, Smart Rates provides optimized rate recommendations for upcoming available shifts.
Rate recommendations are calculated with a holistic view of a shift’s appeal to the talent pool of on-demand healthcare professionals. Shift rates are generated through AI-driven technology, measuring past performance of similar shift postings, market demand, and taking into consideration variables including pay rates in the region and at the facility, shift type (day, afternoon, night), length of shift, specialty and day of the week – planned to even incorporate the weather. In real time, Smart Rates monitors and adjusts shift rates between -10%, 0% and +10% of the facility-determined base rate to increase the likelihood of shift pick up. Savings gathered from negative rate adjustments are reallocated to supplement the higher shift rates. In addition to Smart Rates’ comprehensive, automated process, staffing managers have the option to manually adjust shift rates to Smart Rates’ recommendations based on the current needs of the facility.
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“Smart Rates is a game changer in the healthcare industry,” said Steve Thompson, Head of Product at CareRev. “By activating Smart Rates, facilities are able to price shifts at rates that make the most sense for both them and professionals in the local communities. At CareRev, we are deploying data-driven insights to alleviate the burden on staffing managers as they lead the charge in bringing the best care to patients.”
Thanks to Smart Rates, health system partners including Henry Mayo Newhall Hospital and Gateways Hospital can ensure their facilities are fully staffed to meet patient demand. With Smart Rates, facilities have lowered labor costs by an average of 18% while optimizing staffing levels. Employing the Smart Rates technology, Henry Mayo, a 357-bed, not-for-profit community hospital and trauma center, has decreased time spent on manually adjusting rates and is filling shifts 47% faster with the technology.
“In the wake of the pandemic, pricing shifts became a great challenge. Smart Rates has made it easier to manage our facility’s expenses without sacrificing patient coverage or quality of care. With the technology, we are able to competitively price shifts while controlling costs,” said Elaine Zemel, nursing administration business analyst at Henry Mayo Newhall Hospital. “By implementing this cost-effective and timesaving system, we are streamlining staffing management and continuing to connect and work with the local on-demand labor market to support our full-time staff members.”
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