Shifts filled with CareRev's Smart Rates
feature had a 23% higher fill rate than non-Smart Rate
shifts
SACRAMENTO, Calif., May 21, 2024
/PRNewswire/ -- 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."
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."
About CareRev
CareRev is the on-demand workforce
platform for acute care nursing. CareRev improves nurse well-being
and reduces costs for hospitals and healthcare systems nationwide
by providing easy access to a flexible workforce. More than 22,000
(and growing) highly-qualified nurses use the CareRev app to take
control of their careers, working when and where they want. Learn
more at www.carerev.com or follow us on LinkedIn.
CareRev Contact:
Lily Peskin
lily@12080group.com
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SOURCE CareRev