By Tim Teague on Feb 26, 2019 11:00:00 AM
As technology plays a bigger role in all business, it’s easy to only focus on tools that increase revenue. Bringing more money into an organization is very important. However, it’s also critical that nursing and healthcare agencies save money on the back end. When you think about it, “a penny saved really is a penny earned.”
With that said, here are 3 Surprising Ways Staffing Technology Can Help Your Bottom Line:
Timesheet Reporting –
Accurate completion of employee timesheets may seem simple, but errors are actually quite common. Mistakes are costly for two main reasons. First, they may result in an overpayment by the staffing agency. These overpayments are missed many times, so the money is lost forever. It may also be hard to recover money from a worker even when over-payment is detected.
Second, mistakes are costly due to agency over-billing. Staffing firms bill their clients based on employee-logged hours. So, inaccurate reporting also angers and inconveniences valuable clients. The additional administrative work involved in rectifying timesheet errors can be significant—especially with larger workforce firms.
Timely Payment (AP & AR) –
Technology solutions also improve the timeliness of payments, which saves money. From an Accounts Payable and payroll perspective, timely payment of employees and vendors reduces late fees and interest charges. Late processing of paychecks may actually result in large government fines.
Accounts Receivable functions benefit from technology too. Systems can be implemented to hold clients accountable for timely payment through reminders and auto-billing services. The transmission of data through a shared portal can also log invoicing activity in real time, speeding up the payment process.
Accurate Data Entry –
One of the best uses of technology is as a tool to reduce human error. This is especially true when it comes to completing mundane tasks. Humans usually find repetition boring, and this boredom can lead to distraction and oversight.
Inaccurate data entry can result in lost account contacts, wrong phone numbers/emails and a host of problems that stifle communication. The hours lost in work productivity and opportunity cost may be hard to quantify, but the consequences are very real..
Healthcare employment agencies seeking growth opportunities should view technology solutions as two-fold. On one hand, the right software can help develop new streams of revenue and maximize existing sources. On the other hand, it can also save money on the back end. When you combine both benefits, it’s obvious why so many medical and nursing employment firms are researching solutions!