By RiAnn Bradshaw on Dec 6, 2019 9:06:18 AM
What's your revenue for hiring out temporary and permanent candidates?
As a staffing company, you must know precisely how much profit you're making on your temporary or permanent healthcare openings before you place someone on an assignment. You likely see the markup for your placement, but do you know how this placement affects your overall bottom line?
If the answer is "no" or "sometimes," you'll likely want to keep reading.
The goal is to be cost-minded and detail oriented.
For a healthcare staffing business to be profitable – in the short term and over time – a comprehensive understanding of pricing and everything that goes into it is required. This basic notion will help determine your true cost of sales BEFORE you quote your pay and bill rates. In short, a successful staffing firm should know how much to accrue for every dollar or hour of labor that is placed.
Enter stage left, the BlueSky Integrated Margin Calculator.
In the old days figuring out pay and bill rates meant sharpening the pencil, firing up the calculator, and hoping you didn't forget anything. But those days are gone (or should be) and an excellent best practice to ensure that proper cost assessments are made without a lot of guesswork, is through the use of healthcare staffing software that includes an integrated margin calculator, see BlueSky's integrated margin calculator feature here.
When exploring integrated margin calculator platforms, healthcare recruiters and staffing organizations should make sure that the software technology provides real-time insights into total expenses and margins for every candidate. This will help the recruiting team to prepare pay packages with confidence and close deals based on real-world analytics, quickly, while driving cost effectiveness.
In our software, a healthcare recruiter can quickly and easily set the margins targeted to hit with every placement. Recruiters can plug in everything that they need to give a potential candidate a pay package within seconds. This allows for timely communication with the applicant, faster speed to market and higher placement rates.
Healthcare staffing software features that are built to scale, large or small.
As your healthcare hiring organization grows, considering scalable enablement tools will ensure healthy longevity and success.
Tracking the true cost of doing business is a cornerstone of all successful healthcare and medical staffing companies. Every staffing firm should have its own benchmarks for margin objectives. Letting margins slide only a little can have disastrous effects on cash flow and future viability, so the benefits of using an integrated margin calculator should be an essential aspect of your success.
BlueSky's industry-leading front-to-back office solution is built specifically for the healthcare staffing market and industry. To learn more, schedule a demo with us today!