Why Talent Management Makes Sense for Healthcare Organizations
The healthcare industry is certainly no stranger to changing compliance and competency requirements, but the latest shifts are changing the game as we know it for healthcare organizations concerned with providing top patient care. New regulations under the Patient Protection and Affordable Care Act give patients more opportunity to decide the fate of a healthcare organization’s financial wellbeing.
Now, high scores in the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) patient surveys result in higher government reimbursements to healthcare organizations, giving patients a significant ability to affect a provider’s profitability. Given that most healthcare firms are experiencing talent shortages in areas such as nursing and IT, it’s essential for these organizations to provide ongoing training and development to their staff to ensure they are able to drive retention and provide a positive, compliant experience for their patients.
Why Talent Management?
With an agile talent management infrastructure in place, healthcare organizations can respond more quickly and cost-effectively to shifts in compliance and validation standards, talent loss or shortage, and overall, gain better insights around how to best develop staff to drive quality patient care and employee retention.
Creating an Aligned Employee Experience
Several of our healthcare clients, such as Mount Sinai Hospital, New York Presbyterian Hospital, Sanford Health and WellSpan Health, are bringing talent initiatives to the forefront of their strategy in order to remain competitive amid rapid industry shifts.
Other success stories include:
Â· Carilion Clinic is a nonprofit healthcare organization that serves nearly 1 million patients. A client since 2008, Carilion uses Cornerstone’s integrated system to assess performance, and identify and address training gaps for 11,000 employees with role-specific content. In addition to cost savings, increased efficiencies, and improved compliance and talent enablement, Carilion also worked directly with our product team to help develop Observation Checklist, a unique solution within the Cornerstone suite that allows users to assess and record and employee’s skills and competencies while directly observing specific activities in the field. Read more about their story here.
Â· Cadence Health, a unified health system that serves Chicago’s western suburbs and the surrounding region, strives to the region’s most innovative health system and provide an exceptional career experience for its employees. The organization implemented the Cornerstone Performance Cloud in 2012 in an effort to address staffing and leadership challenges. Using the system, Cadence is helping its employees develop careers and opportunities that align their professional goals with the goal of the health system, which is to provide exceptional patient experiences. Since implementing the system, Cadence Health administrators are now 99 percent compliant with their 6,700 performance assessments, and over 18,000 FY13 goals (both team and individual) have been created in the system. Read more about their story here.
Â· BJC HealthCare is another great example of a firm using talent management to drive business impact and cost savings. As one of the largest nonprofit healthcare organizations in the United States, BJC uses Cornerstone to identify and assign training to more than 26,000 employees, ensuring superior patient care, safety and compliance. Creating a centralized learning resource for BJC’s employees helps the organization save $800,000 annually as well as drive consistent patient experiences during nursing staff changes and migrations across locations. Read more about their story here.
We also recently started working with UMass Memorial Health Care, the largest healthcare system in Central and Western Massachusetts and a clinical partner of the University of Massachusetts Medical School. The organization is implementing Cornerstone’s Learning Cloud and Performance Cloud in an effort to streamline its performance and development processes and enable its more than 13,500 employees to focus on providing best-in-class patient care.