Cost Metrics Series- #1 Track premium labor costs in Kimedics
Updated: Nov 12, 2021
With Kimedics, you can track and control your premium labor cost.
What is premium labor cost?
Premium labor cost is the extra cost of book providers with high rates, compared to providers with average rates.
Premium labor costs can add up
The average premium cost of one locum physician working 15 shifts per month is $36,000 (above and beyond what you would normally pay a physician).
How can Kimedics physician scheduling software can help you identify & lower premium costs?
#1 Share open shifts with lowest-cost providers first
In Kimedics, you can ask low-cost providers to claim open shifts before higher cost providers.
#2 Monitor premium costs month by month
Summarize spending and see months with higher than usual costs. If these months are far in the future, you have an opportunity to rearrange the schedule to reduce costs by swapping in lower-cost providers where they are available.
#3 Identify patterns by analyzing premium shifts by practice and over time.
Using Kimedics Analytics, determine which practices have the highest premium costs. You can also see how your shifts were distributed between premium shifts & non-premium shifts each month. Finally, you can compare average rates and premium rates over time.
#4 See high cost shifts directly as your schedule
As you build the schedule, you can highlight the shifts by hourly rate to see which ones are more expensive. If there is a lower cost provider available, you can replace these shifts before publishing your schedule.
Learn more about Kimedics
Kimedics is a provider utilization management solution. We help healthcare organizations reduce scheduling complexity. For more information, book a demo or email firstname.lastname@example.org