5 KPIs every healthcare staffing firm should track
You can pursue various strategies to grow your healthcare staffing firm and achieve financial success. But what are the most effective ways for you to hit your goals?
Rather than flying blind, you need to properly diagnose problem areas and identify the best ways to grow your business. Read on to learn the top KPIs you can track to be more effective while being efficient with your time to build strong relationships with your providers and your clients or MSPs.
1. Increasing provider redeployment
With a limited pool of providers in a tight market, you can’t focus only on bringing in new names. By redeploying providers you’ve worked with in the past to fill open jobs, you can continue to build client and provider relationships while you grow your revenue.
Previously placed candidates convert more than twice as effectively, according to our customer data. Bullhorn Analytics can tell you more than just your current redeployment rate; it can provide insight into the volume of effort that goes into redeployment. We’ve found that typically half of those who have work to redeploy end up in successful redeployments.
You can also get ready for redeploying by using analytics to see in real-time who is coming off assignments so you can send them new jobs. Ignoring previously placed candidates when filling roles is a missed opportunity – according to Bullhorn customer data, 36% of candidates say their recruiter didn’t reach out about future opportunities before their assignment end date.
2. Maximizing the talent in your database
Why increase your candidate acquisition costs when you can leverage your existing providers in your database? With a limited supply of providers, you’re more likely to be successful in filling that open role when you reactivate the passive relationships you’ve already worked to build.
You can identify how many placements you make from your existing candidate pool as compared to external sourcing to better understand how you’re leveraging your database of providers. Look at the differences in time to fill for new candidates compared to that of existing candidates: our healthcare customers see a 36% improvement when placing existing candidates in temporary healthcare roles.
Lastly, track the placement rates of your alumni, and you’ll find they’re typically easier to place compared to a provider that is new to your healthcare staffing firm. We’ve found that placements made with existing candidates fill jobs 52% faster.
3. Increasing conversions when filling jobs
No matter where your candidates are coming from, you’ll need to find ways to maximize your submission-to-fill rate while identifying the areas where candidates are dropping out of your funnel.
Track every step of the process with analytics, from the submission-to-placement rate to the job fill rate, as well as the time to fill, to identify where you may be losing candidates. You can also slice your data to see submission rates of alumni compared to net new candidates so you can connect database utilization at the input stage rather than the outcome stage.
4. Understanding your cash flow
As a healthcare staffing firm, you’re constantly billing clients and issuing paychecks. You need a real-time view of your financial performance to ensure you have sufficient cash on hand and are running a profitable business.
To understand your gross margin, you can report on employer payroll taxes, uncollected receivables, and per diem expenses. Analytics enables you to gather and understand financial details on billable charges, payable charges, and invoices – all to quickly and easily track and validate cash flow, pay & bill activity, and more.
5. Boosting client retention
Even in an industry hyper-focused on the talent experience, every healthcare staffing firm still needs to ensure the satisfaction of their clients and MSPs to increase access to jobs and ultimately drive revenue. According to our GRID Talent Trends Report, access to jobs is one of the top reasons a provider will choose to work with a specific healthcare staffing firm.
To understand the health of your client relationships, you need metrics on whether it has been too long since you’ve reached out to connect with a client. Plus, you can use analytics to track your client retention rate to indicate a customer’s churn rate.
Don’t fly blind when you can use Bullhorn Analytics to drive highly scalable growth with powerful, easy-to-understand, real-time reporting and actionable insights accessible to users at every level at healthcare staffing firms. You can learn more at our Bullhorn Analytics product page.