To stay ahead of increasing costs and demand, healthcare organizations should leverage an employee experience platform like Bonfyre to engage and support their most vital asset—their employees.
Each year, operating costs at healthcare organizations rise while margins decline. In fact, a national survey by the Advisory Board found that costs have become so severe that healthcare systems are now prioritizing cost-cutting over revenue growth.
To do this, CEOs are putting labor expenses—the largest single component of hospital costs—under examination.
Labor has been a persistent problem for the healthcare industry. The Great Recession and the current pandemic have seen many health professionals retiring or leaving the workforce at a rapid rate, and the remaining staff soon became overburdened with patients as they attempted to make up for unfilled positions. The situation isn’t getting better either. Demand for physicians continues to outpace supply. All this pressure leads to employee burnout and, eventually, more turnover.
It’s estimated that the cost of burnout-related turnover can range from $500,000 to $1 million per physician. The price is even higher when you calculate indirect costs, like medical errors and malpractice risks. And when burnout is prevalent, productivity and patient satisfaction rates decrease.
In response to these issues, many healthcare organizations are looking to employee engagement as an answer. And the results are promising—studies show that building morale through engagement and stronger work relationships is a viable remedy for organizations struggling with turnover.
Engagement is vital to healthcare outcomes
Disengaged employees cost money, no matter the industry. The only difference in healthcare? When employees are disengaged, patient health is at stake.
Disengaged or partially engaged employees are more likely to make potentially life-threatening errors, such as recording or communicating incorrect information, forgetting important hygiene protocol, and not being timely with procedures.
Quick fixes like free lunches or an upgraded break room will do little to combat the effects of disengagement. Instead, healthcare organizations should make an investment in engagement that lasts year-round and is available to all employees, regardless of how or where they work within the healthcare system.
Bonfyre provides that sort of investment in the form of customizable features like recognition, a live chat feed, surveys, announcements, and more. Each of these features is designed to promote engagement and help employees feel more connected, valued, and heard.
Bonfyre makes engagement easier
Healthcare organizations use Bonfyre to give employees the support and knowledge they need to properly care for patients, while simultaneously helping to strengthen employee engagement levels.
Let’s look at what a typical day for a healthcare professional who uses Bonfyre would be like.
Callie is an emergency room nurse at a large hospital. She arrives to work and checks her unit’s Bonfyre community to see if there are any important announcements she needs to be aware of. While she browses, she sees a note from a manager: “Brought in donuts for night shift! Thanks for all the hard work you do.” She comments with “Thank you!” on the post before starting her rounds.
Like most healthcare employees, Callie’s workday is long and taxing. However, her morale lifts after Isabelle, a physician at the hospital, uses Bonfyre to recognize the special attention and care Callie gave to a young girl whose family was dealing with a loss. Seeing that her coworkers acknowledge her hard work makes Callie feel appreciated and provides a confidence boost that helps energize her.
During her break, Callie checks Bonfyre again. There’s a new survey available to take, so she clicks and answers a few short questions about what resources she thinks would help her job run more smoothly.
Near the end of her shift, a Broadcast message is sent through Bonfyre, alerting staff that a policy change goes into effect the next day. Callie’s thankful for the reminder—as a nurse, she’s often too busy to stop and sift through her email to find important news and announcements.
No matter how packed her schedule is, Bonfyre helps Callie receive the communications she needs to feel engaged in her work. And to meet the fast-paced, high-pressure nature of healthcare, Bonfyre is designed to be accessible on-the-go, ensuring that deskless employees like Callie have access to their coworkers and important communications right at their fingertips.
If your workforce is struggling with turnover and burnout, it’s time to shift focus to your most important asset, your employees. With tools for recognition, surveys, and more, Bonfyre is a simple and cost-efficient way to raise employee engagement scores across your healthcare workforce.
Contact us or sign up for a free trial to learn how other healthcare organizations, like SSM Health and MTM, are leveraging Bonfyre for their employees.