+ 1-615-349-1985

BlueSky Medical Staffing Software Unleashes Industry-Leading Pay Package Tools in Version 5.3

Posted by Tim Teague on Wed, Aug 03, 2016 @ 10:40 PM

Nashville, TN - Aug. 3, 2016 - Industry leading software unveils its highly anticipated version featuring its groundbreaking margin calculator and advanced pay-package along with even more features

Bringing 10 years of industry experience to their latest update, Bluundefined-586896-edited.jpgeSky Medical Staffing Software releases its most advanced tools for recruiters and finance managers in the healthcare staffing industry.

As an ongoing business practice, BlueSky monitors feedback from clients and continually adds and enhances features needed in the healthcare staffing market. For the latest version, Tim Teague, BlueSky CEO and President, commented.

“In today’s healthcare staffing industry, speed to market has become a differentiator for our clients. Recruiters must be able to construct a complete pay package while on the phone with a candidate. This new system provides a quick analysis of every combination of pay rates, non-taxable payments, along with actual candidate take-home pay. The significance of this product is the underlying burden tables that automatically calculate state-by-state workers compensation, unemployment insurance, and other more granular expenses associated with any assignment. This frees the recruiter to submit candidates without the worry of margins that haven’t been carefully scrutinized automatically. The system can fix the margin and allow the recruiter to toggle back and forth with the pay rate and travel stipends, or let the margin “float” while different packages are presented. This new technology assures the recruiter of extremely accurate margins, and protects the organization from inconsistent profit from state to state.”

 BlueSky is aware that more than ever before, healthcare workers and clinicians have more choices that ever. The ability to provide accurate and fast offers to these candidates is a game changer in this very competitive environment.

Version 5.3, which includes the newest margin calculator and pay package, will be released August 11, 2016. Significant testing of the new version has been underway for last several months. New clients may take advantage of reduced fees through the first two months after the product launch. (August-September).

To take advantage of this reduced offer window, and to experience this innovative new version, please contact Polina Sologub at 615-349-1985 ext. 714.

Tags: margins in healthcare staffing, Gross Margin

Manage The Margin Killers in Healthcare Staffing!

Posted by Tim Teague on Wed, Jan 07, 2015 @ 09:21 AM

dollar_on_fireIn a prior post we discussed two areas that can greatly affect margins in the healthcare staffing world; unemployment and workers compensation. These two components of the cost of labor are directly applied to actual payroll amounts, thus decreasing the gross margin.

Both premiums are calculated based on historic figures, and proper tracking for both items is the key to managing cost. Proper tracking is required for auditing purposes, but the real work in managing these figures pro-actively is to have your system set up beforehand to mitigate unnecessary costs.

The workers compensation premium is largely a component of three variables;

  1. Claims History
  2. Type of worker
  3. Location of worker

Workers Compensation

It’s too late to consider last year’s claims history, but moving forward, it is important to take the other two items into consideration. Assuming you have in place sufficient health and safety education and protocol, the only other two variables are the type of worker placed, and where this worker is placed.  There are standard rates that most insurance companies employ to assign degree of risk for what type of worker you have sent, and where they are performing their duties.

You should be able to address both of these factors in your staffing software.  Considering there are hundreds of potential rate groups based on the job type, and location, it is imperative that both of these factors are inputted as templates for all possible scenarios.  As an example, it would not be impossible for a registered nurse to work in an acute care hospital, a doctor’s office, in a nursing home, or even in home healthcare in any given year.  The typical rates for each of these scenarios is likely to be quite different, with location of greatest risk to be assigned the highest premium per payroll dollar. Accuracy in reporting these locations along with the applicable type of worker can save thousands in premiums after an audit.

Unemployment Insurance

The unemployment insurance rate is also calculated based on historical claims, and is typically a charged percentage on total payroll dollars. Again, it is done on an historical basis, but moving forward you should have tools to more effectively manage these claims. Payments for unemployment claims are a necessary safety net for millions of displaced workers, but unfortunately there are those that will try to “play” the system.  In the event you believe a claim has been made under false pretenses, there should be tools within your software platform that can identify many of these. Upon the receipt of a claim, you should be able to immediately generate a report with time and date stamp that;

  • Verifies the last time the claimant was notified of work
  • Verifies the response received from the claimant 

This tool should be available in a simple report to eliminate wasted time looking through memos, emails, or personal notes. This won’t eliminate valid claims, but will certainly cut down on the number of fraudulent requests.

Tags: margins in healthcare staffing

Why margins are so important in healthcare staffing

Posted by Julie Moore on Wed, Dec 03, 2014 @ 03:24 PM

piggybankMany healthcare staffing company owners tend to focus on the rounded number for gross margins in their business. There are important reasons for firms of any size to carefully examine and “chase the basis points”.  A basis point is one hundredth of one percent, and to many, may seem too minor to track. After all, why micro-manage those tiny one-hundredth percentage points when whole numbers are much easier to work with?

The most important reason for chasing small margin increments is the ability to fund future growth. The healthcare staffing industry, unlike many industries, does not have the luxury of 30-day terms on most payables. Employees have to be paid in a continuous 1 to 2 week cycle and depending on contract terms, payment from clients may occur as much as 45 days AFTER the cash has been expended for the payroll period billed.

Two ways these basis points affect growth are cash flow and debt financing. Say, for instance, you are able to add 10 basis points, or 1/10th of one percent to your margin. Suppose you are running $1M a month in billing, this tiny percentage adds $12,000 per year to your cash flow. If debt financing is your choice, an additional $12,000 in interest over a year would provide close to an additional $200,000 for payroll funding.  Next blog we will talk about ways to chase those basis points

Tags: margins in healthcare staffing

Part II: What Are Your Margin Expectations in Healthcare Staffing?

Posted by Tim Teague on Wed, May 09, 2012 @ 09:01 AM

In our last blog, we discussed the impact unemployment claims have on insurance rates for State Unemployment.  Another major area of concern for healthcare staffing agencies is the worker’s compensation premium that is experience rated as well.  

What is Worker's Comp?

Worker’s compensation is insurance carried by the employer to reimburse employees for accidents or injuries suffered on the job.  For new employers, a flat percentage of the employer’s payroll is used for first year premium.

Successive years are based on the following information:

  1. Claims paid

  2. Classifications of workers (assessment of job risk)

  3. Amount of payroll and number of employees

Gross Margin Healthcare StaffingThe percentage of payroll charged will directly impact the gross margin and should be monitored carefully to eliminate unnecessary rate increases. Although an accidental injury, by its very nature is not a pre-planned event, it is in the best interest of the employees and employer to deploy training procedures for some of the most frequent injuries. Needle sticks for healthcare workers is one of the most prevalent claims by number of incidents. Minimizing these claims through various training programs can dramatically impact the insurance premiums.

A study by Broward Health (www.isixsigma.com/industries/healthcare/reducing-contaminated-needle-sticks-healthcare-system-using-six-sigma/) found that most sticks were due to unsafe passing of sutures or instruments during surgery and the use of non-safety intramuscular (IM) needles. The next most frequent cause was disposal related, including sticks from needles being placed in trash.

The Center for Disease Control CDC has valuable information for the prevention of needle sticks:  www.cdc.gov/niosh/docs/2000-108

Remember the more proactive you can be with the prevention of injuries, the safer your employees will be and the better your margin will be!

Tags: healthcare staffing industry, healthcare staffing agency, per diem medical staffing, travel healthcare staffing, margins in healthcare staffing, workmans comp in healthcare staffing