Hallmark Publishes 2024 Healthcare Outlook Reports on the Future of Contingent Labor Management and Provider Compensation

New reports identify strategic solutions, tools and resources for healthcare organizations to achieve financial and operational success

Hallmark Health Care Solutions, a leading healthcare workforce management technology company, today announced the release of their 2024 Outlook Reports, The Future of Contingent Labor Management in Healthcare and The Future of Provider Compensation in Healthcare. The reports provide healthcare leaders with an analysis of the current and emerging trends impacting the labor and compensation landscape, and present strategic solutions for navigating market complexities. Hallmark’s annual outlook reports draw upon a diverse panel of industry experts, combined with the company’s thought leaders, to create a cohesive analysis of perspectives, predictions, and strategic advice.

The Future of Contingent Labor Management in Healthcare Outlook Report takes an in-depth look at the top challenges impacting the healthcare workforce. With nurse turnover rates ranging from nearly 9% to as high as 37%, key findings from the report indicate shortages and turnover among nurses and other clinicians will continue to strain healthcare organizations. Consequently, health systems will need to prioritize cost containment initiatives to protect the financial health of their institution. As detailed in the report, attracting nurses and other clinical staff to the workforce is two-fold. It requires organizations to strategically pair flexible staffing solutions with modern technology to enhance efficiencies, improve patient care, and navigate the difficulties of the modern healthcare landscape successfully.

“The path to a resilient, patient-centered, and financially sustainable healthcare system lies in the ability to adapt and innovate,” said Matt Dane, DNP, MBA, RN, Senior Vice President of Business Development at Hallmark. “By addressing the pressing challenges of staff shortages, cost containment, and operational complexities head-on, the healthcare sector can chart a course towards a more sustainable and efficient healthcare system where nurses are readily available, costs can be controlled, and quality care can be made accessible to the community at large.”

The Future of Provider Compensation in Healthcare Outlook Report provides a root-cause analysis of the growing shortage of healthcare providers, the complexities of implementing value-based compensation models, and the financial uncertainties brought about by constant changes in fee-for-service reimbursement plans. Between 2010 and 2018, the annual physician turnover rate raised by 43% - contributing to significant increases in compensation-related costs. As made evident by the report’s findings, in this environment, antiquated tools and overreliance on spreadsheets will leave modern organizations ill-equipped to handle the intricacies, complexities, and variability of today's compensation modeling and management needs. To adapt to unconventional provider compensation workforce strategies that align with the evolution of healthcare, the report delineates the immediate importance of building more sophisticated provider compensation functions with targeted technology.

“The growing provider shortage and rapidly changing compensation and reimbursement scenarios underscore the urgent need for healthcare organizations to adapt and evolve their compensation strategies,” said Aarika Cofer, MHA, Vice President of Provider Compensation at Hallmark. “Armed with the power of automation and standardization – and the technology platforms that can power such solutions – healthcare organizations can successfully evolve their provider compensation functions to be more financially sustainable, equitable, and efficient.”

Co-authored by individual and group contributors from health systems across the country, Hallmark’s 2024 Outlook Reports include insights from University Hospitals Health System, Franciscan Missionaries of Our Lady Health System, Great River Health, Rochester Regional Health, Intentionate Healthcare Advisors, Nelson Mullins Riley & Scarborough, Conway Regional Health System, Integris Health, JPS Health Network, Texas Health Resources, and VillageMD.

To learn more about the future of contingent labor management and provider compensation, visit https://info.hallmarkhcs.com/resources.

About Hallmark Health Care Solutions

Hallmark Health Care Solutions offers a fully integrated SaaS platform for healthcare workforce management. The platform streamlines sourcing and deployment of contingent clinical labor and automates the provider lifecycle from contracting to compensation, all with exceptional effectiveness, transparency, and cost savings. Partnered with our advanced strategies and deep expertise, Hallmark’s leading-edge technology solutions empower healthcare organizations to thrive. To learn more, visit: www.hallmarkhcs.com.

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