Dr. Corey Scurlock MD, MBA is the CEO & founder of Equum Medical, an organization dedicated to improving healthcare operations through innovative solutions. The healthcare industry is facing a significant challenge labeled as the “labordemic” by Fitch Ratings, which highlights the need to control escalating labor costs including salaries, benefits, and training expenses for healthcare professionals.
Hospitals are struggling with margin management despite an uptick in hospital volumes post-pandemic. Staffing shortages are exacerbated by increasingly sicker patients with more medically complex cases, leading to higher labor costs and burnout among clinicians. Many hospitals are investing in technology and innovative solutions such as virtual care to address the labordemic.
To optimize operations, healthcare providers must do more with less by providing higher quality care at a lower cost. Implementing virtual care can reduce the need for traditional in-person consultations and on-site personnel, making healthcare more accessible and cost-effective. Signify’s research highlights key areas where virtual care can make a significant impact in addressing the labordemic.
Before hospitals can adopt virtual care programs, they need to streamline their existing framework for care and implement strategic changes. This includes automating mundane tasks, addressing burnout among front-line workers, and educating patients on the benefits of virtual care. Virtual care can democratize access to medical services and empower healthcare professionals to deliver high-quality services while maintaining a healthy work-life balance.
Providers can create long-term solutions by embracing virtual care, investing in telehealth platforms, and creating workflows that prioritize patient care. By consolidating vendor management, delegating tasks to AI, and educating patients on virtual care options, healthcare organizations can improve efficiency, reduce labor costs, and enhance the overall quality of care. Embracing innovative approaches in healthcare is essential to addressing the challenges posed by the labordemic.
