BKD CPAs and Advisors has launched a new service aimed at helping health care organizations assess their workforce productivity.
The firm said the new tool can assist in understanding labor ratios, benchmarking specific departmental productivity, forming a plan to improve productivity, developing tools to build a strong workforce management culture and helping the organization gain full ownership of successful labor expense and productivity management.
The BKD Workforce Productivity Manager benchmarks an organization’s department-specific information against other health care organizations and industry standards to help it understand its current labor ratio. From there, a plan is implemented to help improve productivity and build a strong workforce culture.
It added that key features provided by the tool include system agnostic reporting that provides a consolidated resource to help identify top high-variance departments, insights into productivity that support various levels within an organization, the ability to monitor and measure performance over time and real-time actionable productivity insights.
BKD director Kevin Rash said: “Health care organizations rely on people to deliver patient services. Labor costs are highly variable, usually ranging from 45 to 65 percent of organizations’ net service patient revenue.
“Productivity should be monitored, understood and improved for continued financial success. That’s where we believe BKD Workforce Productivity Manager can be a game-changer.”