Both vendor management systems (VMS) and managed service providers (MSP) offer hospitals efficiency improvements in contingency staff management, but which one is best?
If your healthcare facility is currently considering a VMS or an MSP, we’ve got the following cheat sheet to help you determine which model is right for you:
So, what is a VMS?
A vendor management system (VMS) is a technology solution that provides a web-based application to help hospitals obtain and manage its contingency staff. Since a VMS does not recruit candidates, it is considered vendor neutral. Consequently, hospital administrators evaluate candidates on their own. This DIY model could be an asset to hospitals that do not have hard-to-fill vacancies or require direct communication from a staffing agency.
A VMS offers several benefits, including:
- Order distribution
- Consolidated billing
- Detailed reporting capabilities
A VMS tends to be most effective when the supply of candidates outnumbers open jobs. Today, competition for quality candidates is increasing while the supply of labor is shrinking. Consequently, staffing challenges are more complex.
What’s an MSP?
In contrast, a managed service provider, (MSP) is a service solution that helps source and manage the short-term staffing needs of a facility through one central business partner. The MSP model can be a cost-effective tool for hospitals facing severe staffing shortages, fluctuations in its staffing needs, or an EMR/EHR conversion.
An MSP can help your facility:
- Recruit and onboard quality candidates
- Improve fill, completion and extension rates
- Consolidate contracts into one master agreement
- Eliminate inflated bill rates
- Streamline and simplify inefficient workforce processes
- Increase vendor visibility
- Reduce staff turnover and overtime hours
- Leverage data to drive the planning process
Many MSPs have developed their own in-house technology platforms or have even partnered with a VMS to create a “one-stop shopping” experience for their hospital partners. Many healthcare staffing experts agree that the MSP model is the wave of the future.
Which side of the VMS/MSP debate are you on? For more information, visit Medical Solutions Plus today.