Awhile ago we looked at how to evaluate the healthcare staffing vendors you work with so you can make sure you can working with the best ones and getting the most value out of them. Well, in light of recent news of a major healthcare staffing company reporting that it may have to file for bankruptcy it made me think of one other thing you need to look at when evaluating travel nursing or travel allied companies, their financial stability.
The last thing you want to do is to become heavily dependent on one company only to have that company go out of business and leave you with the hassle of dealing with temporary nurses, therapists or techs who no longer have a company behind them. In addition if this were to happen to a company you were working with you may find yourself suddenly either scrambling to find a new healthcare staffing company or forced to working with an unfamiliar company that bought out your contingent staffing company.
This is not to say that you should only work with “big” travel nursing or travel therapy companies. Because being bigger does not necessarily mean more stable. Instead you need take a closer look at their financial standing. Here is a basic list of some of the actions you can take when you are looking at new companies to staff your hospital or skilled nursing facility:
- If they are publicly traded visit their corporate website and check out their annual reports to see their balance sheet
- If they are a private company look for recognized signs of growth like Inc 500 awards or fastest growing industry and area awards
- See how many employees they have, it needs to be large enough to handle things like billing, doing background and reference checks and providing your hospital with the support it needs
- Find out how long the travel nursing or travel therapy company has been in existence
- Find out if they ever have payroll issues
- Ask for references from other hospitals and healthcare facilities they work with
What about you? Do you have any other questions you ask to gauge the stability of a contingent staffing company?