Introducing Dynamic Pricing

Works’ proprietary artificial intelligence (AI) engine empowers healthcare organizations to fill open shifts in the most optimal way by dynamically adjusting open shift incentive pricing based on relative need and clinician availability. The technology provides proactive decision support to front-line managers to fill open shifts without overspending weeks ahead of the staffing need. Dynamic pricing ensures staffing standards are met by taking into account internal workforce capacity, overtime limits, and preferences and will also augment any unfilled needs with external supply. Additionally, healthcare systems incorporate contractual guidelines associated with external supply into these shift recruitment strategies while mitigating the risk of agency overspend. Works’ partner, Mercy, had already reduced system-wide incentive and premium spend by 9% within one year of implementing Works, but was able to layer on an additional $1M in savings within just 2 months by launching Dynamic Pricing across all their facilities.

Why incorporate artificial intelligence in your pricing strategy?

Most healthcare facilities leverage legacy tools and arduous administrative processes to recruit, incentivize, and schedule clinicians to fill open shifts. We’ve even seen a variety of “dynamic” pricing approaches implemented across the healthcare industry, including:

1. One-Time Shift Bonuses or Hourly Rate Increases
   Some facilities offer one-time shift bonuses or hourly rate increases in times of high census, often requiring the unit manager to share current rates with their team manually via email or text message and manually apply paycodes to timecard or schedule.
2. Incentive Shifts within Scheduling
   Other facilities allow their scheduling tool to post incentive shifts with rates proportional to the current unit fill rate. While directionally correct, this approach can unnecessarily drive up rates if the scheduling tool is unaware of all available clinicians willing to work and dynamic census changes.
3. Overtime Contracts
   To secure longer term commitments, some staffing offices require nurses to sign contracts that pay out a sizable lump sum payment, but require the nurse to continually pick up extra shifts for weeks on end. At best, this requires a significant operational commitment from the staffing and payroll offices. At worse, this practically guarantees burnout for these over committed healthcare professionals willing to sign.
4. Redeemable Bonus Points
   We’ve even seen staffing solutions offer “bonus points” per overtime shift that can be redeemed for quasi-monetary benefits like additional PTO, akin to accumulating airline miles that can be redeemed for free flights. While creative, this approach misses the mark. Healthcare professionals simply want to be rewarded financially for their extra efforts.

None of these solutions effectively capture workforce activity & global shift needs and adjust incentivizing accordingly in a proactive nature. When building Dynamic Pricing, our team wanted to rethink these historical approaches and instead price shifts in a way that balances the wants and needs of both facilities and clinicians.

How Dynamic Pricing reduces administrative burden & premium spend and increases workforce efficiency

As clinicians review and claim available shifts, our white-labeled mobile application learns their behavior over time. When a new shift need is presented, Works can predict the probability of that opening being filled by any of your available staff, including core, float pool, internal gig/PRN and externally sourced per diem or travel resources. Works uses this probability to dynamically adjust the price of posted shifts to maximize the likelihood that a clinician would be willing to work the area(s) of highest need, while minimizing spend for areas of more complete coverage.

With Dynamic Pricing, shift prices can be entirely automated (including determining whether it’s prudent to incentivize a shift) or can be limited to vary across fixed ranges to maintain compliance with any labor policies or third party supplier contracts enacted at your facility.

Every shift claim on any unit in your facility triggers Works to adjust pricing for all remaining shifts to account for the claim. This also functions in reverse; if additional needs are introduced into the system to account for call ins, sick days, or moments of high census, Works re-prices openings automatically to encourage optimal coverage.

As clinicians continue to interact with the platform, all requested shifts are automatically posted back to your scheduling solution with the appropriate rate, removing the need for staffing offices or even unit managers to handle data entry or keep track of legacy incentive policies.

Interested in exploring Dynamic Pricing?

Learn how your organization can leverage Works’ artificial intelligence engine to modernize and automate the way you manage every level of your clinical workforce. Our shift matching technology can help you match open needs with the most qualified, cost-effective, interested and available workers. The result is less administrative burden on your staff, a more engaged and empowered clinical workforce, and reduced total labor cost and premium spend for your organization.

Go to https://works.trustedhealth.com/works-demo to request a demo or email sales@trustedhealth.com to get started in as little as two weeks.