Work-from-home Cost Saving Opportunities for Healthcare
Finding new ways to reduce costs and increase efficiency is a priority for most organizations, regardless of industry. Assets and expenses can often be stretched thin, which is why finding solutions to do more with less has become a primary focus. Of the numerous ways to save money, a remote workforce has proven to be an effective approach in decreasing expenses while providing employees with a more efficient and comfortable work environment.
According to FlexJobs, the coronavirus pandemic has permanently reshaped the workplace and healthcare continues to be one of the leading markets for remote workers. Digital platforms enable healthcare organizations to continue connecting with patients while managing their data all from home. While the pandemic highlighted the need for remote work, many organizations were already exploring the benefits of enabling employees to work from home. Remote and hybrid-remote work environments yield cost-saving opportunities for both employers and employees in a variety of areas including productivity gains, real estate savings, and efficiency gains related to commuting.
Increased productivity
Over the past several years, the primary driver of work-from-home programs has been the attraction and retention of talent. By eliminating the stresses, inefficiencies and distractions associated with the office, employees can better focus and manage their time. A recent study showed that employees spend 50 to 60 percent of their time away from their desks while at the office, costing employers significant time and money. Being able to redirect that lost time towards connecting with clients, producing outputs or collecting data is a cost saving benefit all businesses should consider. The expanded freedoms of remote work seems to be preferred by employees, as demonstrated in a recent survey in which 43 percent of full-time employees said they want to continue working remotely once the pandemic has ended.
The benefits of working from home would not be possible if not for advancements in digital workflow technology. These systems have made remote working more accessible and more secure. Online collaboration tools and simplified file sharing create innovative ways for remote employees to access, manage and exchange documents both internally and externally. For hospitals and health systems, there are many different solutions to consider when working to streamline remote workflows. Hundreds of hospital teams around the country have made seamless transitions to remote work models using digital solutions like the Trace® platform from Vyne Medical.
Reduction of expensive real-estate
Employers, eager to reduce costs, also found they could do more with less real estate. While having an office space can be good for businesses, as it gives employees opportunities to have hands-on interaction with projects and build personal connections; it does come at a cost. Working in an office requires rent payments, utilities, cleaning services, and many additional costs. If productivity were higher in the office, these expenses might be warranted; but as previously mentioned, most employees spend over half their time away from their desks while in the office. Moving to a remote workforce can save employers $11,000 per year for every employee who works remotely only half the time.
The integration of digital platforms along with the circumstances of the pandemic enabled healthcare organizations to increase their remote staff from 300 to more than 2,300. Hospitals have made a sizeable movement to working from home with some organizations saving as much as $150,000 with the removal of multiple real estate leases. Having office space can be productive asset for a business, but investing in unnecessary or unused real estate can result in avoidable costs for the employer.
Time and money saved from no longer commuting
Commuting back and forth to work each day is a pain to which most employees can relate. Getting to and from work can add hours of time and significant stress to the workday. Prior to 2020, the average American commuter spent 54 hours a year sitting in traffic, wasting time that could be better spent on work, family or personal pursuits. Hospitals are often located in population centers, forcing healthcare workers to navigate added traffic. The stress of commuting caused 14 percent of American commuters to change jobs in an effort to shorten or eliminate this daily routine. With the cost of gas and car maintenance steadily rising, working from home and eliminating this commute can save employees an average of $3,250 per year. Giving time and money back to employees can translate into better health, increased motivation, improved retention, and reduced costs.
Finding ways to save money and increase efficiencies are goals all businesses strive to achieve. Solutions like the Trace® and Refyne™ platforms from Vyne Medical, help healthcare organizations promote both data protection and accessibility that can enable teams to remotely access and exchange patient information across their organization as well as among outside providers and payers. As we move forward from the pandemic, it’s important for companies to become more aware of the benefits of a remote workforce and to consider the possibilities of being able to reduce costs while improving customer and employee efficiency.
If you’d like to learn how Vyne Medical can help your healthcare organization build a successful work-from-home program, contact us to schedule a call with one of our healthcare solution experts today