Financial Cost Savings

Click to view a video overview of FMS Financial Cost Savings

FMS Goal: Contain Costs through managing strategically & effectively Agency Staffing is a high-cost line item and all hospitals strive to better utilize their resource pool staff and decrease their spend on temp labor. The goal of Favorite Managed Services is to help you contain the cost of contingent staffing by managing these costs strategically and effectively.

FMS Goal: Contain Costs through managing strategically & effectively:
Favorite begins the process by strategically examining your contingent staffing through an in-depth analysis. Through this step alone, most clients realize savings in their use of agency staffing in as little as six months. The graph below illustrates one FMS client's savings and increased effectiveness in just one year.

Benchmarking and
Staff Trending:
By benchmarking your staffing trends and lead indicators, Favorite can help you predict, plan, and manage your expenditures effectively.

Hard and Soft Costs:
Analysis and review of your specific patterns and expenditures to identify when and where to expect your contingent staffing needs can yield both hard and soft cost savings.

Invoicing:
Favorite Managed Services eliminates the multiple invoicing and reconciliation process. Instead of passing from desk-to-desk, the FMS invoicing offers an electronic invoice complete with scanned timesheet reconciliation – all on a single secure web page.
As an FMS client, all your vendors can bill and upload through Favorite’s system, providing complete visibility of your entire spend, as well as the areas utilizing contingent staff. This allows you to set specific metrics goals and customized usage benchmarks to strategically manage and contain costs.

Favorite Managed Services offers the most fully integrated package
for contingent staffing technology available in the industry.