WOBURN, Mass. — June 2, 2010 — HealthcareSource®, the leading provider of talent management solutions for the healthcare industry, today announced that the leading market research firm, Nucleus Research, has recognized HealthcareSource Performance Manager® for its ability to greatly reduce staff development costs. The May 2010 report finds that healthcare organizations receive quantifiable benefits including improved productivity for HR administration and managers, as well as lower costs of training and litigation.
“In order to manage costs and maximize quality of care, healthcare institutions have to continuously improve their employees’ skill sets and competencies. The better trained these employees are, the more successful and cost effective their patient outcomes will be,” said Rebecca Wettermann, Vice President of Research, Nucleus Research. “Nucleus found that healthcare organizations that adopt HealthcareSource Performance Manager are able to improve the productivity of HR administrators, managers, and employees. The application also enables organizations to reduce training and litigation costs.”
Key findings from the Nucleus analysis outline specific results from customers using HealthcareSource Performance Manager including:
• Nucleus found that the average organization using Performance Manager was able to use automated tracking of certifications and appraisals to free up at least a half a full time employee in their HR department.
• A 650-employee organization used Performance Manager to save managers 45 minutes per review, resulting in an annual productivity benefit of $19,000.
• One healthcare provider used Performance Manager to migrate 12 onsite training programs to the Web. By reducing the time required to attend a course by 75 percent, the organization saved $52,572.
• Nucleus found that employees who knew their performance was documented in Performance Manager were less likely to pursue litigation.
“Managing talent performance is a critical component to the overall success of a healthcare organization because it improves patient safety and quality of care by creating a competent and motivated workforce,” said Peter Segall, President and CEO of HealthcareSource. “The Nucleus report outlines the benefits we see from customers every day as they use Performance Manager to reduce overall costs while improving productivity, performance and litigation readiness.”
HealthcareSource Performance Manager makes it easy to reduce the risk and leverage the opportunities of a good performance management system. It helps healthcare organizations manage employee performance by automating the workflow and content for performance appraisals, competency management, and learning management. It starts with clear job descriptions, competency library, and organizational goals. From these foundational elements, Performance Manager drives paperless employee performance appraisals, ongoing communication between employee and manager, tracking of appraisal workflow, competency tracking, in service, and other learning opportunity tracking.
To view the complete Nucleus Research report, “Cutting Staff Development Costs with Performance Manager,” please visit: http://solutions.healthcaresource.com/pfm-roi
About HealthcareSource
With more than 1,000 hospital customers, HealthcareSource is the leader in talent management for the healthcare industry. Through its software-as-a-service solutions, HealthcareSource helps hospitals acquire, develop, and retain the best workforce possible in order to maximize the quality and efficiency of patient care. The company’s talent management solutions include performance management, onboarding, applicant tracking, video interviewing and a leading healthcare job board. A private corporation, HealthcareSource focuses exclusively on the healthcare industry and consistently earns high marks for client satisfaction and retention. To learn more, please visit www.healthcaresource.com or call (800) 869-5200.
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.