With ongoing burnout and turnover plaguing hospitals and clinics these days, healthcare organizations are trying everything to bolster clinician retention and morale. One hospital system even began issuing bonuses of $100k to new hires and nurses who had stuck with them through the pandemic.
While sign-on and retention bonuses are impactful (and providing adequate compensation is key), there are additional ways to boost stability in healthcare settings that don’t cost six figures per clinician. One of those strategies involves changing the pace of pay for your clinicians.
Here are three ways in which faster pay can foster an environment of increased stability, where turnover is low and morale is high.
1. Faster pay can boost loyalty
Clinicians and caregivers now have more choices than ever when it comes to where they work. The early post-pandemic days showed us that healthcare workers were suffering from burnout, leaving their positions at hospitals and clinics in droves. Many of them opted instead for travel or contract nursing, which afforded them the shift flexibility and earning potential they craved. If a nurse was able to be paid right after they worked a shift as a contractor, it would be difficult to lure them back to a fixed position with a bi-weekly paycheck.
This trend isn’t just a flash in the pan; it’s proof positive that faster payments are paving the way for the future: 75% of Americans say they want to get paid every day; and 92% of healthcare companies plan to offer real-time payments.
Whether you hire W-2 clinicians, 1099 contractors, or a mix of both, it’s a wise move to pay all of these healthcare professionals the same way—and prioritize speed in the process. If one member of your healthcare or hospital staff gets paid every other week, and a contractor gets paid every day, you may soon find yourself with high turnover and disengagement.
By paying your clinicians every day or even after every shift, you’re offering them a compelling reason to stay with your organization over other options, keeping loyalty and retention strong.
2. Faster pay can lead to better quality care
This increased loyalty naturally lends itself to increased retention. And increased retention means that you have more experienced clinicians staying on at your healthcare organization—and at the bedside—with more manageable workloads.
When nurses and other clinicians are overwhelmed with patients, it’s natural to assume that the quality of care they’re able to deliver suffers. One study even found that for every additional patient assigned to a nurse’s workload, there is a 6-9 percent increase in readmissions for conditions like pneumonia and heart failure.
Creating stability at your healthcare organization is dependent upon having highly trained clinicians with manageable workloads who are able to devote the proper time and attention to each patient. When they are incentivized with faster payments and motivated to stay on board, these outcomes are more likely.
3. Faster pay can improve morale
With the past few years involving so much burnout, struggle, and overwhelm for most of the nation’s healthcare workers, being able to provide the benefit of faster pay can be a powerful way to boost morale and show healthcare workers they are valued. In fact, a recent survey from Insurica found that 62% of workers felt more valued when they could access their earnings every day.
When nurses and other clinicians feel more supported, the team’s morale is lifted and everyone benefits—even patients. (One study discovered that a 25 percent increase in nurse job satisfaction over a two-year span was correlated with an overall improvement in the quality of care ranging from 5 to 20 percent.)
Having satisfied, engaged clinicians on staff can go a long way in creating a stable healthcare environment known for delivering high-quality care.
Accelerated payments are fueling the future of healthcare
While it may not be possible to solve the longstanding burnout and staffing shortages plaguing the healthcare system overnight, one solution that can help you create more stability in your hospital or health system is faster pay for your clinicians.
Being able to pay clinicians immediately after a shift can help boost retention, morale, and even the quality of care. Want to learn more? Read how leading healthcare staffing platform StaffHealth leveraged Branch to boost loyalty and retention.
