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Reduced Staffing and Overtime Costs as Well as Improved Payroll Efficiency and Accuracy Main Contributors to ROI
CHELMSFORD, Mass. - A recent benchmarking study performed by The Gantry Group, LLC found that Texoma Medical Center has achieved an ROI of approximately $640,000 after three years of solution deployment with the use of Kronos for Healthcare from KronosŪ Incorporated (Nasdaq: KRON). In fact, Texoma recouped its investment in Kronos for Healthcare before the organization completed its first year of deployment. With Kronos for Healthcare, Texoma now more effectively manages its more than 1,500 employees across nine facilities. Texoma realized the majority of its savings through reduced overtime and improved payroll efficiency and accuracy.
"Kronos for Healthcare has played a major role in empowering us to meet our objective of improving productivity across our organization," said Ty Sweeney, vice president and chief information officer at Texoma Medical Center. "In addition to allowing us to achieve a substantial return on investment, Kronos for Healthcare has allowed us to improve employee satisfaction due to reduced payroll errors and online access to Kronos employee self service. And as any healthcare organization knows, that benefit is priceless."
Reduced staffing and overtime costs
With Kronos for Healthcare, Texoma is able to efficiently and effectively capture, monitor, and manage nursing and other non-exempt staff's hours worked. Managers are now more accountable for their staff's worked hours. Actual time worked is more accurately reported, unscheduled time worked is minimized, and balanced utilization of staff minimizes the need for overtime. Kronos for Healthcare also has helped Texoma eliminate unwarranted overtime hours worked by nursing and other non-exempt staff. Within the first year of the Kronos for Healthcare deployment, Texoma saved more than $300,000 in overtime costs.
Improved payroll efficiency and accuracy
Texoma also is achieving ROI through the use of Kronos for Healthcare by reducing its payroll costs. The organization has increased timesheet and payroll accuracy by automating the time and attendance process. Within the first year of deployment of Kronos for Healthcare, Texoma improved its payroll accuracy by 32 percent. In addition, Texoma has reduced the time it takes for managers to review and approve all timesheets and payrolls by 95 percent. This allows managers to reallocate this time to activities that directly impact patient care.
"Texoma wanted a solution that would enable the organization to make better use of its existing workforce with tighter controls and visibility into employee time management," said Brian Graves, global practice leader for healthcare at Kronos. "They also wanted to relieve managers of the payroll processing burden and approve timecards much more quickly. We have helped them reach both objectives. Ultimately, we are helping them more effectively balance labor costs with quality patient care."
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For Payroll and Human Resource Professionals
