Healthcare companies in the U.S. are in varying degrees of financial distress as a result of COVID-19. One reason for this is because many healthcare organizations are unable to perform elective medical procedures. Hospitals, for example, have taken a huge financial hit because of this.
“A 2014 report from the Agency for Healthcare Research and Quality suggested that elective admissions accounted for more than 30% of total inpatient hospital revenue,” JAMA Network stated. “By one estimate, hospitals earn $700 more for elective admissions than for admissions through the emergency department. Furthermore, for many hospitals, outpatient revenue now equals inpatient revenue, elective or otherwise.”1
There is no easy solution for the financial state hospitals and other healthcare companies are in. However, healthcare organizations can ease their financial burden by making employee training more efficient via a healthcare LMS (learning management system).
Efficient online employee training can usually be completed faster than other types of training. That means workers who engage with it can become upskilled or reskilled more quickly, which may result in more revenue for a healthcare company. Furthermore, eLearning, or learning that takes place online, through a platform like an LMS, has the potential to reduce overall training time by 40% to 60%.2
Here are a few ways a healthcare LMS can help your company boost revenue during the COVID-19 crisis by improving employee training efficiency:
1. An LMS allows administrators to track training
Increasing training efficiency is often preceded by tracking employee training. When administrators track healthcare training, they clearly see which employees have completed specific training modules, pass rates for eLearning courses, and at what point in a course participants started disengaging. LMS reporting enables administrators to easily pull data on user performance and activity. The insights gained from this data help company decision-makers create more efficient training. Additionally, LMS reporting provides learners with digital report cards, competencies, and transcripts so that they can track their own progress. This can also boost the efficiency of training and promote better training results.
2. An LMS enables companies to offer flexible training options
One of the primary needs healthcare companies navigating the COVID-19 pandemic have is the ability to offer flexible training to their employees. Now more than ever, healthcare workers need remote training options (i.e., mobile learning) that can be accessed from any place and time. An LMS allows employers to offer online training that can be accessed remotely from both personal mobile devices and company-owned devices. By increasing the flexibility of employee training, employers simultaneously increase the chances that learners will regularly participate in training since they can complete courses when it is most convenient for them. And when users complete training at their own pace, they may gain new skills more quickly, which can result in fewer skills gaps and a healthier bottom line.
Related Reading: An LMS Can Enhance Healthcare Training
3. An LMS helps training designers understand the needs of learners
There are many reasons why employee training fails. One is because training designers, LMS administrators, and company leaders don’t understand the training needs of individual employees. This is understandable when you consider the number of people they must create training for. After content is created, it must be made accessible to all workers, and it must be tracked. These tasks can overshadow the important role of understanding the needs of learners. An LMS software can help in this area by allowing company administrators to perform training assessments regularly.
Training assessments ask targeted questions that reveal how effective employees believe training is and whether or not they feel their training needs are being met. When combined with LMS reporting, the insights gained from training assessments ensure administrators have the information they need to make training content more efficient and eliminate any content that isn’t helpful.
Related Reading: Healthcare Organizations Need an LMS for Survival
TOPYX healthcare LMS helps companies improve both training efficiency and revenue
By promoting training efficiency and enabling flexible eLearning options for all workers, TOPYX healthcare LMS can boost revenue for healthcare companies suffering financially under the weight of COVID-19. Using an LMS to create, deliver, track, and report on employee training that is more productive may be the best financial decision your healthcare organization can make at this time.
Start improving your employee training program in a matter of days with our Quick Start Program or request an LMS demo today.
Sources:
1. https://jamanetwork.com/journals/jama/fullarticle/2765698
2. https://elearningindustry.com/elearning-development-costs-less-than-traditional-training-6-reasons