Show me the $$$
Define bill rate
The hourly rate we charge our clients for hours worked by our HCP
Define free hours
The number of hours we are unable to bill for while our nurse orients to the hospital.
Define margin?
% of money our company makes from the bill rate
What is Health Carousel's target margin?
26.5%
True or False: A nurse can choose to travel on a local rate.
True. A nurse may choose to have a higher fully taxed rate.
Higher margin = _______
Lower pay
How might the margin be different for a focus account? Why?
Lower because HC has made a margin investment (lower margin, higher pay!)
A nurse lives 70 miles from the facility and has elected to drive back and forth each shift. What kind of assignment would this be and how would the nurse be paid?
Local because the HCP is not duplicating expenses. Taxable hourly wage with no stipends
What happens to a HCP's pay when they elect company paid housing?
They are no longer eligible for the housing stipend. Anything leftover will be allocated to the hourly wage and, therefore, be fully taxable.
Name 2 reasons why the OT pay rate would be 1.5x
1. Local traveler
2. Upstate - facility has a different bill cycle
1. RN state license
2. Certifications required - up to $300
3. Modules - $20/hour
4. Credentialing related costs
List 2 reimbursements that are billed inside the PPC
1. Mileage - $0.67/mile, up to $750 (1,119 miles)
2. Parking - If stipends are maxed out, parking fees during assignment can be reimbursed
3. Travel - Flight/rental car to get to and from assignment
4. Housing - company paid
We may have wiggle room w/ a nurse's pay by adjusting what in the PPC? What is a circumstance in which we can't do this?
Margin. A direct/focus account
Visual learning time! Travel with me to this PPC.
List and define the 3 type of guaranteed hours contracts we see
1. Guaranteed hours w/ a call off policy - Facility has the right to call off a certain number of shifts per assignment with no penalty.
2. No guaranteed hours - Facility may call off the HCP any number of shifts during assignment and is not responsible for making them up. Nurse will not be paid for called off shifts.
3. Guaranteed hours w/ no call off policy - If the facility were to call off an HCP and they do not make up the shift, the HCP will still be paid.
Final Jeopardy!
For the same job order, another agency is charging the same bill rate, has the same VMS fee, and the same amount of free hours. Why would this agency be able to offer a higher weekly gross than us? Explain this in a way that creates value.
The opposing agency is taking a lower margin. They may have lower operating costs. We are taking a higher margin to cover costs included to provide credentialling specialists, a QIN team, benefits, clinical ladder program, full circle of support, etc.