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Healthcare Workforce Management System Global Market Report 2022

Healthcare Workforce Management System Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6285586
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the healthcare workforce management system market are Ultimate Software Group Inc., Cornerstone Ondemand Inc., Atoss Software, Workday Inc., IBM Corporation, GE Healthcare, ADP LLC, Mckesson Corporation, Kronos Inc., Oracle Corporation, Timeware, Allocate, Workforce Software Group Inc., Nice Systems, and ActiveOps.

The global healthcare workforce management system market is expected to grow from $1.52 billion in 2021 to $1.73 billion in 2022 at a compound annual growth rate (CAGR) of 13.8%. The market is expected to grow to $2.86 billion in 2026 at a CAGR of 13.3%.

The healthcare workforce management system market consists of sales of healthcare workforce management systems and related services by entities (organizations, sole traders, and partnerships) that are used to manage the healthcare workforce, tracking and scheduling, accounting and payroll management of the workforce, managing time and attendance of the workforce on daily basis.Workforce management is a process that aims to improve an organization’s performance and competency levels.

In the fields of service management, performance and training management, recruiting, budgeting, forecasting, scheduling, and reporting, workforce management in healthcare offers a variety of features and automated processes.

The main types of healthcare workforce management solutions are software and services.By software, types of healthcare workforce management systems include time and attendance, HR and payroll, talent management and analytics software.

Talent management refers to the attraction, selection, and retention of employees through a combination of HR processes that span the employee life cycle.Workforce planning, employee engagement, learning and development, performance management, recruiting, onboarding, succession, and retention are all considered under talent management.

By mode of delivery, types of healthcare workforce management systems include web-based, cloud-based, and on-premise. Healthcare workforce management systems are mainly used by nursing homes, long-term care centers, hospitals, and other healthcare institutions.

North America was the largest region in the healthcare workforce management system market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rising need to curtail healthcare costs of the healthcare workforce is contributing to the growth of the healthcare workforce management system market.Healthcare workforce management solutions help healthcare facilities to manage the workforce schedules, payrolls, time and attendance, recruiting, budgeting and reporting.

Most of the time healthcare facilities face challenges of managing the hospitals’ staff due to a surge in the number of inpatients and outpatients.These tedious manual processes lead to errors in the scheduling of the staff, and payments of staff based on their shifts were also a big challenge for management.

The workforce management system helps hospital management to manage the demand of the services, and allocate the labor and staff efficiently to increase productivity.Companies are developing such software for efficient workforce management.

For instance, in November 2019, Hospital IQ, a US-based operations management platform, launched a new workforce management solution, the industry’s first to use advanced AI-enabled analytics and workflows to help staffing managers better align staff to anticipated patient demand. So, the increasing need to curtail healthcare costs through effective management of the healthcare workforce is contributing to the growth of the market.

The development and integration of new technologies is a key trend in the healthcare workforce management system market.The advancement of technologies such as Cloud, IoT, AI is enhancing the customer experience in various applications across the healthcare industry.

Automation helps healthcare facilities to manage the multi-care hospitals efficiently.Connected devices are helping hospital management to manage the workforce efficiently and increase the productivity of the hospital facility.

Also, technologies are helping to reduce the operational cost of the facility.Many companies are also focusing on the offering of technology-based solutions.

For instance, in January 2021, Zyter announced the launch of Zyter Smart Hospitals, an end-to-end intelligent solution. This solution connects hospitals’ data systems, departments, people, and IoT devices on Zyter’s robust digital communication and collaboration platform. The solution helps for efficient operation of the facility as well as helps to reduce cost with smart energy management.

In July 2021, Accenture, an Ireland-based professional services company, acquired Workforce Insight, LLC for an undisclosed amount.With this acquisition, Accenture’s workforce management capabilities and its ability to deliver HR transformation to clients will be enhanced.

Workforce Insight, LLC is a US-based provider of workforce software and workday solutions.

The countries covered in the Healthcare Workforce Management System market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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