71% of healthcare facilities utilize a MSP or VMS to help manage their external workforce. Of this 71%, 54% of them use a MSP while 17% use stand-alone VMS technology and manage it internally through their HR team. Most healthcare facilities―71% of them, to be exact―utilize a MSP or VMS to help manage their external workforce. We’ll get into the details of this later. While some managed service providers stick to only that role, others also own their own travel nurse staffing agencies. Generally, the responsibility of a managed service provider is to fulfill staffing needs through a compliant process-with quality nurses-in the most time-efficient and cost-effective manner. They help identify and select the travel nurse staffing agencies who will provide candidates, set pricing across the board, facilitate job distribution, screen submitted candidates, manage relationships with hiring managers and agencies (or ‘vendors’), track and report metrics, consolidate billing and invoicing, and in most cases, select and implement "VMS" (short for vendor management system, defined below) technology. You can think of a MSP essentially as external HR. Put simply, managed service providers are responsible for managing all tasks and responsibilities related to external temporary staff for a facility, hospital, or healthcare system. What Is a Managed Service Provider (MSP)?Ī managed service provider (also known as a MSP) is a company that manages an organization’s contingent, or temporary, workforce. We’re here to break it down for you once more! Let's start with the most important stuff, managed service providers and vendor management systems. We've written about this before, but understanding how all of these pieces (and more!) fit into the travel nursing industry can be very confusing. While there’s no hard and fast rule about portfolio size, a typical managed account has between 30 and 70 holdings, though some accounts have fewer and some have more.There is a lot to learn about life as a travel nurse, even before you start hearing terms thrown around like “MSP,” “VMS,” “subcontractor,” and “exclusive contract.” One appeal of managed accounts is that they are diversified across the category or categories of investments that are compatible with their objectives.įor example, a portfolio designed to provide growth and income might hold dividend-paying stocks in large and medium-sized companies operating in a number of different industries or market sectors. Yet diversification requires enough capital to buy broadly, and enough information about a large number of securities to invest wisely. While it doesn’t guarantee a profit or prevent a loss, diversification is key to a strong investment portfolio. Finding diversification with managed accounts The same would be true, at different times, for the entire range of managed account categories.īut if a manager sticks to an objective and follows a style, there can be an objective standard or yardstick, such as a relevant stock market index, against which to measure the performance of your account. But, in that same period, the manager of a small-company value account might produce much stronger returns if value benchmarks were up. In a period when growth stocks are depressed, investment managers who oversee small-company growth accounts may not produce positive returns if all the growth benchmarks are down. Style consistency doesn’t guarantee success in the face of difficult market conditions, though. The first would be described as a growth investor and the second as a value investor.
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