How does a health organization address key issues of filling-up staffing vacancies caused by important in-house staff abruptly leaving the company? The organizations will look at alternatives until replacements can be hired, and the one most favored alternative many organizations seem to prefer is co-sourcing.
Looking up ‘The Business Directory’, co-sourcing is defined as ‘the combining of services from within and outside a business to achieve the same goal’.
The terminology in-sourcing is simple, meaning hiring an employee with the same skill requisites, matching the staffer that left the company.
Organizations also revert to outsourcing as a cost-saving measure, and to overcome the shortage of skilled staff. However, this curtails the control of an organization over the process outsourced.
Co-sourcing as an alternative:
It’s like contracting a consultant on a long-term basis. Co-sourcing provides you an additional resource located externally but functioning as an integral part of your organization. It’s associating with the organization’s onsite personal and working side-by-side.
The routine management strategy followed for strategic projects involves outsourcing tactical processes while having organization staffs focus on critical business issues. However, at times certain limitations of technical skills of outsourced companies can be a hurdle and co-sourcing vendors under these circumstances can benefit organizations.
Co-sourcing offers companies a non-transactional partnership:
Co-sourcing entails hiring a co-worker in the garb of a consultant, compared to full outsourcing, it provides an organization a form of control that can be described as a non-transactional partnership. It provides the organization staff to enhance their knowledge base to the levels of the co-sourced process.
Here is an example of how the Co-Managed Revenue process helped an Urgent Care center from Florida improved 20-40% Revenue every month.
Organizations can outsource administrative services or help desks, but co-sourcing is a level higher than that, it means soliciting strategic service areas like the ones managed by CFO’s, CMO’s or CIO’s.
Co-sourcing is the new buzzword in business vocabulary.
