Hospitals faced billions of dollars in loss due to the healthcare talent shortage in 2022, and this loss would rise in the coming years. Revenue cycle management is mainly dependent on the workforce. The productivity and efficiency of a healthcare provider's revenue depend on how well the staff can manage their medical billing and coding. Revenue cycle management demands timely follow-ups, processing documentation, and managing denials. The inability to conduct the above processes leads to cash flow insufficiencies, increased denials, errors, and reduced productivity.
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The healthcare industry will be short by over 122,000 by 2032, predicted AAMC (Associates of Medical College). Talent shortage would impact caregivers, the supporting revenue cycle management professionals, and administrative staff. The labor cost would increase by $86 billion in the coming year, while the other charges would rise by $49 billion.
Are you prepared to combat the upcoming talent shortage in the healthcare industry? Are you also facing a revenue cycle talent shortage? The blog is specially handcrafted by professionals after deeply researching why there is a resource crunch in healthcare revenue cycle management. We have also discussed the ways to overcome the healthcare revenue cycle talent shortage.
Healthcare providers decreased patient retention in 2022 due to frequent resignations and early retirement. Here are the top ways to overcome the healthcare revenue cycle talent shortage.
Since the Covid-19 pandemic hit the world, the healthcare industry has been overburdened and is working more than its capacity to provide care to clients. Many care and treatment givers decided to retire early or switch to a different organization. Even the supporting and back-office staff left the organization. Here are other reasons for the resource crunch:
Employees switching, retiring, or quitting their jobs lead to a resource crunch which is a massive loss for the healthcare provider. Below are the ways to overcome the healthcare revenue cycle talent shortage and grow your practice.
Cloud-based RCM software helps healthcare providers to perform complex tasks remotely without the need for additional resources. Cloud-based EMR software creates a virtual infrastructure that allows healthcare providers to access documents anywhere, anytime, without compromising security.
Technologies like artificial intelligence, robotic process automation, and machine learning help healthcare providers to deal with RCM staff shortages efficiently. Automation eliminates all repetitive tasks reducing the need for FTEs. You can achieve all the process deadlines without hampering the process quality.
Healthcare providers can also streamline many labor-intensive revenue cycle tasks with the optimum utilization of automation. The introduction of patient portals helps healthcare providers to maintain patient finances with a click, minimizing the cost of patient registration, patient statements, patient follow-up, and patient collections.
It is complex to maintain and manage the operational framework in the healthcare RCM due to the high volume of processes and precision requirements. Healthcare providers should invest in creating a streamlined work process that allows the staff to understand their work without feeling burdened. Healthcare providers can analyze the productivity of each employee and train the team based on the reports.
Work strategies play a vital role in healthcare RCM as all the processes are interdependent. Enhanced plans allow healthcare providers to combat unplanned staff shortages without hampering operations. Improvising the work strategies can help healthcare providers to prepare for sudden registration.
Rejection and denial trend analysis is crucial for healthcare providers to run a profitable business. Understanding the root cause of denials help healthcare providers to make the common errors hampering revenue. It also encourages the billing staff to work more efficiently, as most of their claims bring revenue.
"Staff that gives results is always willing to work for the same company as they feel valued."
Outsourcing is the best choice for healthcare providers to combat the healthcare revenue cycle talent shortage. A Healthcare provider's revenue cycle gets handled by trained professionals with experience and certification in the tasks assigned to them. Revenue cycle management service providers easily handle account receivables and denials, increasing the FPAR for the healthcare provider. Outsourcing RCM services increase the productivity of healthcare providers at minimum cost.
Revenue cycle management service providers use a perfect blend of technology and experience to provide exceptional results for healthcare practices. Besides revenue management, healthcare providers can gain benefits like patient and practice management without building additional IT infrastructure.
Maintaining a fast and healthy cash flow is vital for the healthcare provider to sustain in the growing market. Revenue leads should address all the pain points of the healthcare providers and prevent them from insufficiencies and revenue leakage.
It is crucial to choose the correct revenue cycle vendor. Healthcare providers' end-to-end RCM process management depends on the RCM company they choose to partner with. The right company aligns with your goals and provides solutions that guarantee results.
You should partner with the RCM company that is open to investing in the latest trends and technology. Plutus Health delivers the best solutions for your practice to maintain and streamline your revenue. We are a one-stop solution for all your revenue cycle management needs.
Our trained professionals provide all the services like medical billing, coding, denial management, AR management, and more. They should be able to deliver results without compromising quality. You can click here to schedule a call with our experts to streamline your revenue cycle management processes.
Thomas John has 25+ years of experience in healthcare RCM and IT. He is the founder and CEO of Plutus Health Inc., one of the biggest healthcare RCM companies in the US. Thomas has comprehensive knowledge of AI-driven practice management and billing software. He believes in providing an end-to-end solution for revenue cycle and practice management.
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