Your revenue cycle process should be a finely tuned machine, relying on levers such as expert billing staff, patient engagement strategies and data analytics to guarantee a profitable practice. If any one of the components isn’t aligned, you risk losing revenue. Let’s consider the impact of workforce shortages.
Even five years-plus past the COVID pandemic, healthcare practices face a worsening staffing shortage, especially in billing and coding. AHA data shows a 30% coder gap, and turnover among front-office staff remains high. The trickle-down effects touch daily operations – overpaying for less experienced staff, turnover and endless cycles of training – and your revenue cycle – delayed claims, mounting denials and lower cash flow.
With the U.S. Bureau of Labor Statistics projecting 9% job growth in medical record specialists and Mercer forecasting 100,000+ healthcare worker shortages, the pressure is only increasing. Practices can’t afford to overpay indefinitely for undertrained staff and keep the doors open when the revenue isn’t coming in.
To adapt, leaders are embracing hybrid staffing models to retain front-end scheduling and admissions, while offloading backend RCM coding and billing. Some practices also see value in partnering with an RCM provider to manage the entire process. These strategies enable clinical teams to focus on care while a more experienced RCM resource ensures financial stability.
Read the full article to learn more about solutions for workforce shortages and other considerations that can affect your revenue cycle and the success of your practice.