Healthcare revenue cycle management can be defined as a process that involves the use of the facilities for managing the clinical and administrative functions related to revenue generation, payment, processing, and claims. It is a process that involves collecting, managing, and identifying the service revenue of the patient.
There are specific employees that are appointed to get this work done in a healthcare department. But there is a shortage of labor for the job of managing the revenue cycle. When there is a shortage of labor at a workplace, it means that the employers are not able to hire qualified applicants for the available job.
When there is a shortage of candidates to fill the roles the company is hiring for, it becomes very difficult to find the right labor. Thus, it is necessary to find the reason behind the shortage of revenue cycle labor. This guide explains how you can address the revenue cycle labor shortage with the help of outsourcing and with the use of technology.
Table of Contents
How To Address Revenue Cycle Labor Shortage
In this section, you will come to know how to handle revenue cycle management. We will explain to you different ways that will be helpful for you to address the revenue cycle labor shortage. Let’s have a look at these ways:
● Cloud Computing
Cloud computing can be used for addressing the revenue cycle labor shortage. For this purpose, online surveys can also be conducted to determine the needs and expectations of the candidates for a specified job.
The healthcare sector is implementing innovative strategies to attract candidates to work in the organization for a specific job. For this purpose, the use of SaaS-based RCM or EMR solutions is increasing day by day.
● Process Automation
The use of RPA, machine learning, and AI technologies are helpful for the employers to identify the reasons behind the shortage of revenue cycle labor. No doubt, these technologies are applicable for non-clinical and clinical revenue cycle tasks.
Automation and technology are helpful for moving the routine, labor-intensive tasks and repeatable tasks to the machines so that the efforts of the employees could be reduced. For example, the use of claims status automation helps in reducing the workload of call centers.
Thus, when people are made free from mundane tasks and activities, they can focus on delivering high-quality projects and are satisfied with their job.
● Outsourcing
Outsourcing is considered one of the best ways to address the revenue cycle labor shortage in the healthcare sector. It is a method that lets the organizations have access to certified and trained labor to get their work done effectively and efficiently maintaining the quality of the work.
Offshoring is also beneficial in this concern as it comes with cheaper cost structures. We can say that offshoring and outsourcing are no doubt some old methods to use for fining the service providers for yourself. These are the service providers that are experts and have knowledge about the use of the latest technology so that you can have access to the best and most useful practices.
● Managing Operations
As we know, the managers and employers are having a bad time finding the suitable and right candidates for the job of revenue cycle management, it is necessary for them to manage tighter operations and enhance the job offer to attract more candidates and motivate them to get enough skills to manage revenue cycle of the company.
No doubt, it may need your investment of money or time to implement workflow systems in the organization which can help the managers to measure, manage and monitor the productivity of each employee.
The issues being faced by the employees can be addressed along with managing business operations so that it could be determined why the employees are not satisfied, why the rate of employee retention is increasing and what could be done to satisfy the employees and let them stay in the company to work efficiently.
● Choose a Vendor Partner
If a company wants to address the reasons behind the revenue cycle labor shortage and how to overcome this issue, it is necessary for it to not just outsource but also find a vendor partner as well. You need to plan with your vendors, stabilize and transition operations and then move towards achieving your business goals.
When the issues related to revenue cycle management are addressed by the manager, it is important for him to implement sustainable and useful solutions so that these issues could be solved immediately.
How To Control Employee Retention?
The level of employee retention in a company can be controlled by considering the needs of the employees. You should not only focus on assigning them tasks one after the other but you should also let them relax for a while. Moreover, you should also provide the space and provide them tasks according to their skills and abilities otherwise they become stressed out and quit.
FAQs
- How to improve healthcare revenue cycle management?
Healthcare revenue cycle management can be improved by reducing denials, improving discharged-not-final-billed efforts, and increasing collections with propensity-to-pay insight.
- How do you solve the issues of labor shortage?
You can improve the recruiting process and involve the use of technology for solving the issues of labor shortage.
Conclusion
The reasons behind the shortage of revenue cycle employees can be determined with the help of using the latest technology and outsourcing. You need to determine the expectations of the candidates when hiring them. Make sure they are skilled enough for the job of revenue cycle management so that the work could be done efficiently.
