Healthcare providers continue to face extreme staffing shortages with nursing and clinical roles grabbing all of the headlines. But there is another, equally important story, that fails to get the attention it needs — revenue cycle staffing is in crisis.
Staffing Shortages Impact Your Bottom Line
There is a direct correlation between being staffed with experienced and engaged revenue cycle management (RCM) experts and the financial health of a healthcare organization.
A recent survey by Experian Health tells us what we need to know:
- 100% of hospitals and health system respondents stated that staffing shortages have significantly affected RCM and patient engagement efforts.
- 69% of respondents foresee continued RCM staffing challenges through the long term.
- 9 out of 10 respondents reported turnover rates for administrative roles related to patient access, RCM, and the patient experience in the double digits, with nearly half reporting turnover rates of more than 25 percent and some as high as 40%.
- The complexities of revenue cycle challenge new staff with 92% reporting high error rates.
- Healthcare providers are experiencing a 10-15% increase in denials year-over-year and 35% of healthcare leaders admit to losing more than $50 million a year on denials.
We also know that yesterday’s solutions of addressing retention issues through the traditional means of increasing salaries, cross training, and enhancing incentives is throwing good money and resources to bad while having little to no impact on RCM staff burnout and turnover rates.
The High Cost of Turnover
The cost of turnover is something that every RCM leader should be losing sleep over. Rising direct costs stemming from recruitment, bonuses, onboarding orientation, training, retention, overtime pay, contractor costs, and lost productivity are crippling and the never-ending cycle of recruiting, training, and then losing your investment is maddening.
The American College of Healthcare Executives estimates that the cost of turnover can reach the tens of thousands per employee and RCM leaders know that the hit to productivity (and therefore revenue) is severely compromised when shifting from an experienced and fully ramped employee to a new hire. This is even more exaggerated when focusing on complex claims, an often-manual pursuit requiring specialized knowledge, experience and commanding a higher price tag out of the gate.
This is a no-win situation for RCM leaders! But the right vendor partner can turn this no-win into a win-win.
Supercharge Your Workforce with the Right Vendor Partner
EnableComp’s intelligent automation platform, E360 RCM™, optimizes your specialty revenue cycle management from registration to reimbursement — automating nearly 50% of the process for RCM leaders who want an enhanced workforce, increased collections, and accelerated cash.
As your “partner down the hall”, you can count on us to help you and your team succeed. Why?
EnableComp is a Top Workplace where our team members love to work and refer their friends to do the same at incredible rates. We hire the right people who value being a part of a company that lives its core values.
Our people are the best in the business. We provide a working environment and on-going development and mentorship that is driving record low turnover. Our team members are empowered with world-class training and Quality Assurance. And we equip them with state-of-the-art, intelligent automation technology that reduces burnout and gets you more cash, faster.
We are recognized for specialty revenue cycle delivery excellence — earning #1 Ranking in 2024 Black Book™ Research Survey for Specialty Revenue Cycle Solutions. And with over 1000 partners from regional hospitals and ambulatory surgery centers to Top 100 health systems across the country, our Net Promoter Score (NPS) is an astonishing 95!
Outsourcing your complex claims to the right vendor partner not only improves your cash yield, it reduces direct and indirect staffing costs, and allows you to focus on optimizing productivity while retaining and growing necessary in-house staff. With EnableComp, you get one powerful platform with skilled professionals, technology-enabled ROI, and subject matter experts to supercharge your workforce and drive yield — a dream come true!
Ready to take on staffing shortages and supercharge your revenue cycle management team? Contact us today for a free consultation and discover how our specialized RCM platform can benefit your healthcare organization.
