Did you know? Between Dec 2019-2021, the median change in hospital operation margins (without CARES) dropped by 14.7%, while labor expenses per adjusted discharge increased by 26.8%. (Jan 2022 National Hospital Flash Report)
It’s difficult to retain staff since “The Great Resignation”. People are not looking for long-term careers anymore — they are exploring short-term opportunities. This ongoing staff shortage is extremely prominent in healthcare organizations, which has strained both clinical and revenue cycle processes. An article by Becker’s Hospital Review states that several departments in healthcare are facing short staffing challenges including back-office revenue cycle management specialists, medical coders and A/ R experts. This has led to a massive backlog in the accounts receivable (A/R), and missed claims timelines, impacting the potential revenue growth rate.
What’s detrimental for healthcare practices to thrive?
Final word
With healthcare costs and demand continuing to rise, practices need excellent financial staff, which isn’t easy to find. One way that you can overcome this bottleneck and improve your cash flow is to partner with a qualified partner. It helps you save operational and hiring costs, maximize efficiency, submit timely clean claims and improve reimbursement rates.
