Healthcare systems rely on revenue cycle management to maintain efficiency and profitability. Revenue cycles also play a major part in patient satisfaction and retention. As such, navigating the trends relating to healthcare and revenue cycle management can help your organization optimize its teams and stay relevant in today’s workforce. From technological advancements to relying on outsourced talent, here’s how revenue cycle trends affect staffing.
Top Trends in Revenue Cycle
The healthcare industry has recently undergone significant changes that have affected revenue cycle management. For example, the No Surprise Act of 2021 gave patients greater financial transparency, resulting in higher patient retention rates and increased demand for patient care roles.
Other trends affecting revenue cycle management included the extended labor shortages in nursing, higher inflation rates, an increase in supply and labor costs, and the growing importance of data analytics. With the rise of AI and automation, employers can ease some of their staffing demands by automating processes.
What the Revenue Cycle Trend Means for Staffing
As organizations strive to optimize revenue collection while maintaining high-quality patient care, staffing adjustments play a key role in supporting these goals. Here are some trends in revenue cycle and what they mean for staffing:
Shifts Toward Automation
Healthcare practices continue to incorporate AI and automation that streamline processes such as medical coding, inventory management, revenue capture, and claims processing; this can change how hiring teams approach staffing.ยน For example, having automated processes in areas such as inventory management reduces the need for an extensive inventory management team. This allows the hiring team to shift their staffing focus from inventory management to information technology and computer programming roles, as these positions can help maintain the AI and automation systems. This shift also means employees can benefit from training programs and professional development to gain expertise in new technologies, which can enhance their job prospects and provide opportunities for career advancement.
Data Analytics Improving Workflows
Data analytics provides value to leaders looking to improve processes throughout their healthcare organization. These insights can help improve the claims submission process, resulting in fewer insurance claim denials. This can improve revenue flow, as it reduces the time spent adjusting and resubmitting denied insurance claims. Organizations need staff who can interpret data, identify trends, and recommend actionable strategies.
Labor Shortages Leading to Outsourcing
The revenue cycle space is continuously changing with the healthcare systems. This means they feel the same impact of labor shortages as other specialties within the healthcare field. What does this mean for staffing? Outsourcing talent when needed to fill essential revenue cycle management roles. This can help companies find individuals outside their immediate talent pool who can improve billing and coding accuracy, enhance financial planning efforts, and manage department budgets.
These shortages also mean considering a restructure of the revenue cycle management team. Accepting that not all processes need to be done under the healthcare system’s roof can help expand the talent pool beyond the local area. This can enable staffing to expand the talent pipeline to other zip codes, which can help the organization find top-tier talent who can work remotely.
As healthcare systems shift focus to more patient-centered approaches, revenue cycles will transition accordingly. Staffing departments should seek individuals who can navigate through changes in both the organization’s focus and the technological advancements in this space. By understanding these trends, you can help your organization prepare for the future and set up revenue cycle management for success.
