How Your DSO Can Reduce Revenue Cycle Staff Turnover
In our previous article, “Recruiting Revenue Cycle Talent: DSOs’ Three Biggest Challenges and Solutions,” we cited a CWH Advisors and CareCredit survey in which nearly two-thirds of healthcare providers said they’re experiencing staffing shortages in their revenue cycle departments. While this makes finding and hiring the right staff critical, it also increases the importance of retention. Because turnover is expensive—tens of thousands of dollars per employee—and you don’t want to repeatedly fill open positions from a limited job candidate pool. Not to mention, losing revenue cycle staff can also mean interruptions in collections and revenue.
Have you partnered with a specialized revenue cycle staffing agency? One that can not only help you find and hire qualified staff, but staff who are more likely to be retained long-term? See if your current staffing partner, or those which you are considering, use unique approaches and technologies to identify job candidates with the right skills, and, more importantly in this context, with the right characteristics to fit your organization’s culture. Generally speaking, the better the fit, the longer the employer-employee relationship.
Hiring the right fit means matching personal traits and soft skills to your DSO’s day-to-day culture. For example, if you run a fast-paced, open-office environment that exudes energy, you likely want a high-energy candidate. If your organization focuses on quickly adapting to conditions and scaling based on demand, you probably want an agile candidate. When the two parties match, the candidate often integrates seamlessly and makes an impact sooner—and for a longer period of time.
Here at Medix, we rely on an expert team of recruiters to carry out a proven recruiting process, which is aided by an innovative technology. This helps us ensure that we match our clients with fitting, long-term revenue cycle talent, including billers, credentialing specialists, and managers.
Our recruitment process includes:
- Planning – Plan a custom recruitment approach based on labor market data.
- Sourcing – Source talent from our deep pool of revenue cycle professionals.
- Selecting – Select the most vigorously screened and matched candidates.
- Onboarding – Onboard candidates quickly and painlessly.
- Retaining – Retain staff via engagement, feedback, learning, and training.
The technology that complements our recruitment process is MyPrint, a proprietary soft skills assessment tool which identifies 13 personality traits, 11 motivations, and 11 behaviors specific to the workplace. Once a job candidate uses MyPrint, we’re able to put together a full profile and compare it with your organization’s culture and ideal candidate type. This way, every candidate who makes it to the interview stage is a high match for your organization. Ultimately, the combination of our recruitment process and MyPrint technology helps you build a strong, long-term revenue cycle team.
At Medix, we used our MyPrint technology to reduce our new hire turnover by almost 70%, year-over-year.
The benefits include:
- Reduced turnover costs
- Lower recruiting costs
- Less time spent recruiting/more time spent on other priorities
- Fewer interruptions in day-to-day operations
- More consistent revenue from collections for your clients
Partnering with Medix also means you have a dedicated extension of your internal HR and recruiting teams. You can rely on us to quickly deliver the revenue cycle staff you need as you take on more claims and grow your business. We’re also constantly working to get more familiar with your organization, so that we can build our talent pools and optimize our processes specifically for your needs and operations.
To learn more about the benefits of partnering with a staffing agency like Medix. If you would like to discuss your DSO’s revenue cycle staffing needs and how you can reduce turnover, contact us today.