08 Nov 2023 Strategic Revenue Cycle Planning – 3 Part Series: Recognizing the distinction and advantages vs disadvantages of full-time employees, temporary workers and outsourced staff
It is time for healthcare organizations to establish new goals and strategies to complete the revenue cycle staffing plan and focus on obtaining increased patient market share. One of the biggest challenges remains the issue of staffing stability and management in the Revenue Cycle Arena.
We have come up with the 2023 Strategic Planning Series to help you determine whether you have the time management and budget for full-time employees. Or it may be time to find a staffing alternative that will allow you to focus on patient engagement.
In our first article, we will look at the pros and cons of full-time employees, temporary workers, and outsourced staff.
According to the latest labor market report, hospitals claim that labor costs have increased by 7.2% since 2021 and that healthcare staffing firms for temporary workers are now charging significantly higher fees than before the COVID-19 epidemic. It is also interesting to point out the latest development in our Congress, where nearly 200 members have asked the Biden administration to investigate nursing staffing businesses’ price gouging in a bipartisan effort.
Lori Intravichit, CEO of Sunlit Cove Healthcare, said:
Having trouble filling available revenue cycle roles and guaranteeing a steady revenue collection could be disastrous for healthcare organizations at a time when the hospitals are having trouble filling clinical and nursing posts. Focusing on permanent medical staff to create quality and continuity of medical should be the Healthcare System focus.
Understand the difference between employees, temporary workers, and outsourced staff:
1. Full-Time Employee
Healthcare organizations will need to analyze the cost of the full-time revenue cycle employee, not only the salary but also their benefits package, which could be as high as 30% of their salary. Not to mention the work disruption for sick, personal, and vacation days. The budget is still only half of the issue. Full-time employees most likely need management, which requires even more staff. Plus, what will happen to full-time workers when the admissions are down?
2. Temporary Worker
Temporary workers come with a fixed price; however, the management issue remains.
3. Outsourced Staff
People often confuse or do not understand the difference between a temporary worker and an outsourced partner. Outsourcing is a collaborative approach that must fit your healthcare organization. Different aspects go into making outsourcing decisions, and there is no one-size-fits-all approach. There should be a mutual understanding of what you are trying to accomplish, the scope of the work, and the problems you’re trying to solve.
The right revenue cycle outsourced partnership will free you from staff management and allow you to concentrate on more strategic initiatives such as improved continuity and quality of care. You will also get access to talent and training, all within your financial scale. Ultimately, you will have a better handle on payer trends and be able to react to them, see fewer denials and get more accurate reimbursement.
In conclusion, the reality is that hospital admissions are down, may not return to the pre-pandemic levels, and most Covid-19 government support is running out. So, the question remains: “Can you afford full-time revenue cycle employees?” Hospitals must do their part and find partners that have the knowledge to meet their needs and treat it as a partnership, not just a service provided. They also should hold the revenue cycle vendors accountable and require meaningful feedback.
Sunlit Cove Healthcare team can speed collections, identify revenue opportunities, control denied claims, and add scalability and revenue cycle automation. We look at each process and identify possibilities as opposed to one size fits all strategy. We provide revenue cycle management services on a continuous or as-needed basis for a reasonable rate. No need to hire staff as volumes shift with the constantly changing environment. Contact us or give us a call at (727) 278-3009 to get started.
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Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
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