The Great Resignation during the Covid pandemic resulted in significant staff turnover across nearly all industries. Still, Healthcare revenue cycle seems to be getting hit the hardest by the current economic circumstances. Not only do we see high levels of burnout and early retirement, but skilled revenue cyle personnel are exiting healthcare for higher-paying positions in other industries, including retail and logistics.

Medical Group Management Association (MGMA) poll found that 73% of medical practices reported “staffing” as the biggest pandemic challenge!

Lori Intravichit, CEO of Sunlit Cove Healthcare, said:

Every day, we see that hospital systems struggle to get the staff they need to operate. We see basic labor shortages and higher staff turnover. The struggle for staffing in revenue cycle will continue to grow.

Two factors have emerged as possible solutions:

1. Automation

The old saying work smarter, not harder is a perfect example of how healthcare groups need to shift the old mentality of “it has always been done this way” and start leveraging technology. Automation should reduce manual effort and optimize staff productivity by enabling them to focus on only the most essential tasks.

2. Outsourcing

The definition of outsourcing is not to pass the buck; it is a collaborative process that has to fit your organization. Various factors go into making outsourcing decisions, and there is no one-size-fits-all approach. Like in any other relationship, there should be a mutual understanding of what healthcare groups are trying to accomplish, the scope of the work, and the problems they’re trying to solve.

In conclusion, hospitals and health systems must learn to adapt and rethink their automation in revenue cycle management and find trusted partners to fill workforce gaps as they focus on patient care. They must do their part and find partners that have the knowledge to meet the urgent needs and treat it as a partnership, not just a service provided. Hospitals should hold vendors accountable and require meaningful feedback.

Sunlit Cove Healthcare team can increase 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.

Revenue Cycle Interim Management: