29 Nov 2023 Strategic Revenue Cycle Planning – 3 Part Series: How to increase patient market share amidst the great resignation
New Year is here, and we have developed the 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 back on patients.
Our first article discussed the pros and cons of full-time employees, temporary workers, and outsourced staff. Our second article will look at the continuing trend of staff great resignation while trying to attract more patients.
For any hospital, patient market share is critical. To make matters more complicated for 2023, patients are even more empowered and have multiple ways to connect with providers. Just take a look at tech and retail giants, like Amazon, Apple, or Oracle, to name a few, that continue to inch into healthcare delivery. Everyone wants in since nearly 20% of the US GDP is healthcare-related.
Now add the additional challenge of great resignation.
According to the latest survey from Arkasa, 55% of hospital managers say they have a shortage of billing specialists, and 42% said they lack patient follow-up staff.
Plus, labor expenses are outpacing increased hours worked, meaning hospitals are paying more due to labor shortages.
With so many new challenges on the horizon, many hospital leaders find themselves stretched too thin to manage all aspects of the revenue cycle while creating new strategies to attract more patients.
This is a perfect opportunity for any healthcare organization to find an outsourced revenue cycle partner to collaboratively manage all or some parts of the revenue cycle. The key is to take time and find partners with the knowledge to meet the hospital’s needs and treat it as a partnership, not just services provided. There should be a strategy followed by both parties, accountability, and constructive feedback.
The right RCM partner will allow you to concentrate on increasing patient market share.
Growing patient market share and revenue cycle management is vital for keeping medical practices and hospitals fiscally healthy. Add the challenges with staff resignations; soon, the hospital management will be forced to realize that something has to give. Outsourcing the revenue cycle management will allow you to maximize your revenue collections and concentrate on patient engagement.
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.
Start today and schedule your free process review!
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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