Solutions for the Clinical Labor Shortage and Revenue Cycle

Hospitals and medical billing company systems now face unprecedented inflation as the industry’s financial and operational leaders struggle to find the funds for care delivery and administrative procedures. They must outsource RCM tasks and pick partners who can provide trained and certified resources because of inflationary pressures and a subpar revenue cycle.

How the Staffing Crisis Began

The staffing crisis has reached an all-time high following the pandemic, and many hospitals and clinics are reporting a shortage of physicians, nurses, and other healthcare workers. As the need for COVID care rises due to more recent COVID-19 variants, many emergency rooms have closed. Due to a lack of beds and medical staff, many ambulatory surgery centers advise patients to put off elective surgeries. It’s not like the healthcare industry has never experienced a staffing shortage. Because of the following factors, they have been hit the hardest in decades.

Burnout and Exhaustion Among Carers

Burnout has been brought on by the pandemic’s disproportionately heavy workload for physicians, nurses, and other healthcare workers. Many have reached the point of no return as a result of the numerous months of constant pressure to provide care in a difficult environment. Burnout is a result of lower pay, a lack of drive, and an aging carer population.

Improved Opportunities

A national reevaluation of the value of the job was prompted by COVID-19, and many people opted to pursue better opportunities in industries like retail. Due to changes in their spouses’ or partners’ employment locations, some healthcare professionals left their current positions and it affects the revenue cycle of companies.

The Slow Rate of Addition of Nursing Talent and the Aging Population

America is getting older, and as chronic illnesses necessitate specialized care, the demands for elderly care become more complex. The older nurses are feeling the pressure, burning out, and leaving the field as fewer younger nurses are entering the talent pool. Although there are nursing schools in the majority of states, not enough people choose nursing as a career.

Comparing Healthcare Pay to Other Industries

Healthcare organizations all over the country have had trouble luring entry-level talent. The issue is even more serious in rural institutions. The pay in the gig economy, retail, and other related fields is significantly higher than in the medical field. In the current competitive environment, rural facilities must pay for hiring and offer alluring benefits like sign-on bonuses and relocation grants.

Staffing Shortages’ Effects

The cost of care is significantly rising along with inflation. To increase productivity and workflow, they must provide the RCM team with the appropriate technology and equipment. Investments in development and process transformation are needed for these tools.

Solutions

Solutions to Staffing Challenges for Hospitals, Health Systems, and ASCs

Healthcare CFOs and human resource management services have different approaches they can use to address the staffing issue.

The Employee Value Proposition Has Changed

You can attract, train, and retain top talent by enhancing pay and benefits, offering educational opportunities, and creating an open culture.

ASCS and Rural Hospitals Can Use Staffing Companies and Remote Workers.

One way to address the problem is by contracting providers of temporary staffing solutions and enforcing stricter SLAs for coverage. They can also address the issue by providing current employees with cross-training.

Conclusion

It’s likely that the staffing shortage won’t end anytime soon. The time is now for healthcare CFOs to identify workable solutions to quicken the revenue cycle and enhance the institution’s financial stability. An innovative combination of on-site, remote, and temporary employees is needed for clinical staffing. Healthcare leaders can free up funds to invest in innovation and fight the current inflationary pressures by outsourcing administrative tasks like front office services.