Recruiting revenue-cycle talent comes with significant financial and time-saving costs. Filling vacancies with higher-level talent in the revenue cycle has proven to be the most challenging for medical practices. They take a remarkable average of 207 days to complete, with an average cost of $5,699. For mid-tier revenue cycle posts, it takes an average of 153 days to complete at an average cost of $3,581. Entry-level positions are also not easy to fill, as it takes an average of 84 days and a cost of $2,167 to recruit entry-level talent.
According to a survey by AKASA, a developer of artificial intelligence (AI) for healthcare operations, difficulty recruiting revenue cycle talent negatively affects a practice’s productivity and increases burnout. Researchers have found that revenue cycle talent recruitment challenges are due to the broader trend of the big quit, which has led to increased turnover, particularly in the healthcare industry. People may choose to leave the healthcare industry for better-paying jobs elsewhere, in areas like retail and logistics. Researchers also observed that longer hours, increased pressure to be productive, and the healthcare industry’s desire to improve the financial experience of patients put pressure on revenue cycle management teams.
A significant number of respondents indicated burnout
Nurses, Physicians and Other Healthcare Professionals Have Higher Than Normal Turnover Rates, According to Georgia-based Physician Recruitment Group Jackson Physician Search and Medical Group Management Association (MGMA) . Additionally, the survey found that a significant number of respondents indicated high levels of burnout, with nearly 50% of respondents planning to retire. Unfortunately, this trend shows no signs of slowing down. According to a Mayo Clinic Proceedings study, 20% of doctors plan to leave their jobs in the next 2 years. Administrators and clerical staff are also affected by the big quit trend, with many choosing to cut their hours over the next year.
AKASA’s survey found that using automation in revenue cycle management can help address some of the above issues. Malinka Walaliyadde, co-founder and CEO of AKASA, suggests that medical practices need to change the way they work, given that it is difficult for practices to acquire and maintain all the staff needed to do so. Walaliyadde urges doctors to get rid of repetitive activities and employ staff to work on the most cognitively complex tasks. While automating the revenue cycle is all the rage, outsourcing vendors to fill vacancies in the revenue cycle workforce is another strategy used by some medical practices. The CEO of revenue cycle management firm NextGen, David Sides, notes an increase in the number of clients using his company for outsourcing services.
Whether through automation or outsourcing, medical practices are increasingly reworking their talent recruitment strategies based on the revenue cycle. This allows them to manage workforce discrepancies so they can devote the necessary time to patient care.