5 ways to address revenue cycle staffing challenges
The U.S. healthcare industry continues to see a shortage of revenue cycle management (RCM) staff with no end in sight. Thirty-four percent of medical group leaders say it’s hardest to find medical coders, according to a recent Medical Group Management Association (MGMA) stat poll in March 2023. Twenty-six percent say billers are hard to find while 18% say it’s hard to hire schedulers, and 15% say it’s hard to find staff to manage authorizations. Other positions for which it’s hard to hire include billing managers, credentialing specialists, front-office staff, and patient engagement reps.
Without a clear strategy to address these medical billing staffing challenges, healthcare providers could experience numerous negative ramifications: Missed revenue opportunities, payment delays and denials, compliance risk, cashflow interruptions, exacerbation of existing administrative challenges, patient dissatisfaction, and low staff morale.
What’s driving the medical coder shortage and other revenue cycle staffing challenges?
It’s simple. The current and future demand for medical coders and other RCM staff outweighs the supply. During the COVID-19 pandemic, many RCM staff left the healthcare profession altogether to move into similar- or higher-paying non-healthcare jobs. However, the U.S. Bureau of Labor Statistics predicts the number of health information technician and medical record specialist jobs will increase at a yearly rate of seven percent by the decade’s end, outperforming the average growth rate for all other occupations (i.e., five percent). There are many reasons for this: An aging, chronically ill population; an increasingly complex healthcare reimbursement system; and an emphasis on data as an organizational asset are just a few. The result? An ongoing medical coder shortage and a dearth of RCM professionals.
What are some strategies to address the healthcare staffing shortage?
There are many ways medical practices can address revenue cycle challenges to promote business continuity. Keep in mind there’s no one size-fits-all solution, and medical practices may want to consider a multi-prong approach to keep up with future demand for medical coders and other RCM professionals.
1. Retain existing RCM staff. Provide competitive salaries, comprehensive benefits, and flexible work schedules. Also invest in ongoing education, tokens of staff appreciation, and other perks. What did your medical practice learn about staffing needs and preferences during the COVID-19? How can you apply that feedback going forward?
2. Go remote. If there’s anything the COVID-19 pandemic taught us, it’s this: Remote work arrangements for medical billing staff are paramount. These arrangements not only boost retention, they also reduce costs and provide healthcare organizations with a greater talent pool from which to hire. This is particularly important in rural areas of the country, but also in urban areas where competition and medical and billing demand for highly skilled RCM talent may be greater.
3. Create an internal training or apprentice program. For example, For The Record reports that in-house coding programs helps avoid long-term coding vacancies. As part of this training program, you might even want to consider a cross-training component so RCM staff can perform a variety of revenue cycle tasks, when needed.
4. Consider RCM outsourcing. In many cases, working with an outsource partner is the most efficient and cost-effective way to address RCM staffing challenges. Why? Your RCM partner handles the responsibilities associated with recruiting, onboarding, training, and retaining medical coders, medical billers, and staff in similar administrative roles. However, keep in mind that not all RCM outsource partners are created equally. Use this list of questions when interviewing prospects to find the best fit.
5. Leverage technology. RCM technology doesn’t replace RCM jobs—it augments them. Why is this important in the context of medical coder and biller shortages? Technology reduces the number of repetitive, manual tasks necessary to get paid (e.g., eligibility verification, end-to-end claim tracking, payment posting, and more). Although technology may help medical practices keep up with medical and billing demand and reduce the overall number of FTEs necessary to run a smooth revenue cycle, perhaps the bigger and more universal benefit is that it promotes job satisfaction and improves retention.
Conclusion
Healthcare staffing shortages don’t seem to be going away any time soon. The question is, what is your medical practice doing to take a proactive approach? The unfortunate reality is that even if you haven’t felt the effects of RCM staffing gaps and turnover, it’s probably only a matter of time before you do. What’s your plan? Learn how edgeMED can help and be sure to check the Healthy Snacks blog for more expert insights, best practices and industry trends.
