Showing posts from February, 2022

Healthcare Orgs Hit Revenue Cycle Talent Recruitment Snags

Finding senior-level revenue cycle talent is the most challenging for healthcare organizations, but even entry-level roles take an average of 84 days to fill. The Great Resignation and other employment challenges are hitting revenue cycle management, a new survey of hospital and health system leaders indicates. The survey commissioned by healthcare operations company AKASA surveyed 514 chief financial officers and revenue cycle leaders at hospitals and health system across the US using the Healthcare Financial Management Association’s (HFMA’s) Pulse Survey program. The survey was fielded between Sept. 30, 2021, and Oct. 17, 2021. Survey results revealed that the cost of recruiting revenue cycle talent is significant and the timelines to fill open positions is long. An open entry-level revenue cycle position cost hospitals and health systems $2,167 for recruitment, on average, according to the survey. Additionally, finance leaders said it takes an average of 84 days to fill the role d

3 Steps to Increase Profitability

We can count on the cost of providing quality medical care to continue to rise even while having to face forces that lower reimbursement to providers in the healthcare industry. It is easy to get caught up in the day to day operations of your medical practice management and lose your focus on the financial health and trajectory of your practice. Take some time every month to examine the bottom line affect of the systems that are in place in the office. Try to be objective as you review your own routines and habits as well as those of your staff. What follows is a non-exhaustive list of areas to consider as well as suggestions on some steps to take to increase profitability.  Examine the Revenue Cycle There are a number of steps between collecting a patient’s insurance information and closing their account as paid in full, each of which can have an affect on a medical practice’s net income. Each month, take a look at the overall revenue cycle to insure there are no obvious snags or bott