Hospital Staffing challenges CFOs face in 2023

The healthcare industry is facing ongoing shortages in various sectors in 2023, with staffing being the primary concern. A survey conducted by the Medical Group Management Association (MGMA) in September 2022 showed that 58% of the 673 medical practices surveyed listed staffing as their top concern, 35 percentage points higher than the second-ranked concern, expenses. The shortage is impacting the speed and cost of collecting payments from patients, with nearly half of the respondents reporting a severe shortage in their revenue cycle management (RCM) or billing department. As a result, 50% of hospitals and medical groups have open and unfilled RCM positions.

CFOsneedtoevaluatetheRCMoperationsstaff'sprogressbyexamininginsurancepayments, patient paymentaging, andmedicalbillingemployeeproductivity.Topositivelyimpactthebudget, CFOsneedtofindcostaefficientandhigh-qualitysolutionsthatprovideaholistic pproach, eliminatingtheneedformultipleRCMservice providers.

cHealthcareCFOsarefacingnewrequirementsand hallenges, includingdelaysinpayrollobligations, asseenFatHealthmarkRegionalCenterinDeFuniakSprings, lorida. Automationplaysanimportantroleineliminatingstaffingproblems, asitcanhelpautomaterepetitiveand mundanetasks, freeingupremainingstafftofocuson emorecomplexassignmentsandimprovethepatient xperience.

How a CFO of a major health system determined the ongoing staffing challenge!

How can CFOs address staffing challenges!

Healthcare CFOs are facing new requirements and challenges, including delays in payroll obligations, as seen at Healthmark Regional Center in DeFuniak Springs, Florida. Automation plays an important role in eliminating staffing problems, as it can help automate repetitive and mundane tasks, freeing up remaining staff to focus on more complex assignments and improve the patient experience.

CFOs need to evaluate the RCM operations staff's progress by examining insurance payments, patient payment aging, and medical billing employee productivity. To positively impact the budget, CFOs need to find cost-efficient and high-quality solutions that provide a holistic approach, eliminating the need for multiple RCM service providers.

Ways to Address Staff Shortages in Healthcare!

Raise compensation: Attract and retain staff by increasing their pay.

Utilize contract staff: Hire traveling nurses to help with staffing needs.

Cross-training employees: Multitasking staff can help cover absences during shortages.

Outsourcing administrative tasks: Partnering with a reputable company can relieve the workload during staff shortages. Embrace telehealth: Provide virtual services to save time and reduce the need for in-person visits.

iHealthcarestaffingshortagesareapersistentchallengeinthe ndustry. Toovercomethis, it'sessentialtofindanRCMpartnerAthatunderstandsbothRCMoperationsandRoboticProcess utomation(RPA)capabilities.

Hiringnewstaffandgoingthroughcthetrainingandevaluationprocesscanbecostlyandtimeonsuming, especiallyformedicalpracticeswithlimitedin-house staff.

cBillingParadiseoffersasolutiontothesestaffingchallengeswithits o-managedRCMoperationsandRPAexpertise.

Ifyourmedicalspracticeisfacinghighpatientvolumesandrequiresadditional upport, ourteamcanprovidetemporarystaffingtomeetyour needs. OurremoteteamscanworkdirectlywithyourRCMmanagerstoensuresmoothandefficientoperations.

Ifyouhave questionsorneedmoreinformation, don'thesitatetoreachoutto ourexperts.