3 Ways to Address a Manpower Shortage in Revenue Cycle Management
Revenue Cycle Management (RCM) is an essential process in the healthcare system that helps to ensure that medical providers are paid for services rendered. Unfortunately, many healthcare organizations suffer from a manpower shortage in their RCM processes, making it difficult to maximize their revenue. Fortunately, there are a few strategies that healthcare organizations can use to address this issue. This blog post will discuss three ways to address a manpower shortage in Revenue Cycle Management.
1) Automation
In healthcare, automation has enabled RCM managers to deal with staffing shortages. Automation eliminates repetitive tasks, tackles deadlines, reduces manual efforts, and manages labor-intensive tasks. For example, introducing online portals for patient registration is one-way automation that can be used in the healthcare industry.
Cloud-based RCM/EMR software provides an integrative platform for most practices to manage mission-critical processes remotely. This software allows users to access necessary documents anytime, anywhere, without compromising security. The automated system can help reduce the amount of paperwork and manual labor needed to manage accounts, resulting in a more efficient workflow for RCM staff. Automating RCM processes also helps ensure accuracy and compliance with industry regulations and standards.
Overall, automation is a great tool for RCM managers to use when dealing with a manpower shortage. Automation helps streamline workflows, improve accuracy and reliability, and eliminate the need for manual input, allowing staff to focus their efforts on more important tasks.
2) Strategic And Sustainable Changes
The success of revenue cycle management (RCM) largely depends on analytics of denials. Understanding patterns, acknowledging root causes, properly allocating and managing higher revenue claims, and eliminating any claims that fall into longer aging are all important to maximize the revenue cycle process. Applying effective RCM analytics can bring in the necessary focus it needs.
Operational managers must invest their time and money in streamlined workflow systems. There should be a proper assessment of the current procedures and resources to address any manpower shortage. This can help determine the areas that need more attention and resources for improved outcomes.
Improving short-term outcomes can help gain long-term financial merits. Revenue cycle improvement requires collaboration from all departments and personnel involved to succeed. The improvement plans should include improving coding accuracy, shortening A/R follow-up times, or decreasing the number of denials and appeals. Additionally, these changes should be easy to understand and implement, with resources allocated to make them sustainable in the long run.
3) Outsourcing
Outsourcing is one of the most effective ways to eliminate manpower shortages in the healthcare sector. By outsourcing the revenue cycle management (RCM) process, a practice can increase its productivity and improve its first-pass ratio. To create a streamlined structure, revenue leaders must address pain points such as revenue leakages and front-end inefficiencies. Outsourcing can help existing employees focus on more important aspects of the practice. It is important to choose the right vendor partner to ensure the successful production of the practice.
KG Simple Solutions and Proclaim Billing Services are two well-known names in the medical coding, billing, accounts receivables, and denials management industries. They offer customizable solutions for various services, including collecting unpaid payments, improving reimbursement rates, and streamlining workflows. With their experienced staff and proven processes, you can be sure that your RCM needs are in safe hands.