R1 RCM surveyed 205 CFOs and vice presidents of revenue cycle from large health systems and physician groups between June 9 and 16, according to the report emailed to Becker’s.
Eight things to know:
1. Forty-eight percent of respondents said their RCM/billing department is experiencing a severe labor shortage and 34 percent said they are facing a moderate shortage.
2. Forty-one percent said between 51 percent and 75 percent of their RCM/billing department roles are currently vacant. Thirty-six percent said between 25 percent and 50 percent of those roles are vacant.
3. Twenty-five percent said increasing costs are their biggest concerns when it comes to the financial health of their organization. Twenty-two percent said the risk of a recession was their biggest concern while 21 percent said shrinking margins and 17 percent said CMS/payer reimbursements.
4. Sixty-six percent strongly agreed there is or will be additional strain on RCM operations as more patients return for elective health appointments.
5. Seventy-six percent said they expect the labor shortage to improve by the end of 2022.
6. Fifty-six percent said they are adopting automation technologies to address RCM/billing department labor shortages. Fifty-one percent said they are expanding employee benefits or compensation.
7. Twenty-nine percent said they have experienced issues with price transparency compliance.
8. Forty-six percent said they are behind on their 2022 revenue goals and 40 percent said they are on target to meet those goals.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
