The labor shortage that the United States is currently experiencing has not spared the healthcare industry. Hospitals, clinics, and medical practices are feeling the squeeze as they try to find qualified employees to fill vacant positions. The good news is that there is a solution: outsourcing revenue cycle management. By doing so, medical groups can focus on their patients and leave the billing and collections tasks to specialists. In this blog post, we will discuss the current labor shortage in detail and how outsourcing revenue cycle management can help overcome it.
The labor shortage in the healthcare industry is nothing new. In fact, it predates the COVID-19 pandemic. The Association of American Medical Colleges (AAMC) estimates that by 2025, there will be a shortage of up to 122,000 physicians in the United States. This number does not take into account the additional nurses, pharmacists, and other medical professionals that will also be needed to care for an aging population.
This is compounded by the fact that many healthcare workers are nearing retirement age. According to a report from the American Health Care Association, nearly 60% of nurses are over the age of 50. This means that there will be a large number of retirements in the next few years. At the same time, there is a decrease in the number of young people entering the healthcare workforce. This is due to a variety of factors, including the high cost of tuition and the increasing demand for other types of jobs.
The labor shortage has also been exacerbated by COVID-19. The pandemic has led to an increase in the number of patients needing medical care. At the same time, it has also caused a decrease in the number of healthcare workers available to provide that care. This is due to both an increase in the number of people who are sick and a decrease in the number of people who are willing to work various positions.
One solution for Medical Practices, Groups, and hospitals is to partially or entirely outsource revenue cycle management to a specialized company that can optimize results for a fraction of the price. This solution alleviates concerns around the two most important assets in the industry: Monetary capital and human capital.
When you outsource revenue cycle management, you are able to:
– Save on labor costs: You no longer have to worry about the high cost of hiring and training staff.
– Improve efficiency: Revenue cycle management companies are experts in their field and can help streamline your billing and collections process.
– Increase cash flow: By outsourcing, you can receive payments more quickly and improve your bottom line.
– Focus on your patients: When you outsource, you free up time and resources so that you can focus on providing the best possible care for your patients.
If you are interested in outsourcing revenue cycle management, contact Expert Medical Billing today. We would be happy to discuss how you can gain back patience so that you and your team can help more patients.