More than 25 percent of finance leaders reported needing to hire more than 20 employees to fully staff their revenue cycle departments, a survey published May 18 found.
The survey of 411 finance leaders was conducted by Akasa, a revenue cycle firm that uses artificial intelligence.
Akasa asked respondents to share how many vacancies they had in their revenue cycle departments. Sixty percent said one to 10; 14 percent said 11-20; 7 percent said 21-30 and 19 percent said 31 or more.
"For hospitals, lack of staff within the revenue cycle means you aren't getting paid," said Amy Raymond, vice president of revenue cycle operations at Akasa. "To attract talent, healthcare financial leaders should shift their mindsets: This means relaxing job requirements like years of experience or offer intensive training to new hires with limited background in healthcare finance. The second piece is retention: Leaders should be investing and upskilling their staff to provide more rewarding work and ensure compensation levels are competitive."