Nearly half of revenue cycle leaders said their departments are facing severe labor shortages, according to a midyear financial trends report released June 29 by R1 RCM.
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.