What We’re Reading: March 2023
Noteworthy news and analysis selected by Cloudmed RCM experts
How to Develop ‘One of the Best’ Revenue Cycle Tech Teams ‘In the Country’
HealthLeaders | March 1, 2023
Working remotely has been a success for most organizations and is now a permanent work model for many. Since recruiting an elite revenue cycle team is still a priority, how organizations find that talent has changed, too. It takes a lot of work by leadership to build the kind of culture revenue cycle teams want, and need, to be successful. When looking for new talent, three keys ingredients are emotional intelligence, commitment to being a good team member, and enough technical skills to start the role. If you can’t afford to hire the star IT talent, then you have to commit to developing them.
Patients as Consumers are Changing the Healthcare Industry
Medical Economics | February 28, 2023
Only 44 percent of businesses plan to implement customer experience strategies in 2023, according to a SuperOffice survey. The other half of companies are missing out on an opportunity to grow. Businesses that prioritize customer experience can boost revenue. Investing in customer experience (CX) strategies can improve customer satisfaction, raise employee retention and save companies money in the long term. Private practices that do not maintain digital prowess will have unhappy patients and unhappy employees. Technological advancements in health care can drastically improve patient experience, reduce clinician burnout and decrease overall costs, but 74 percent of companies fail to accomplish legacy system modernization processes, according to research firm Advanced.
Workforce Challenges Remain a Top Concern for Healthcare Executives
RevCycle Intelligence | February 17, 2023
Workforce challenges were a main concern for healthcare executives in 2022 and will likely remain an issue in 2023, according to surveys from the American College of Healthcare Executives (ACHE) showing 89 percent of CEOs were concerned about increasing costs for staff and supplies. Meanwhile, 66 percent were concerned about reducing operating costs and 63 percent identified inadequate Medicaid reimbursement as a concern. Many respondents (96 percent) cited cost management and reductions and cash flow management as top priorities for 2023. Providers experienced poor financial performances throughout 2022 as federal aid expired and labor costs rose. Operating margins were below 2021 levels each month and expenses continued to grow.
When Cost Factors into Healthcare Decision-Making: 3 Insights for Healthcare Revenue Cycle
MedCity News | February 12, 2023
A recent survey shows 44% of consumers have delayed care in the past year due to cost concerns, up from 25% a year ago, while paycheck-to-paycheck consumers are changing their purchasing patterns due to rising financial insecurity. These are signs that inflation is hitting home—literally—necessitating new approaches for easing consumers’ financial worries about care. By continually seeking ways to ease the financial strain of care, hospitals and health systems can position themselves as a trusted advisor for the communities they serve. It’s an approach that is vital to maintaining relationships and revenue.
