Next-generation Yield Analytics Can Transform your Staffing Outlook
Even before the unexpected disruptions of COVID and the ‘Great Resignation,’ finding skilled RCM labor was expensive and challenging. Before the pandemic, administrative (labor) costs associated with the revenue cycle ranged from approximately $20.50 for each primary care visit to $215.10 for each inpatient surgery visit.
As a result of COVID, the U.S. Bureau of Labor Statistics estimates that almost 35% of health care establishments have increased wages and salaries or paid bonuses. In addition, a recent survey by the Medical Group Management Association (MGMA) found that 73% of their members ranked staffing as their biggest challenge in 2022. Sustained, increased competition for labor will likely result in wages and salaries going even higher. Today’s reality of rising labor costs and a tight labor market further exacerbates the already complicated question of finding profitability in healthcare.
Every RCM manager knows where labor needs to be inserted into their organization’s workflows. Rather than measuring labor as simply the number of claims that need to be worked, shift your perspective to focus on the product of that labor – cash collections – which is the true measure of revenue cycle efficiency and effectiveness.
Staffing challenges can be turned into a productivity opportunity by incorporating Yield Analytics into labor management and workflow assignments. Currance takes a consultative approach leveraging proprietary tools and industry best practices to create High-Performance Work Teams that optimize cash collections while lowering labor and operational costs.
Yield Analytics Increases Efficiency and Effectiveness
Continual workflow improvements powered by Yield Analytics closes the gap between cash collections and expected payments that build over time, optimizing cash flow from earned revenue.
Focus instantly on areas of strength and weakness
Continuous productivity and quality monitoring allow leaders to easily focus on areas of strength and weakness, enabling quick responses to labor bottlenecks that may indicate claims issues or the need for further staff training. Yield creates visibility into precisely where labor is needed and most productive.
Predict future staffing needs
At-a-glance displays alert leadership to slowdowns in productivity. Identified trends can be forecasted to predict performance along time intervals, which gives revenue cycle leaders critical time to adjust labor and avoid slowdowns in cash flow.
Use Flex Workforce to expand your team without hiring
Currance provides at-the-ready, trained work teams certified in the Currance Yield Methodology that can be seamlessly scaled up or down according to your needs. The Currance Flex Workforce solution provides the flexibility to be used as a stand-alone labor solution, extension to existing in-house teams, or jointly operate with another outsourcers as a hybrid approach. Regardless of how you manage your revenue cycle, Flex Workforce creates the best fit for your organization and is an easily accessible solution to fill staffing needs.
Yield Analytics empowers you to retain talent
Everyone wants to be recognized for a job well done. Currance High-Performance Work Teams and Yield Analytics allow you to recognize the most productive team members and capitalize on their talent. Leadership can use real-time and historical metrics to reward highflyers. At the same time, data can be mined to identify the workflows that most productively close the gap between earned revenue and cash collections so they can be replicated.
Want to learn more about how Currance can transform Rev-Cycle staffing shortages into a strategic transformation opportunity?
Currance integrates proprietary tools and Yield methodology to structure and manage High-Performance Work Teams that supercharge productivity and deliver more earned revenue. Contact us today to learn how Currance can help your organization overcome staffing challenges while boosting efficiency and cutting operational costs. Contact us at firstname.lastname@example.org