Maintaining Billing Staff During the Great Resignation
As we emerge from the pandemic, one of the biggest challenges facing employers is the effects of the “Great Resignation.” It’s not only becoming harder to hire new employees, but more importantly, retaining the staff you already have.
When assessing ways to retain staff, managers analyze aspects such as culture, benefits, atmosphere, etc. For laboratory billing managers, your billing solution plays a bigger role in staff retention than you might think.
How Your Billing Solution Can Improve Staff Retention
Using Automation to Manage the Tedious Tasks
Staff can lose sight of the significance their role plays in the business’ operations due to simple, repetitive, and often tedious tasks they are required to perform. This comes from the lack of automation of the current billing solution, thus requiring more manual intervention from billing staff.
With a modern solution built to handle the complexities of lab billing, labs can automate many processes, reducing the number of touches required to get a clean claim, patient statement or
client invoice out the door. This allows managers to allocate their staff to more challenging yet rewarding tasks where they can see the results of their efforts through improved efficiency and collections.
Monitoring Remote Productivity
As labs look to permanently switch to a remote or hybrid work model, productivity analytics are becoming necessary for supervisors to effectively manage staff and ensure productivity. This becomes challenging when many billing solutions require users to work outside of the main application making it nearly impossible to track what your staff is doing daily.
To track productivity and monitor KPIs, not just with staffing but for the entire revenue cycle, labs need a billing solution that includes the functionality to handle billing processes all within a single application. The single solution should allow visibility to analytics such as productivity, payer collection trends, etc. so business leaders can make well-informed business decisions improving their bottom line.
Improving Profitability, Offering Competitive Wages
By far, the most common reason employees are leaving jobs is compensation. With labs fighting to collect every dollar due, managers face the predicament where they can either increase their current staff’s wages or hire additional staff to handle more volume.
With a billing solution designed to streamline the revenue cycle, labs can improve current levels of productivity to handle increased billing volume without hiring additional staff. This reduces operational costs providing margin to increase pay for staff improving retention.
A Solution to Staffing
TELCOR RCM is the industry’s leading laboratory billing solution. Within the application, labs have unmatched access to functionality to increase efficiency. This allows managers to allocate staff to those harder to earn dollars improving collections while reducing the need to hire more staff to handle an increase in volume.
Labs gain access to real-time analytics where you can create customized reports and view trends such as payer reimbursement, profitability, claim denial and appeals to better direct staff to activities that improve amounts collected. Also, billing managers can analyze staff productivity reports to ensure employees – whether they are in the office or working from home – are staying productive and hitting performance goals.
Click here to schedule a free consultation to see how TELCOR RCM can help you increase efficiency, access analytics and power profitability.
Tyler, Kathryn. How to Ride the Great Resignation Wave, June 2021. https://www.shrm.org/hr-today/news/hr-magazine/summer2021/pages/reducing-turnover.aspx.