Recently, I have been hearing the same question from revenue cycle leaders across the country, “How do we reduce staff turnover?” Staff turnover will continue to be an issue until leaders invest in understanding the underlying issues. What is below the surface that is causing my employees to leave?
Revenue cycle leaders need to understand their employees and what is motivating them to come to work every day. Some employees want the opportunity to grow within the revenue cycle or move into a different department (ex. become a certified coder). Others only perform better when their work is recognized by leadership or they have visibility into the organization’s financial improvement. Understanding what makes your employees motivated is necessary to retaining them.
Whatever the motivation of an employee, compensation is always going to play a role in the discussion because employees do not work for free. Motivating staff through compensation cannot be the sole strategy because money might not be everyone’s sole motivating factor. However, incorporating a compensation review into the mix while finding other ways to motivate staff can be a powerful approach.
At one organization, an analysis of key functions for the different revenue cycle positions was conducted to determine adjusted pay grades. They created a weighted grading system for elements of the jobs and the different roles were graded on top tier performance. The revenue cycle leaders worked with human resources and an outside compensation survey to develop new pay grades.
What they noticed in this review was that front-end roles had been becoming increasingly complex. Their thoughts before the review were that the most complex roles were conducted on the back end. For examples, front-end staff have been dealing with more stringent pre-authorization requirements, new technology, and an increasing emphasis on customer service.
Using a compensation review to retain staff can be a very powerful tool to increase staff’s motivation within an organization.
If you have any questions or other strategies on how to retain employees, please reach out by filling out the form below.