Throughout HBI’s frequent surveying, as well as the 1,000s of conversations our teams held with revenue cycle leaders throughout the course of the last year, three main objectives become overtly clear. Today, healthcare leaders such as yourself are focused on A) reducing costs and/or increasing cash flow, B) improving patient satisfaction, and C) engaging staff.
There exists five top industry changes or shifts leading to this phenomenon:
- In a fall 2017 HBI poll, approximately 46% of revenue cycle leaders noted that they had seen an increase in their accounts receivable—likely resulting from strengthening reimbursement requirements
- Patients are increasingly viewing themselves as consumers as their out-of-pocket increases, networks narrow, and coverage becomes contingent instead of guaranteed
- While Medicare payments represent a readily accessible example of how patient satisfaction scores can lead to either withheld or increased reimbursement, another 2018 HBI survey revealed that nearly half of providers now have at least 16% of all payer contracts arranged based on quality, value, or risk
- Swelling competition with retail clinic, urgent care center, and freestanding imaging center locations are exacerbating the realization that revenue cycle touchpoints affect patient perception just as much if not more than clinical touchpoints
- By the year 2020, millennials will constitute 50% of the global workforce. For healthcare, this transition may even occur more rapidly, as studies have projected that as many as 40% of healthcare leadership is over the age of 50.
As you look for ways to better market your organizations to consumers, do not underestimate the impact frontline staff truly have. A staff member who is fully engaged and fulfilled in their role understands how they contribute to the larger continuum, and feels invested in by the organization will bestow that positivity onto any patient they come in contact with. Conversely, a dissatisfied or perhaps ill-equipped staff member presents a heightened risk of suboptimal patient interactions as well as costly errors or process delays.
Our research also shows that organizations who prioritize staff engagement and development not only see their patient satisfaction scores increase, but recruitment, onboarding, and overall staffing costs decrease. In fact, one organization who turned to HBI to assist it in identifying areas for staff investment was projected to reduce such costs by more than $2 million!
The attached excerpt (accessible below!) of our 2017 Revenue Cycle Best Practice Report, features a synopsis of the tactics put in place at better-performing organizations across the country to improve staff engagement, with patient loyalty and cost efficiency as the end game.
These tactics include, but are not limited to:
- Cross-training staff in functions within a department, across departments, and among the hospital and physician sides of the business;
- Involving staff in process improvement ideation and execution; and
- Developing tomorrow’s leaders today through internship programs and prospective leadership retreats
Along with example tactics in the realms of staff engagement, the patient financial experience, and improving upfront revenue, you will also find verbiage to help make the case for such improvements, data on their prevalence within the industry at large, and resulting metrics from organizations who tested these practices.
To receive a complimentary excerpt of this report, please complete the form below.
And, should you wish to obtain a copy of the full report—in order to review more detailed case studies and implementation aides (such as example staff and patient surveys) for each tactic—please be sure to get in touch!