The revenue cycle is making its way to the forefront of financial planning for 2023.
A recent analysis by HFMA and Guidehouse, which surveyed 182 hospital and health system CEOs, CFOs, COOs, and other executives, found that 53% of those surveyed expect at least a 10% staffing increase for IT/coding/rev cycle experts at their organization in 2023.
This doesn’t come as a surprise since workforce has been a hot-button issue for revenue cycle leaders as the revenue cycle workforce wasn't immune to the drastic changes happening in healthcare over the last several years.
Bill Arneson, director of revenue cycle process and system support, at Moffitt Cancer Center, recently told us that assessing your budget is one of the first steps you need to take when filling revenue cycle roles since it will determine if you need to develop your talent in-house or if you can hire from outside the organization.
“If you can’t afford to hire the star IT people, then you have to commit to developing them. Ask yourself, are you the New York Yankees with unlimited money? Or are you the Tampa Bay Rays who have to work the farm system and develop players?” Arneson said.
As for the areas with the greatest projected budget increases for 2023, 20% of leaders said digital engagement/virtual care is their greatest projected budget increase this year, followed closely by revenue cycle automation (18%).
With growth in labor and supply costs, many leaders are turning to AI, automation, and digital care strategies to improve engagement and efficiency, the report said.
This isn’t the first time we have heard about the push for more revenue cycle automation in 2023 either. In fact, Amanda Schutz, billing services officer at Avera Health, recently shared her plans to advocate for its revenue cycle to make greater financial investments in automation for 2023. “That could be through AI, bot technology, or any technology that allows us to be more efficient in our day-to-day work,” she says.
Amanda Norris is the Director of Content for HealthLeaders.
KEY TAKEAWAYS
53% of those surveyed expect at least a 10% staffing increase for IT/coding/rev cycle experts at their organization in 2023.
20% of leaders said digital engagement/virtual care is their greatest projected budget increase for this year, followed closely by revenue cycle automation.