Experian Health survey shows unanimous agreement that the staffing crisis is impacting revenue cycle management and patient engagement efforts
Providers struggle with finding and retaining workers yet overlooking technology solutions to help alleviate double-digit turnover rate
COSTA MESA, Calif., October 31, 2023--(BUSINESS WIRE)--Experian Health today released survey results that reveal a striking 100 percent of hospital and health system survey respondents say staffing shortages have affected revenue cycle management (RCM) and patient engagement efforts. These findings highlight the urgent need for healthcare organizations to find solutions that fill the gaps and stabilize operations for the long-term. However, the majority mindset among respondents is to shore up human resource approaches instead of leveraging technology such as automation and artificial intelligence to address staffing challenges.
What is the future for staffing shortages?
The majority (69%) of the 200 healthcare executives surveyed who are responsible for RCM staffing see challenges continuing for the long term. The biggest challenges to overcome include finding candidates skilled in RCM, and staff burnout. In fact, 9 out of 10 respondents said the turnover rate for administrative roles related to patient access, RCM and the patient experience is in the double digits, with nearly half (43%) reporting a turnover rate of more than 25 percent. This is much higher than the overall average turnover rate this year in the U.S. of only 3.8 percent.
The extreme turnover levels fuel staffing shortages and underscore the need for providers to consider implementing new strategies. However, the survey findings show that providers are continuing to turn to people versus technology. Many organizations surveyed are addressing the retention rate problem by increasing salaries (46%), cross training (44%), and boosting incentives (42%). Only a quarter of respondents are looking to consolidate workstreams across processes, and just 27 percent are considering applying integrated artificial intelligence (AI) to increase efficiency.
"The pervasive staffing shortage issue has triggered a cascade of challenges and the findings reveal that providers are applying the same traditional strategies to solve them," said Jason Considine, Chief Commercial Officer at Experian Health. "Constantly hiring and training new staff won’t be a successful long-term approach. Rather, providers should leverage the power of technology and data, which can not only alleviate many burdens on both front and back-end operations but also drastically improve efficiencies. This will better protect providers from talent pipeline fluctuations that can cause major disruptions."
The patient experience is hurting
Eight out of 10 survey respondents report the patient experience is worse because of staffing shortages. Top areas of impact include:
Patient arrival and registration
Appointment scheduling
Prior authorization approval
Confirmation of insurance coverage
Patient estimates
Also, delays in patient care is the biggest consequence of staffing shortages (40%).
"It’s time to look at the many areas where automation — and even artificial intelligence — can stabilize, improve and optimize understaffed functions," added Considine.
Experian Health is a leading provider of revenue cycle management and patient engagement solutions including the recently launched AI Advantage™, which optimizes efficiencies in claims management through artificial intelligence.
To access the free survey report, visit here. For more information about Experian Health, go to experian.com/health.
About Experian Health
At Experian Health, we serve more than 60 percent of U.S. hospitals and more than 7,500 medical practices, labs, pharmacies and other healthcare providers with data-driven platforms and insights that help our clients make smarter business decisions, deliver a better bottom line and establish strong patient relationships.
Experian has 22,000 people operating across 32 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
For more information about Experian Health, visit http://www.experianhealth.com. Learn more about Experian at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
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Contacts
Sandra Bernardo
Experian
1 949 529 7550
Sandra.bernardo@experian.com
