Industry report: billing department labor shortages
A survey by a leading RCM Services company revealed that almost half of the billing departments are facing labor shortages. Here are the details:
48% of respondents revealed their billing department is experiencing a severe labor shortage and 34% said they are facing a moderate shortage.
41% said between 51% and 75% of their billing department roles are currently vacant. 36% said between 25% and 50% of those roles are vacant.
25% said increasing costs are their biggest concern when it comes to the financial health of their organization. 22% said the risk of a recession was their biggest concern while 21T said shrinking margins and 17% said CMS/payer reimbursements.
66% strongly agreed there is or will be additional strain on RCM operations as more patients return for elective health appointments.
76% said they expect the labor shortage to improve by the end of 2022.
56% said they expect the labor shortage to improve by the end of 2022.
29% said they have experienced issues with price transparency compliance.
46% said they are behind on their 2022 revenue goals and 40% said they are on target to meet those goals.
