For many physicians, achieving 2022 revenue goals has been challenging. London-based consulting firm Censuswide polled chief financial officers (CFOs) and revenue cycle vice presidents (VPs) in the healthcare industry. Study authors found that while 40% of respondents reported reaching their revenue goals, almost 50% of CFOS and revenue cycle VPs reported being behind their 2022 healthcare revenue goals. A mere 8% responded that they were on a path toward surpassing their revenue goals.
According to the Censuswide survey, 25% of healthcare CFOs and revenue cycle VPs expressed concern over rising costs, rendering it the respondents’ most paramount concern. At 22%, a close second amongst top concerns for healthcare CFOs and revenue cycle VPs is the risk for a recession on their organization’s financial well-being. Twenty-one percent of respondents reported shrinking margins as a significant concern, 17% reported concerns regarding claims reimbursement, and 13% cited unidentified revenue leakage.
One-Third Experienced Clinical Deficiencies Due to Labor Shortages
Along with increased expenses, a growing number of labor shortages have severely affected many provider organizations resulting in poor financial performance, causing great concern for many healthcare professionals. Censuswide’s survey found that one-third of respondents reported experiencing clinical deficiencies due to labor shortages. Another third of respondents reported having to contend with data and cybersecurity threats. Thirty percent reported facing operational deficiencies due to labor shortages, 29% reported problems with price transparency compliance, 28% reported fewer patients due to COVID-19 surges, and 28% also reported value-based payment navigation as an issue.
Labor shortages not only affect physicians’ financial performances. They have a deep impact on revenue cycle management as well. According to the survey, 21% of CFOs and revenue cycle VPs reported attracting and holding on to revenue cycle management talent as proving difficult. While 34% reported a moderate shortage in revenue cycle management or billing, 48% reported dealing with a severe shortage. Most CFOs and revenue cycle VPs are relying on automation and technology solutions to deal with labor-shortage consequences. Others are attempting to retain and attract talent by increasing compensation or employee benefits.