Along with increased expenses, a growing number of labor shortages have severely affected many healthcare organizations, resulting in poor financial performance, causing great concern for many dermatologists and other 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.