One of the benefits of improving your hospital's revenue cycle is that it may allow you to expand your workforce. In July, the health care industry added 28,000 jobs. While that figure is a drop from the 40,000 jobs that were created in June, it continues a trend in the field that has made summer 2015 a time of hiring and expansion.
"According to the DOL, hospitals led with hiring, adding 15,700 jobs in the month. As with prior months, ambulatory centers also posted high growth, with facilities adding 8,900 jobs in the month. That number was far less than the 22,000 jobs ambulatory centers added in June," said Henry Powderly of Healthcare Finance News.
These reports should be encouraging for the steady growth of several sectors. When a facility's revenue cycle is inefficient, it may not be maximizing the human resources currently at its disposal. This is particularly true in hospital finance teams, where placing the right professionals in critical roles is crucial. The description and expectations of certain roles may be the issue that's holding back your revenue cycle, so reviewing and potentially reorganizing can be a terrific option.
Whether your organization is a hospital, medical center, private practice, clinic or emergency care location, turning a critical eye toward human resources can illuminate ways to save and grow.
One way facilities can improve their bandwidth to take on more important tasks is making the move to outsource receivables management. This reduces the burden on individual administrators and opens your company up to exploring better finance management strategies. Contact Professional Medical Services today to learn more about how our solutions can boost finance efficiency at your medical facility.