Employee turnover is one of healthcare’s biggest challenges. A study by Compdata Surveys discovered the average turnover in healthcare jobs in 2017 was 20.6%, up from 15.6% in 2010. With the complexity of Revenue Cycle Management (RCM) for healthcare organizations and the changing landscape of reimbursement models, a strong team is your life blood.
The amount of training and knowledge an RCM employee has can be extensive and expensive, not to mention the cost of hiring/training a new employee. A consultant and faculty member for the American College of Healthcare Executives, estimated the average cost of an employee is $60,000 and if an organization loses 20% of 3,000 employees with an average salary of $45,000, that totals to $27 million! On top of being understaffed, your department would still be responsible for maintaining cash flow, as well as tracking down and mitigating denials.
Overwhelmed yet? It's clear that employee turnover is extremely important to RCM success, so we’ve put together 3 tips on how to survive it.