Survey Points out Recruitment Costs and Long Hiring Timelines Harm Healthcare Finance Teams

Staffing issues mainly in the healthcare revenue cycle stifle productivity and promote fatigue.

Fremont, CA:   AKASA is a pioneer in developing artificial intelligence (AI) for healthcare operations. AKASA augments human intelligence with cutting-edge AI and machine learning (ML) safely trained on client data to understand specific systems, adapt to changing settings, and provide comprehensive automation and analytics for complicated operations.

AKASATM revealed the results of a new poll showing the revenue that hospitals and health systems are facing as the Great Resignation causes increasing employee turnover and competent individuals leave healthcare for higher-paying employment in other industries like retail or logistics.

Notably, the overall cost of recruiting is likely to be greater since healthcare leaders frequently lack a thorough picture of the entire cost of recruitment managed by marketing and HR and the expenditures involved with training and onboarding new employees.

COVID has a double-whammy impact on accounting and payroll teams because illness, isolation requirements, and vaccine mandates limit staff availability. At the same time, COVID also causes volatility in claims and work volumes for these same teams, making it especially difficult for health systems and hospitals to staff their revenue cycle operations adequately.

The poll, which AKASA undertook, received answers from 514 chief financial officers and revenue cycle executives at healthcare organizations across the United States via the Healthcare Financial Management Association's (HFMA) Pulse Survey program. The purpose of the nationwide study was to analyze the use of automation in revenue cycle operations at hospitals across the United States.

"The complexity of healthcare has always made staffing a challenge, but the pandemic is now making adequate staffing an impossibility," said Malinka Walaliyadde, co-founder and CEO of AKASA. "Health systems can't get the staff they need to get all the work done. So we have to change the way we work. We need to eliminate repetitive tasks and leverage our minimal staff to work on the most cognitively complex activities. This pandemic is the crucible from which healthcare leaders can define their legacy and establish an AI foundation to set their health systems up for success for decades to come."