Medical group practices had to innovate their way through years of the COVID-19 pandemic, and the need to reinvent and refine the business of medicine and care delivery remains just as strong in the post-pandemic era. While fears of recession ease, healthcare providers still face intense competition for workers as turnover rates remain exceptionally high, suggesting the Great Resignation is still alive across the industry. This challenge is not unique to New England, and it’s a concern that many healthcare organizations are grappling with.
However, new benchmarks from the 2023 MGMA DataDive Practice Operations survey data set, including nearly 1,000 organizations across specialties and practice types, reveal that medical group practices are rising to the challenge. Practices are adjusting their staffing models, optimizing schedules, and finding sustainable workflows to continue providing high-quality care while maintaining reasonable access to patients. In this blog, we’ll explore how medical practices in New England, including the New England Medical Billing Group, are addressing this challenge, with a particular focus on the role of outsourcing business office staff in reducing high turnover rates.
Let’s delve into the innovative strategies and solutions that are reshaping the healthcare landscape in New England and beyond, with the ultimate goal of delivering exceptional patient care while keeping staff satisfaction and financial health in mind.
Understanding the High Turnover Problem
High turnover is a pervasive issue across various industries, but it’s particularly problematic in healthcare. Medical practices and facilities in New England are no exception. Understanding the root causes of high turnover in the healthcare business office is essential before delving into the advantages of outsourcing. Several factors contribute to this issue:
- Demands and Stress: Working in the healthcare business office can be high-pressure and stressful. The demands of managing patient expectations, insurance claims, and billing processes can take a toll on employees, leading to burnout and turnover.
- Constant Changes: Healthcare is an ever-changing field, with regulations, coding standards, and insurance requirements frequently evolving. Employees need to adapt continually, which can require ongoing training, be challenging and demotivating.
- Limited Growth Opportunities: Many business office positions have limited growth potential. Employees may feel stuck in their roles without room for career advancement.
- Competitive Job Market: In New England, the job market is competitive, with numerous healthcare facilities vying for skilled employees. This competition can drive up turnover rates as employees seek better opportunities elsewhere.
The Benefits of Outsourcing Business Office Staff
Outsourcing business office staff is becoming a game-changer in the healthcare industry. It can significantly alleviate the high turnover problem while offering various advantages to medical practices, like the New England Medical Billing Group:
- Expertise and Specialization: Outsourcing companies that specialize in medical billing and business office support have a team of experts with in-depth knowledge of healthcare regulations, coding standards, and billing processes. They can ensure that your billing operations are always up-to-date and compliant, reducing the stress on in-house staff.
- Cost Savings: Maintaining an in-house business office staff comes with significant expenses, including salaries, benefits, and ongoing training. Outsourcing allows you to control costs more effectively, as you only pay for the services you need.
- Scalability: Healthcare organizations often experience fluctuations in workload. Outsourcing companies can quickly scale their services up or down according to your needs. This flexibility ensures that you’re never overstaffed or understaffed.
- Reduced Administrative Burden: Outsourcing business office tasks frees up your in-house staff to focus on core responsibilities, such as patient care and administration. This shift in focus can improve employee satisfaction and reduce the stress associated with administrative tasks.
- Access to Advanced Technology: Outsourcing companies invest in state-of-the-art billing and office management technology. By outsourcing, you gain access to these tools without the need for substantial upfront investments, ensuring your processes are efficient and accurate.
- Enhanced Security and Compliance: Outsourcing companies prioritize data security and compliance. They have robust measures in place to protect sensitive patient information and maintain compliance with healthcare regulations, reducing the risk of costly errors and breaches.
- Focus on Core Competencies: Medical practices and facilities excel when they concentrate on providing exceptional patient care. Outsourcing non-core tasks like billing and office management allows you to focus on what you do best.
- Consistency and Reliability: Outsourcing companies are committed to delivering high-quality, consistent services. This reliability can help reduce stress among your employees, as they don’t have to deal with uncertainties related to staffing changes.
Partnering with New England Medical Billing Group
For New England healthcare organizations, including medical practices, hospitals, and clinics, partnering with an experienced and reliable outsourcing company like the New England Medical Billing Group can be a game-changing decision. As a leading healthcare solutions provider in the region, NEMB Group offers a comprehensive range of services to alleviate the burden on your in-house business office staff.
Our services include:
- Medical Billing: We have a team of experts who specialize in medical billing and revenue cycle management, ensuring that you get paid accurately and on time.
- Practice Management: We handle various administrative tasks, allowing your staff to focus on patient care.
- Coding Services: If you hire our certified coders they will ensure accurate coding to maximize revenue while maintaining compliance with the latest coding standards.
- Accounts Receivable Management: We help you minimize revenue leakage and improve collections with efficient accounts receivable management.
- Consultation and Training: We offer guidance and training to help you stay up-to-date with industry changes and regulations.
By partnering with New England Medical Billing, you can reduce turnover rates, improve your financial health, and enhance the overall efficiency of your healthcare organization. Our experienced team is dedicated to helping New England healthcare providers thrive in today’s challenging healthcare landscape.
High turnover rates among business office staff in healthcare organizations are a common problem, and the New England region is no exception. However, outsourcing business office staff to specialized companies like the New England Medical Billing Group can be a strategic solution to this issue. By leveraging the expertise, cost savings, and scalability of outsourcing, healthcare organizations in New England can alleviate high turnover rates, reduce stress on employees, and ultimately improve their financial health and patient care.
For more insights and data on how medical group practices are addressing staffing challenges, you can refer to the 2023 MGMA DataDive Practice Operations survey which provides valuable benchmarks and solutions that are helping healthcare providers thrive in today’s ever-evolving landscape.