Telehealth Helps Save Staff Turnover Costs High in Terms of Revenue

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According to the Medical Group Management Association (MGMA), 73% of medical practices consider staffing the biggest pandemic challenge. This guide will explore the alarming turnover rate of healthcare staff and how Telehealth solutions can help cut costs.

A Look at the Staff Turnover Rate in the Healthcare Sector

More than 13% of the 7 million employees who quit their jobs within the last five months were healthcare workers. Only three sectors employed more people than the healthcare industry: retail trade, food service, and professional business services.

According to the U.S. Bureau of Labor Statistics, in August 2021, the unemployment rate in the Healthcare and Social Assistance sector was 3.9%, compared to the 5.2% overall rate. The hospital subsector had a lower unemployment rate of 2.7%.

The problem of frequent turnover in healthcare professionals is not a new one that has occurred as a result of the pandemic. Hospitals and medical practice have dealt with it for a long time. A report from the MGMA found that turnover rates were high in various categories of healthcare professionals, including those in charge of revenue cycle and medical billing (RCM).

The 2021 NSI National Health Care Retention and Staffing Report for RNs compared hospital staff turnover rates between 2016 and 2020. All years saw staff turnover rates above 15%, on average. 90.8% is the equivalent five-year turnover rate.

Acceptable Percentage of Turnover

Although looking at MGMA statistics for a normal employee turnover can provide an advantage in comparison. However, it is not to be taken as an acceptable standard. Instead, practices should try to decrease their turnover rate to the greatest extent possible. For a small-scale practice with a turnover rate of 20 percent, a 20% rate could stifle the progress of practice towards change and value-based objectives.

 The Significance of Turnover Rates

Each time an employee is let go, it is costly in order to replace them. The cost of replacing an employee in the management ranks could be as high as five times the annual salary. Even replacing an entry-level employee could be as high as 25% of an employee’s pay. It is expensive for the business, not just in terms of money but also in quality, because it can take months to bring the new employee up to speed with custom EMRs and the peculiarities of doctors, etc. Additionally, there are interaction costs since staff members must learn how to interact with each other and adapt to the new working environment. The absence of employee turnover is a sign of inadequate resource management, which can cause severe financial and quality issues for the company that employs them.

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Turnover Reasons and Solutions

One of the leading causes of employee turnover is that those responsible for hiring need to make an effort to examine candidates thoroughly. Employ candidates whose personality and abilities match the requirements of the job, even if finding the perfect candidate initially takes a bit longer. People who have been hired but aren’t suitable for the job don’t tend to stay in these positions, as hiring problems account for up to 80 percent of employee turnover. 

Give training opportunities or advancement opportunities in order to help employees and professionals grow professionally and personally. Promotions and training ensure that employees feel as if they have employers looking out for their employee’s best interests and believing in their potential. 

The inability to adequately compensate for the work and skills of staff could result in a shorter tenure. Let employees share bonuses, encourage employees to learn more in order to improve practices and give them more duties, and increase the amount they earn as they add value to the business. Recognize regularly what employees have accomplished. Set goals for employees to assist in giving the employees the direction they need. 

Develop teamwork capabilities among the staff. Every member of the medical office is essential to the experience of patients. Establish a sense and respect for all staff. Discipline policies must be implemented and enforced. These guidelines can help to reduce conflict that can quickly destroy an atmosphere of harmony at work.

How Telehealth Solutions Can Benefit Clinics

AMA research discovered that hospitals and medical businesses could save, on average, $19-$121 for every patient compared to in-person visits using Telehealth solutions.

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The following are some of the reasons why telemedicine is a budget-friendly solution.

Increased Patient Retention and New Patient Generation through Digital Medicine Applications

With a Telehealth app such as Hucu.ai, patients are more likely to keep their primary care physician as their healthcare provider since the hours are more flexible.

Because an appointment may be able to address patient concerns, patients are discouraged from visiting an emergency room. They may, instead, schedule a virtual visit during off hours to discuss their concerns. This quick, unplanned meeting can easily fit into your calendar online, saving both your and your patient’s time.

By keeping patients with you instead of going to an office visit, Telehealth apps save you money while keeping patients healthy. Every medical appointment your patients have outside your practice reduces your virtual visit revenue, so make sure patients know about these apps.

Reducing Overhead Costs is an Essential Part of any Business.

The rapid growth of administration costs related to legal and insurance costs, instead of actual medical care, is also straining healthcare systems. Telehealth visits require a stable internet connection or a phone line.

Using a more accessible system, such as Hucu.ai Telehealth services, the virtual health system can help cut out or lower some of these costs if used correctly.

Working virtually has numerous advantages for clinicians, including less administrative overhead and the opportunity to practice more autonomously. Working more flexible schedules will save money working continuously in an office.

If your employees are paid hourly, you can reduce or revamp your working hours and those of your employees. In addition, a flexible work schedule might enhance the enjoyment of your employees, which would lead to a lower cost of employee turnover.

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Legal Risk Mitigation

Legal risk mitigation is the act of attempting to reduce the financial risk of future litigation by taking steps to reduce the risk of future claims.

According to American Medical News, it is possible to reduce the chance of making an error in patient care by using Telehealth services. The publication said that patients sued practices for inadequate documentation and poor follow-up because of this problem.

If a physician makes an emergency call while their office is closed, they may need the possibility of meeting remotely to be able to document the appointment appropriately. As a result, it could lead to costly lawsuits.

With Telehealth technology properly designed, the documentation process should be simple and effective. Not only will this save time and money, but it may also help prevent future lawsuits.

Conclusion

This article described how facilities could generate additional revenue streams through Telehealth services. We also provided an overview of the employee turnover situation in the healthcare sector. However, Telehealth has other advantages, including the ability to conduct interviews online through secure video conferencing, which may help healthcare organizations lower the high cost of staff turnover.

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