Carolyn Milburn, President - PowerPoint Presentation

Slide1

Carolyn Milburn, President

carolyn@milburnpartners.comwww.milburnpartners.com

Best practices for hiring in healthcare

214-890-6700Slide2

Milburn Partners, Inc.

Our firm was founded in 2001 with offices in Dallas and Houston

Clients span from the Mid-Atlantic to California, with a focus on Revenue Cycle, Finance and Accounting, exclusively in healthcareWe feel our Client and Candidate network is both broad and deepOver half of our current searches require candidates that have experience in Revenue Cycle Slide3

Objectives

Market Trends- Importance of Analytics

Hiring for Results How to Recruit TalentHow to Hire for the Right FitHow to Motivate and Keep Talent

Different types of people in the workplace & what motivates themChallenges in Healthcare RetentionCurrent Salary Trends in Healthcare Revenue CycleWays to be an effective leaderSlide4

Demand for ancillary healthcare companies and consultant roles have doubled over the past yearCentralization of processes as consolidations and reimbursements are cut

Hospital systems are developing mini regional officesDemand for analytical skills in all areas of healthcare

Market TrendsSlide5

57 hospital executives polled, 34 were C level 1/3 affiliated with large hospitals and healthcare systems, remainder split between critical access, community and medium-sized facilities

Among the most important financial priorities:Receiving proper reimbursement from private payers

Complexity of reimbursement policies from government payers Ensuring optimal reimbursements for pharmaceuticals and medical supplies1/2 of executives added additional staff to address revenue integrity issues 1/4 established separate revenue integrity departments

Survey of hospital executives indicates that revenue integrity is the most important component of the financial health of their organizations.Slide6

The Importance of AnalyticsCosts- U.S. healthcare costs account for an average of 17% of the gross domestic product. Predictions of healthcare will increase to 20% by 2020.

Quality- Payers are moving from a fee-for-service to a value-bases care model

Aging Population & Longevity- An aging population, combined with the prevalence of chronic diseases, contributes to higher healthcare costs.Demand for healthcare value- Consumers continue to demand higher quality as they continue to pay for a larger portion of their healthcare costs. Quality, cost and satisfaction metrics will become more transparent through digital and social media.

Population health management- Providers seek to proactively manage entire populations of patients rather than treating those who present at the hospital or office with symptoms.Slide7

Trends in Analyst Roles

Evolving Roles- more opportunity to be part of More exposure to high level people

More opportunity to advance in an organizationDemand for analysts have more than doubled in the last 3 yearsOver the past 2 years, salaries have increased 20%Slide8

How to Recruit Talent?Tools:Human Resources Department

NetworkingPosting on Job BoardsLinkedIn

Third Party RecruiterCampus Recruitment programsReferrals/Referral programsSlide9

Look for someone who is curiousLook for someone who is game – someone who takes risks

Look for someone who is confidentLook for someone who can communicate their thoughts clearly

Look for a person who is genuineLook for someone who has taken time to learn about the organizationLook for someone who is eager to learn and already has learned something

Look for a person with a sense of humor Someone who is reliable and ethicalLastly, someone who is not afraid of managers or anyone else.What to look for when hiring potential employeesSlide10

How to Hire the Right FitDo you have someone with skills you need for the job?

Cultural Fit?Do you ask enough questions in the interview?

Profile of CandidatesSet interview schedule/guide before process beginsDo you interview in panels? Quick timelines?

Feedback from all panelCommunication Skills- follow up by candidatesSlide11

10 Reasons Employers want to hire you

Long-term potentialEmployers want to hire people who will grow with the company and is multidimensional with their career. Employees need to be motivated and excited about a career path along with the future of the company.

Ability to work well with othersEmployers need employees to get along with each other; especially based on the number of hours spent at work. This is very important as it helps with understanding the unwritten rules, being respectful, reliable and competent.Ability to make moneyHiring managers want/need people who can show that they will increase the organization’s revenues or decrease the costs

Impressive resumeFirst impressions are lasting ones and a resume is often a vehicle to that impression as its billboard showcasing that person.Relevant work experienceThis allows the employee to hit the ground running when being hired. Most managers do not have time to train/mentor experienced roles.Creative problem-solving skillsIn an ever changing working world, employers want people who will help with moving parts verse someone who is stuck in their ways.Strong online presenceEmployers want to hire someone who strong in social networking (a primary way to communicate) but has a very clean digital world.Multitaskers who thrive on variety of projects

In the business world today, it is imperative that an employee can effectively manage a variety of projects simultaneously. Changes are, employees who are like this tend to also be ambitious and inquisitive.

Enthusiasm and initiative

Employers want to see someone who takes initiative, shows consistent enthusiasm and is a team player. Managers take notice of this and will show reward.

Good cultural fit

Recruiters and hiring managers strive to find someone who are a good match for the position and the culture of the company. Managers want to see how an employee can adapt to their unique organizational culture.Slide12

How to Motivate & Keep Talent1. Recognize & Reward People

A one-size-fits-all reward program will fail if you do not understand what motivates generational groups or individuals.Tailor your responses, build more effective teams and adjust your recognition and reward programs.2. Acknowledge Shared Needs

Include everyone in continuous feedback; shows respect, makes employees feel needed and adds less element of surpriseBuild company/team culture on shared needs of multi-generational workforce and see fewer cracks in the foundation.3. Engage Teamwork that Spans GenerationsAdd the work ethic of a Traditionalist, the optimism of the Boomers, the skepticism of Gen X and the enthusiasm of our Millennials to create a workplace for everyone.Teams are made up of individuals with a shared goal- build your organization’s goals into the mission of the companySlide13

The big four

Traditionalist

(born before 1945)Smallest

group today (about 12%)Born in hard times, this group values fatalistic, hard work and view the relationship with employers as a responsibilityCompanies who fail to recognize their deep experience will lose the group’s desire to engage.Boomers(1945-1965)The suburban and Woodstock Generation- this group wants to be valued as individuals. They want to be needed, think they deserve good fortune, and are optimistic. This group is loyal as long as they feel involved.

Respect is key when keeping them engaged in group settings

Gen X

(1965-1979)

Small

Generation (41 million) called the Forgotten Generation makes up only 16% of the current workforce.

They are pragmatic, skeptical of leadership, quick to disengaged. They demand work-life balance, want to do things their way and do not respect the Boomers

Leaders must give them space, relax the rules a but and know they will question every attempt when engaging them in the workforce

Millennials

(1980-2000)

The “Good Job” and “You’re so smart” Generation (77 million) is the largest in the workforce at 38%.

They demand recognition for even routine tasks, ask WHY before doing anything and expect to be consulted on all matters, big or small.

Work-life balance is a birthright, they value innovation and do not like working with people they see as less bright, tech-

savy

and social.Slide14

Career path in revenue CycleSlide15

REVENUE

CYCLE MANAGEMENT

CODING/BILLING

INFORMATICS/DATA ANALYSISCOMPLIANCE/RISK MANAGEMENTOPERATIONS/MEDICAL RECORDSMASTERVP Revenue CycleVP CodingDirector CBO

Director PFS

Director Managed

Care

Director

Coding

Chief Clinical Informatics Officer

Director Clinical Informatics

Chief Compliance Officer

VP Privacy/Security

Director Risk Management

Chief

Learning Officer

Chief Knowledge Officer

Director HIM

Regional Director HIM

ADVANCED

Rev Cycle

Manager

Reimbursement &

Insurance Manager

CBO Manager

Access Manager

Research Development

Specialist

Project Manager

Mapping Specialist

Data Integrity Analyst

Compliance Auditor

Business Analyst

Privacy Officer

Compliance Officer

Information Security Officer

Consultant

Coding Trainer

MPI

Manager

Meaningful Use Specialist

MID LEVEL

Revenue Cycle Analyst

Documentation & Coding Specialist

HIM Rev Cycle Auditor

Clinical Informatics Coordinator

Content Analyst

Clinical Data

Analyst

DRG Validator

Quality Improvement Analyst

Office

Administrator

Cancer Registrar

Health

Information Tech

Transcriptionist

ENTRY

Coder

Benefits Coordinator

Medical Biller

Insurance Claims Clerk

Billing/Collections Clerk

HIM Clerk

Patient

Care Coordinator

Patient Registrar

Customer

ServiceSlide16

Challenges in Heathcare Retention

Career Advancement

Succession PlanningRural LocationsEducation ProgramsWork load- system implementationSalary ranges compared to other industries/Bonus PlanSlide17

National Salary Data

 Education

20132015

Bachelor's degree  $237,700$260,700Master's degree$247,400$300,00

Organization

2013 

2015

System level, headquarters or regional  

$253,100

$297,00

Region

2013  

2015

Northeast   

$276,300

$318,400

South

$215,700

$265,400

Midwest

$229,600

$277,800

West

small sample

small sample

VP Revenue Cycle

CompensationSlide18

National Salary Data

 Education

20132015

Associate's degree  $83,400$87,200Bachelor's degree  $109,800$118,300Master's degree$116,100

$133,500

Title

2013

2015

Supervisor 

5%

small sample

Manager   

$72,200

$88,900

Director

$117,300

$128,700

Supervisor/Manager/Director

Patient Financial Services

Compensation

www.hfma.orgSlide19

National Salary Data

 Education

2013*2015

Associate's degree  $76,700$81,000Bachelor's degree  $100,200$120,000Master's degree$102,800

$135,000

 Title

2013

2015

Supervisor   

small sample

small sample

Manager

$73,800

$87,000

Director

$108,700

$119,000

Supervisor/Manager/Director

Patient Access

Compensation

*www.hfma.orgSlide20

National Salary Data

 Education

20132015

Bachelor's degree  $107,400$120,400Master's degree$119,200$131,200

 Title

2013

2015

Manager

$96,300

$103,500

Director

$131,800

$142,800

Director/Manager of

Decision Support

Compensation

www.hfma.orgSlide21

National Salary Data

 Education

20132015

Bachelor's degree  $116,100$137,000Master's degree$139,100$137,400

 Title

2013

2015

Manager

$90,200

$105,000

Director

$143,400

$147,800

Director/Manager of Managed Care

Compensation

www.hfma.orgSlide22

Can you be an effective leader?Can you:

Formulate your organization's revenue cycle operations for an uncertain future

Use less resources and continue to advance performanceConnect financial data with clinical dataImprove the overall value delivered to patients and the community Think strategically and plan proactively

Harmonize data from multiple systems (EHR, practice management, claims)-turn it into insight which can then become action directly in an organization’s existing workflowsSlide23

Building Your Executive ProfileConsider how these positions are changing, how else you might be able to align your resume with those changes?

You’ll need years and years worth of learning experiences from various managerial and director positions. (don’t get complacent!)Experience and demonstrable skills are the most important things that employers look for in C-Level Executives. Slide24

The Chief Revenue OfficerCROs are accountable for all revenue-related functions - marketing, sales, customer support, pricing and revenue management.

Teams up with Executives to create and convey the company’s ideas and revenue strategies across all relevant functions to ensure the right goals are defined and met

Regularly analyzes productivity and effectiveness to create market positioning and competitive advantages, and determines budget trade-offs to improve and develop sustainable resultsRecognizes the differences between marketing and sales, and creates processes to ensure their synchronization across the full revenue cycle get the best results

Has a long-term, integrated perspective while striving to drive quarterly revenue resultsSlide25

The Chief Strategy OfficerThe best way to describe the role of a CSO? There is no clearly defined role.

Capable of seeing all the pieces on the board and able to see several moves into the future. (to infinity…and beyond!)

Some formulate strategy, others execute strategy, others do both. Might act as “internal consultants,”  or as experts because they have proficiency in particular areas (revenue cycle management, managed care-contracting, patient financial services, practice operations)

Responsible for understanding how market forces are transforming and how those changes will affect the services patients will need in the future.Slide26

The Chief Strategy OfficerRevenue Cycle leaders who want to advance to CSOs will need to be able to:Consolidate network revenue cycle and productivity data

Use analytical tools that display information clearly and accessiblyHave actionable insight into patient financial services, collections, referrals, denials, DAR, etc.The ability to easily “slice and dice” data and share performance resultsBenchmark tracking and performance comparison by practice, specialty, or geographySlide27

In Closing…Demand for health care, and thus the need for more health care workers, is expected to keep growing.

Revenue Cycle roles are the backbone of well run organizations

Develop plans to recruit and retain the talent that will tackle the challenges your organizations are facingPatiently growing the talent and skills of your team is critical

Industry consolidation will be a great way to upgrade the quality of your workers