Chances are, labor costs are your practice’s biggest expense. In fact, the Healthcare Financial Management Association (HFMA) tells us that labor expenses at medical facilities have increased significantly in the last ten years and are now labor’s share of total costs is the highest at 55%. According to the U.S. Bureau of Labor Statistics, employment in healthcare occupations is projected to grow 15 percent from 2019 to 2029, adding about 2.4 million new jobs. Understandably, this plays a role in driving costs up.
Meanwhile, medical facilities are seeing costs reductions in other areas of operation due to the automation of specific business processes such as billing, patient communications and electronic health records. These reductions have led to CFOs and other stakeholders to seek savings in labor without cutting employees, wages, and most important, without compromising care.
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