Hiring & Retaining Top Revenue Cycle Talentaahamchapter.org/Publications/Medix NJ AAHAM PPT Hiring...
Transcript of Hiring & Retaining Top Revenue Cycle Talentaahamchapter.org/Publications/Medix NJ AAHAM PPT Hiring...
The Proof is in the Numbers46% of newly hired employees will fail within 18 months
• 89% of those for attitudinal reasons, 11% for skill
• Only 19% achieve unequivocal success
17% of employees are actively disengaged. These employees are busy acting out their unhappiness, undermining what their engaged co-workers are trying to accomplish
41% of companies say a bad hire in the past 12 months has cost them over $25K
• Negative impacts of a bad hire:• 40% Lost time• 41% Lost productivity• 37% Recruiting/training expense• 36% Impact to team morale• 22% Impact to clients
Positively Impacting Lives™
Industry Disruption
○ 18% job growth through 2024
○ 192,800 new medical billing and coding jobs
○ Average turnover rate is 38.3%
○ Average cost of a bad hire between $25-50K
○ The revenue cycle market is expected to grow from
$18.3 to $32.2 billion by 2019
Positively Impacting Lives™
Productivity Impact
Low vs. High Performer
1 3Bottom Top
AverageProductivity
Productivity
Emp
loye
es
Positively Impacting Lives™
“A small team of A players can run circles around a giant team of B and C players.”
– Steve Jobs
Positively Impacting Lives™
The use of data to hire and retain top talent through workforce solutions
Traditional Hiring Process
Positively Impacting Lives™
Needs
Sourcing
ScreeningInterview
Hire
Keyword Search
Reference Check
Phone Interview
Gut Feeling Decision
Candidate Accepts &
Starts
Understanding Success Measures
• What impact does talent have on your
organization?
• What makes your team successful?
– What differentiates your top performers?
• What does a good hire look like?
Positively Impacting Lives™
Hiring Process Performance Efficacy
29% Work sample Test
26% General cognitive ability
26% Behavioral structured interview
14% Unstructured interview
7% Reference check
3% Resume / Experience
Positively Impacting Lives™
Behavioral Interviewing
• Creating interviewing consistency– Friendly conversation
– Job related conversation
• Unstructured vs. structured conversation
• Job-related questions based on required competencies
• Typically assessing 4-6 key competencies
• Candidate fairness
Positively Impacting Lives™
Types of Questions
• Behavioral
– Based on the premise that the best predictor of future
behavior on the job is past behavior under similar
circumstances
– Draw from a candidate’s actual behavior during past
experiences
• Situational
– Based on the premise that people’s intentions are closely tied
to their actual behavior
– Present realistic job scenarios and ask how applicants would
respond
Positively Impacting Lives™
Behavioral Interviewing
• What are the key drivers to success?
• Have a purpose behind your
questions
• Scenarios can become your
questions
• ABCD Model
• Things to look for in a response
– Key indicators
– Example relevance
• Real-time scoring method
Positively Impacting Lives™
6 Key Steps
1. Review position materials
2. Determine the ABCs to be assessed
3. Develop unbiased interview questionsa) Determine need for probing questions
4. Develop a rating/measurement scale
5. Develop the interviewer’s guide
6. Continually refine questions
Positively Impacting Lives™
Positively Impacting Lives™
Behavioral Interview Best Practices
• Understand what differentiates your top
performers
• Streamline your process
• Create a list of questions per skillset
– SME Review
• Educate your interviewers with a guide
• Continually refine
How to Engage Employees?• Build Value
– Demonstrate you value employees (i.e. Life balance initiatives), give recognition and feedback
• Advancement/Growth
– Providing challenging and meaningful work with opportunities to grow/advance
• Transparency
– Set expectations, company direction and goals, understanding why they are important and how talent can get there
• Vision & Purpose
– Make them feel that they are part of something and bought in, people want to know that their input is valued and that they are a part of the team
• Teamwork & Collaboration
– Working in teams where they feel there is trust and cooperation and cohesiveness
Positively Impacting Lives™
Engagement Ideas• Identify how each employee
likes to be recognized– PTO, handwritten cards, gift
cards, emails, etc.
• Get to know your team on a personal level
• Sharing best practices• Team building activities and
staff outings• Enforce a lunch break• Employee of the week/month
• Employee recognition ideas– Birthdays, life events, volunteer
events, Thank You board from fellow colleagues/clients/patients
– Don’t forget the casual acknowledgement
Positively Impacting Lives™
Positively Impacting Lives™
Engagement Best Practices
• Consider personality and culture fit in your
hiring process
• Understand how your team is motivated
• Make engagement a priority
• Ask your team to generate ideas
• Create a committee