When you think KPIs, your mind likely goes to net days in A/R, cash collection as a percentage of net patient services revenue, claim denial rate, cost to collect, and beyond.
As revenue cycle leaders who once walked in your shoes, our minds go to the very same place. But, there’s one additional metric that rises to the top for us: our employee engagement score.
Before you dismiss “engaged employees” as something that should matter to us but has no bearing on your revenue cycle performance, take a walk down this engagement road with us.
The "why" behind employee engagement and people analytics — everywhere, not only at MediRevv — goes like this: engaged employees perform better, better performance leads to success, and the anticipation of success engages employees.
All told, employee engagement is linked to individual and team performance, customer* satisfaction and loyalty, employee retention, quality, and so much more.
Further, a 2018 employee engagement study by Gallup concluded that employees in the top quartile of engagement see 10% higher customer* metrics and 17% higher productivity than disengaged teams. For all of these reasons and more, employee engagement plays an integral part in measuring how well we're meeting our vision of making revenue cycle and people thrive.
*When we read “customers,” we think “patients” — as in yours.
87% is the current engagement score for MediRevvers, and yes, it’s a high, solid score for companies similar in size across all industries. But here is where the story turns compelling. In a recent Advisory Board study, hospital revenue cycle workers were found to be only 42-47% engaged. These are employees, often patient-facing, who are tasked with everything from financial counseling to managing and preventing claim denials, to ensuring positive patient financial experiences.
In contrast, MediRevvers’ most favorable scores highlight our commitment to exceeding our clients’ expectations, understanding of MediRevv’s goals and objectives clearly, being treated with respect by supervisors, feeling proud to work for MediRevv, and balancing balance work and personal life effectively.
While our employee engagement survey is not the same survey used in the Advisory Board study, there is striking alignment in the four core questions that make up the engagement index score for each survey — three of the four (in bold) are nearly identical.
Maybe it’s our “best places to work” journey that tells the story most succinctly.
We’ve been around for since 2007. Roughly six years in, we started vying for awards. Best places to work. Top workplaces. Coolest places to work. In healthcare, in Iowa, in the “corridor” where our headquarters is located. And from the outset, we won – we soared to the top of several lists. We piled up award logos from Inc, Becker’s, Modern Healthcare and many more to our “accolades” website page. We even went as far as listing them in our email signatures.
But … do you want to know what we did with the employee survey data for each of the awards we won? Nothing. We figured if we were winning awards all these awards, we must be doing something right with our employees.
But then one year we failed to make the list for a local award. At first we justified it, but over time we slowly began to understand the difference between employee satisfaction and employee engagement, between making a workplace “fun” and making it someplace where employees felt valued. We learned that food trucks and minute-to-win-its should be the outcome, not the source, of a positive, engaged workplace.
To be clear, it wasn’t that we didn’t have engagement in our workplace. Our long list of awards proved that we did… but it was clear from our tunnel vision on awards that we were missing a huge opportunity to measure, understand, and improve engagement among our people.
Since 2018, employee engagement has been a corporate goal. We survey, pulse, analyze, strategize, action plan. And share our action “wins” and our “fails,” enabling our colleagues to build bridges to new ideas and tactics.
Our employee engagement trend is up, 6% year over year. For us, driving employee engagement based on real time, actionable data allows us to purposefully live out our Mindset, that everything we do is based on the right balance between partners, people, and performance.