A recent Black Book survey found that 26% of hospitals and health systems do not have an effective revenue cycle management system in place. The survey included over 4,500 professionals from 522 hospitals using 165 revenue cycle management systems.
400 of the hospitals had optimized their revenue cycle management systems over the previous six years. In 2012, the same survey found that 35% of hospitals did not have a plan to optimize or replace their legacy revenue cycle management systems, so in general the numbers are showing improvement.
A Transition to Value-Based Care
Value-based care, when providers are paid based on patient health outcomes, is on the rise. 29 percent of all healthcare payments were tied to this alternative payment model in 2016, according to a report.
Without an effective revenue cycle management system, hospitals could lose significant revenue while transitioning to a value-based model.
In light of this challenge, 85 percent of the 4,500 professionals surveyed said they would partner with a revenue cycle management consultant or advisory company for direction.
Bolt-on Solutions in-demand due to Staffing Issues
Another recent survey of 4,000 executives, providers, and staff from 567 large and community hospitals and health systems found that 45 percent of respondents planned to use multiple bolt-on revenue cycle management solutions to their legacy systems.
A five-month polling process revealed that staffing concerns were the number one challenge preventing hospitals from improving or investing in a new core revenue cycle management system.
About MedCom Solutions
MedCom Solutions provides a unique combination of clinical expertise and proprietary technology to help medical service providers meet rapidly escalating and changing medical billing demands.
Our Chargemaster, Pricing, and Compliance solutions have yielded hundreds of millions in net revenue for healthcare providers across the country.
Learn more about our solutions or visit our homepage or contact us today!
Revenue Cycle Management (RCM) is a critical process in the healthcare industry, especially within hospitals. It encompasses the entire financial lifecycle of a patient’s interaction with a healthcare provider, from appointment ...
In healthcare today, charges are increasing, reimbursement is tightening, and pricing has become available for the public. Charges must be simplistic and straightforward for consumers to understand. Headlines highlight patients ...
A study summarized on yahoo!finance indicates that the future of Health Care Revenue Cycle Management may include increases in outsourcing. “The study, entitled PatientPay 2022, found 63% of respondents indicated they were ...
Subscribe here to receive newsletters on industry insights.
