Most struggling hospitals are reprioritizing revenue cycle management through the last quarter of 2017, according to a Black Book Market Research survey.
The survey represented 567 hospitals and inpatient organizations as well as 4,403 physician practices. Survey participants included more than 6,000 hospital and health system CFOs, vice presidents of finance and RCM, controllers, business office managers, staff and directors, Black Book said. Participants also included more than 4,500 physician office business office managers and more than 1,100 outpatient, alternative care, clinics, integrated delivery network physician practices and ancillary facilities.
The survey found 74 percent of struggling hospitals are reprioritizing RCM over population health, analytics, physician practice acquisitions and recruitment and patient engagement through the last quarter of this year.
Additionally, 94 percent of financial leaders in hospitals with margins of more than 3 percent said their organizations have initiated successful RCM transformations and plan to spend money on upgraded tools such as RCM dashboards, analytics and upgraded business intelligence solutions next year, said Black Book.