CEOs, COOs, CFOs, revenue cycle directors, patient finance directors, business office directors, controllers, vice presidents of finance and more weighed in on peer60's "Trends in Revenue Cycle Management" report.
Here are seven key revenue cycle management trends covered in the report.
1. Cost is the biggest deciding factor when it comes to vendor selection. The top RCM vendor selection factors include:
• Cost: 83 percent
• Presented results: 67 percent
• Peer referrals: 61 percent
• Relationship management: 50 percent
• Adoption/Used by: 48 percent
• Presented expertise: 47 percent
• Innovation: 44 percent
• Other: 7 percent
2. When it comes to searching for vendor options, 61 percent of respondents rely on discussions with their industry peers. Other tactics include:
• Industry research reports: 11 percent
• Trade shows: 10 percent
• Leverage consultant: 8 percent
• Online search: 4 percent
• Little or no research: 4 percent
• All of the above: 3 percent
• Other: 1 percent
3. The most frequently outsourced RCM function is collections. Respondents reported outsourcing:
• Collections: 80 percent
• Coding: 50 percent
• Patient billing: 39 percent
• Patient follow-up: 33 percent
• Payer follow-up: 24 percent
• Patient financial: 20 percent
• Payer billing: 20 percent
• Customer service: 8 percent
• Scheduling: 6 percent
• Physician advisory: 6 percent
4. The survey's respondents reported denials management and contract management as the top needs not being met by their vendors. Vendors fall short on the following:
• Denials management: 36 percent
• Contract management and support: 36 percent
• Value-based reimbursement: 34 percent
• Patient access: 14 percent
• Patient registration: 14 percent
• Patient financial engagement: 14 percent
• Physician advisory services: 12 percent
• Coding: 7 percent
• Billing and follow-up: 7 percent
• Other: 10 percent
5. Just less than half of respondents (43 percent) reported it does not matter whether one vendor or multiple are handling RCM. Thirty-eight percent preferred one vendor, while 19 percent preferred multiple vendors.
6. In the majority of cases (81 percent) CFOs make the final call when it comes to RCM vendor selection. Other decision-makers include:
• Vice president of RCM: 47 percent
• CEO: 43 percent
• CIO/CTO: 35 percent
• Board of directors: 12 percent
• CMO: 6 percent
• Other: 10 percent
7. What providers want from RCM vendors varies. Some respondents (40 percent) want only consulting services. Other preferences include:
• Co-management: 38 percent
• No services, IT only: 18 percent
• Full outsourcing: 5 percent