U.S. hospitals have been slow to adopt feasible revenue cycle management solutions, according to a recent Black Book survey.
For the survey, 4,649 representatives from 522 hospitals and healthcare delivery networks examined 165 RCM software, technology and software-as-a-service solutions. Respondents included business office supervisors or directors, business office staff and C-suite executives.
Four findings:
1. Twenty-six percent of hospitals started the year without viable, effective RCM solutions.
2. There has been some improvement since 2012. Black Book said about 400 hospitals have adopted workable RCM IT plans and implemented new RCM systems over the last six years.
3. Of the hospitals that didn't have viable, effective RCM solutions in place in January, 82 percent of respondents said they expect to make value-based reimbursement decisions next year without an advanced software implementation or outsourced partner. Eighty-five percent said they would tap an RCM consultancy/advisory firm for the short term if they needed to.
4. Black Book said one of the most common challenges hospitals face when implementing RCM solutions, or improving current ones, is trouble finding skilled RCM human resources for RCM software/reimbursement difficulties.
Read more about the survey here.
More articles on healthcare finance:
Wake Forest Baptist sees revenue increase, operating income drop
Montefiore Health System's operating income climbs to $59.6M
Many Americans pay medical bills on or near payday, survey finds