Eighty-three percent of health systems outsource some revenue cycle components, including 10 percent that use end-to-end partnerships, according to a report from the Health Management Academy.
The report, sponsored by R1 RCM, was compiled from 40 quantitative survey responses and eight qualitative in-depth interviews with C-suite executives as well as vice presidents and directors in finance in revenue cycle management roles at leading health systems.
The report outlined four key reasons health systems pursue revenue cycle partnerships:
1. Improve financial performance: Increasing operational efficiency, reducing costs and
improving revenue are the primary reasons health systems seek partnerships.
2. Drive standardization to increase efficiency: Regulating workflows can eliminate variation and redundancies, allowing providers to focus on care delivery.
3. Optimize the patient experience: Patients now want more control over their care, including price transparency and digital self-services processes.
4. Create a sustainable workforce: Partnerships free up staff to address more accounts and complex claims, eliminating administrative burdens to improve employee satisfaction.
Read the full report here.