More than one-third of health system executives are planning to automate two or more revenue cycle management or financial functions in 2024, according to a survey by the Healthcare Financial Management Association and Eliciting Insights.
The organizations surveyed 321 executives in the second quarter of 2023, according to an Aug. 16 HFMA news release.
Four things to know:
1. Back-end RCM is the highest automation priority, followed by patient access and mid-revenue cycle.
2. Nearly half of survey respondents with RCM purchase plans intend to buy five or more RCM solutions.
3. Ninety-five percent of health systems planning to purchase RCM or finance technologies and services are open to considering "bolt-on" vendors outside of their EHR systems.
4. Executives' top three outsourcing priorities are bad debt, aged accounts receivable and patients collections/early out.