Hospitals are investing in some revenue cycle technology more than others, according to a study from Eliciting Insights.
The June revenue cycle technology market share study is based on survey responses from 179 hospital revenue cycle executives.
Four findings:
1. Nearly 33 percent of respondents said their hospital does not have a technology solution in place to automate remittance posting.
2. However, more than 40 percent of respondents said their hospital has put a vendor in place for automated remittance posting, remittance storage and searching, lockbox, denials management analytics, contract management and/or audit management in the last three years.
3. When it comes to remittance management, respondents said the top hassles for their hospitals are accuracy of splitting remittances across multiple locations and matching a remittance to an electronic funds transfer.
4. Twenty percent of hospital respondents with a revenue cycle management vendor in place said they are not pleased with at least one of their existing RCM vendors, and 8 percent are not pleased with more than one of their existing RCM vendors.
Read more about the study here.
More articles on healthcare finance:
$1.8M spent on ballot measure to limit charges of Palo Alto healthcare providers
RCM tip of the day: Use intradepartment relationships to address the revenue cycle blind spot
Verity Health System's bankruptcy sparks concern from union members