In 2012, about two-thirds of hospitals said they planned to replace or upgrade their revenue cycle management systems within 24 months, but a majority still have not started the process, according to a survey from healthcare market research firm Black Book Rankings.
The survey fielded responses from more than 1,900 hospital CFOs, CIOs, business office managers and financial staff members on various hospital financial issues. Twenty-eight percent of CFOs surveyed said the various clinical and technology projects under way — such as electronic health record implementation and the transition to ICD-10 — have kept their hospitals from fully upgrading to new revenue cycle management systems.
Black Book said it expects the revenue cycle management industry to grow by double digits next year due to business shifts, reimbursement reforms, ICD-10, accountable care platforms, collection issues and declining margins. Doug Brown, managing partner at Black Book, said in a news release that healthcare reform will soon force CFOs to consider whether they should replace their revenue cycle systems now or pay the financial consequences later.
The survey also found 88 percent of hospital CFOs and 63 percent of CIOs believe their revenue cycle management systems need to be replaced, but planning, timing and urgency vary from hospital to hospital.
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