Roughly 21 percent of hospitals plan to replace their revenue cycle management systems within the next two years as they prepare for new healthcare financial regulations, according to a survey from healthcare technology research firm CapSite.
The survey asked hospital CEOs, CFOs, revenue cycle managers and other C-suite executives at 362 hospitals a range of questions on their RCM systems. Here are some other major findings of the survey.
• Hospitals with more than 400 beds (36 percent) were most likely to replace their RCM solution in the next two years.
• Meditech was the most common primary vendor of RCM scheduling software at hospitals with less than 200 beds. McKesson was the main scheduling software vendor at hospitals with 200 to 400 beds, and Epic was most prevalent among hospitals with more than 400 beds.
• The primary drivers for hospitals expecting to replacing RCM systems were improved automation and workflow, a desire to improve revenue collections and preparing for ICD-10.
• In October 2010, CapSite asked respondents if they thought it was critical to use the same vendor for their electronic health records and their front/back office RCM solutions. Forty percent said yes, while 60 percent said no. In the most recent survey, 58 percent of respondents said it was critical to use the same vendor on the EHR and RCM fronts, while 26 percent said it was not.
• The three most "impactful cost saving criteria" according to respondents' organizations were automation efficiencies/time savings, a reduction in accounts receivable days and integrating software.
The survey asked hospital CEOs, CFOs, revenue cycle managers and other C-suite executives at 362 hospitals a range of questions on their RCM systems. Here are some other major findings of the survey.
• Hospitals with more than 400 beds (36 percent) were most likely to replace their RCM solution in the next two years.
• Meditech was the most common primary vendor of RCM scheduling software at hospitals with less than 200 beds. McKesson was the main scheduling software vendor at hospitals with 200 to 400 beds, and Epic was most prevalent among hospitals with more than 400 beds.
• The primary drivers for hospitals expecting to replacing RCM systems were improved automation and workflow, a desire to improve revenue collections and preparing for ICD-10.
• In October 2010, CapSite asked respondents if they thought it was critical to use the same vendor for their electronic health records and their front/back office RCM solutions. Forty percent said yes, while 60 percent said no. In the most recent survey, 58 percent of respondents said it was critical to use the same vendor on the EHR and RCM fronts, while 26 percent said it was not.
• The three most "impactful cost saving criteria" according to respondents' organizations were automation efficiencies/time savings, a reduction in accounts receivable days and integrating software.
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