Recent research shows some hospitals are lagging in implementing Revenue Cycle Management (RCM) solutions and consider outsourcing services only as a short-term solution.“Twenty-six percent of all U.S. hospitals still do not have a viable, effective RCM solution in place, despite all the evidence of their positive impact on revenue, bottom line and efficiency,” according to a news release from Black Book Market Research LLC, which conducted the survey.
Respondents evaluated their technology services and solutions for the survey and of the “1,600 RCM modernization-delinquent hospitals,” according to the news release, 82 percent said they plan on making “value-based reimbursement decisions in 2019 without an advanced software implementation or outsourced partner.”
Results from a 2012 survey on RCM revealed that 35 percent of hospitals did not have an RCM strategy. The decline to 26 percent, “does indicate that there have been workable RCM IT plans adopted and new systems implemented by about 400 hospitals over the past six years.”
While a majority of respondents said they plan to implement advancement in RCM in-house, 85 percent also reported they would work with an outside firm for short-term direction, according to the news release.
ACA International members interviewed for the January issue of Pulse said RCM is changing significantly based on technology and third-party agencies can provide valuable plan options to meet providers’ and patients’ needs.(Read more industry insight on RCM in January issue of Pulse here https://www.acainternational.org/pulse.)
Additional findings from the Black Book Market Research Survey include:
Nearly 70 percent of providers said it takes a minimum of one month to collect a full balance from a patient.
They also seek to prevent claim denials through RCM.
However, challenges include staffing resources for RCM software and reimbursement.