21% of struggling hospitals made this change to avoid bankruptcy
The demand for large end-to-end outsourcing vendors for revenue cycle management is growing, as many hospital leaders have realized revenue cycle management needs to be one of their organization's core competencies, according to a recent Black Book poll.
Black Book surveyed 2,250 CFOs, CIOs, business office managers and technology and financial services staffers and found 83 percent of hospitals with more than 200 beds that outsourced all or most of their RCM operations attributed 5.3 percent of their revenue increases to the decision to outsource. In addition, 78 percent of hospitals with less than 200 beds attributed 6.2 percent of their revenue increases to the decision to outsource all or most of their RCM operations.
The poll also revealed 21 percent of CFOs who changed to RCM outsourcing said they were absolutely facing bankruptcy within the next four years if either state-of-the-art software or outsourced services were not implemented immediately.
Ninety percent of CFOs who changed to RCM outsourcing said they did not have access to the capital or the corporate approvals for new RCM and analytics software technology when they made the decision to outsource their RCM operations.
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