Maintaining profitability is a top concern for providers in today's complex health environment, ahead of market consolidation and acquisition, according to a recent RemitDATA survey.
For the survey, researchers asked providers, billing companies and vendors questions about their most important business concerns and revenue cycle needs. RemitDATA said provider respondents included institutions and hospitals as well as professional practice groups.
Here are six survey findings.
1. Approximately 15 percent of both providers and billing companies said market consolidation is not a top concern. However, approximately one-third of providers and billing companies are looking to acquire others and vendors expressed very little concern over consolidation, RemitDATA said.
2. The majority of billing companies remaining independent identified maintaining profitability and keeping their current patient population as top concerns, RemitDATA said. Forty percent of provider respondents expressed concern about maintaining profitability. Vendors expressed concern over meeting the technology needs of a practice if they do remain independent, according to the survey.
3. Half of providers are not concerned about acquisition. However, should a provider's practice get acquired, one-third of providers are concerned they will lose autonomy in how they treat their patients. Additionally, one-fourth of providers expressed concern over remaining profitable, RemitDATA said. More than half of billing companies are not concerned about acquisition and vendors expressed very little concern over acquisition.
4. The survey found 35 percent of providers are participating in fee-for-value delivery models, 32 percent in value-based reimbursements, 24 percent in bundled payments and 18 percent in partial or full capitation models. For billing companies, those numbers are 36 percent, 32 percent, 34 percent and 15 percent, respectively.
5. Nearly 70 percent of billing companies and approximately one-third of vendors said high-deductible health plans are impacting business, contrasted with roughly a 50-50 split among providers, RemitDATA said.
6. Nearly half of vendors, 40 percent of providers and 30 percent of billing companies said it is not easy to obtain the data needed for contract negotiations with payers.
"As healthcare continues to evolve, this annual survey helps clarify what is truly on the minds of healthcare organizations," Stacie Bon, vice president of marketing for RemitDATA, said in a news release. "Although certain areas revealed less concern than we anticipated, it is very clear that the use of data and technology are critical for all healthcare organizations to leverage as they continue to achieve greater transparency, optimization and revenue."
Read the full survey results here.
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