125 CFOs, RCM executives reveal their revenue cycle challenges

Hospitals and health systems face challenges in optimizing revenue cycle technology and establishing a comprehensive revenue integrity course, according to an HFMA/Navigant survey.

The survey asked 125 hospital and health system CFOs and RCM executives questions related to their organization's revenue cycle practices and financial picture.

Here are five survey findings.

1. Seventy-four percent of respondents see an increase in their revenue cycle technology budget and said technological advancements are a top focus, the study found.

2. Less than half (44 percent) of organizations have established revenue integrity programs. Of organizations that have established such programs, 68 percent said their program has resulted in an overall increase in net collection, 61 percent said their program has resulted in overall gross revenue capture, and 61 percent their program has resulted in fewer compliance risks, according to the survey. 

3. When asked about RCM capabilities and tactics, 22 percent of respondents cited revenue integrity as their organization's top improvement focus over the next year.

4. More than half of respondents said their organizations can't maintain pace with EHR upgrades or do not "maximize functional, workflow and reporting improvements," the study states.

5. Ninety percent of respondents believe the trend of patients taking on more financial responsibility for their care will continue to affect revenue.

Access the full survey here.

 

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