The Health Management Academy identified three major obstacles to revenue cycle management partnerships and how health systems can address them.
The findings come from a Sept. 29 report from the organization, sponsored by R1 RCM. The report was compiled from 40 quantitative survey responses and eight qualitative in-depth interviews with C-suite executives and vice presidents and directors in finance and revenue cycle management roles at leading health systems.
Three challenges:
1. Cost: Executives see the value in revenue cycle partnerships, but many are faced with budget restraints. The report recommends demonstrating the value and return on investment of these partnerships — by forming a more flexible partnership initially, for example — to justify costs.
2. Stakeholder buy-in: Key stakeholders in partnership decisions include the CFO, COO and revenue cycle leaders. Alignment between these executives is not always prioritized, according to the report. Lack of synergy around revenue cycle priorities and reasons to pursue partnerships can lead to tension between stakeholders. The report said new stakeholder groups can bring valuable perspectives. One executive suggested health systems should "bring consumer experience folks to the table" early in the process to advise on ways to improve the patient financial experience.
3. Workforce: Revenue cycle partnerships can cause pushback from employees because many fear change. The report stated it's important to share the workflow changes with staff as early as possible. It also recommends incorporating staff feedback into technology and processes as the partnership progresses. Systems pursuing end-to-end partnerships should communicate staffing or employer changes early.