The Healthcare Financial Management Association and RCM company FinThrive have partnered to launch a revenue cycle management technology adoption model for health systems.
The peer-reviewed, five-stage model is designed to help health systems use industry benchmarks to assess the state of their RCM technology maturity and build plans to optimize revenue cycle outcomes, according to a Nov. 30 joint news release from the organizations.
A recent survey found that two-thirds of healthcare finance leaders are planning to evolve an RCM platform in the next two years, according to the release. But organizations added that until now there has not been a comprehensive resource to help leaders align their strategies to relevant industry benchmarks and best practices.
"Our initial analysis of more than 30,000 individual data points shows the majority (42%) of health systems are at Stage 1," FinThrive CEO Hemant Goel said in the release. "This affirmed our hypothesis that although many health systems know they need to transform and automate their revenue cycles, they haven't had a blueprint to guide them."