Hospitals, physicians poll-in on RCM outsourcing: 10 statistics to know for 2016

Black Book recently conducted its annual RCM outsourcing and software/technology user polls to ascertain the highest rated client experience vendors for 2015.

 

"As hospitals and physician practices grapple with intense pressure to optimize RCM processes, outsourcing has emerged as a powerful solution to the challenges of a rapidly changing healthcare model," said Doug Brown, Managing Partner of Black Book.

 

Black Book asked RCM vendor clients to assess their customer experiences at various steps of the reimbursement transaction, including billing, charge capture, coding, claims management, reimbursement, payer management and payment resolutions. Below are 10 statistics that summarize key trends in revenue cycle management solutions over the past year.

 

1. 54 percent of health organization CFOs believe outsourcing RCM processes will increase efficiency and improve their organization's financial health.

 

2. 73 percent of medical practices working with consultants on ACO reimbursement strategies are considering outsourcing RCM in 2016.

 

3. Of CFOs surveyed, 79 percent report the need to eliminate financial and coding technology vendors unable to produce a return on investment in 2016.

 

4. 83 percent of hospitals now outsource some accounts receivable and collections.

 

5. Of physician groups with 10 or more practitioners, 68 percent now outsource some combination of collections and claims management.

 

6. 58 percent of CFOs in hospitals under 100 beds expect their RCM strategy will be selected solely on their CIS vendor relationship.

 

7. 80 percent of hospital CFOs consider outsourcing to be the best stop gap measure until new RCM software can be afforded and installed.

 

8. 72 percent of hospital CFOs consider end-to-end RCM outsourcing to be the best option until value-based payment models are better established.

 

9. Nine out of 10 CFOs reported that outsourcing discussions are rarely shared with middle management until contracts are forged.

 

10. More than 1,000 hospitals confirmed activating RCM solution/services agreements between January 2014 and January 2015.

Black Book conducted the RCM customer satisfaction survey as part of a special research focus on hospital, healthcare networks and corporate technology solution users.

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