More than 33% of health system execs plan to automate 2 or more RCM functions in 2024

More than one-third of health system executives are planning to automate two or more revenue cycle management or financial functions in 2024, according to a survey by the Healthcare Financial Management Association and Eliciting Insights.

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The organizations surveyed 321 executives in the second quarter of 2023, according to an Aug. 16 HFMA news release.  

Four things to know:

1. Back-end RCM is the highest automation priority, followed by patient access and mid-revenue cycle. 

2. Nearly half of survey respondents with RCM purchase plans intend to buy five or more RCM solutions. 

3. Ninety-five percent of health systems planning to purchase RCM or finance technologies and services are open to considering “bolt-on” vendors outside of their EHR systems.

4. Executives’ top three outsourcing priorities are bad debt, aged accounts receivable and patients collections/early out. 

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