Private, Government Payors Are Top Financial Concerns for Hospital Executives

Receiving proper reimbursement from private payors and dealing with the complexity of reimbursement requirements from government payors are two of the greatest challenges for hospital executives and their organizations, according to Craneware's first Annual Executive Industry Survey (pdf).

The survey fielded responses from 57 C-level executives, vice presidents and directors at different sized hospitals throughout the country. Other results from the survey include:

•    68.4 percent of respondents said the current healthcare environment is much more economically challenging than it was in 2007.

•    Hospital executives thought charge capture and coding, department-wide operational efficiencies and denials prevention and management were the three main areas where their hospitals could improve financial performance.

•    The most common actions taken to improve financial performance over the past three years have been investments in chargemaster management/automation tools, investments in charge capture tools and adding staff to address revenue cycle challenges.

•    59.6 percent of respondents said, "Revenue integrity is essential to my organization's financial health."

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