The vast majority — 93 percent — of CFOs and financial executives at hospitals with persistent negative operating margins reported prioritizing the purchase of new software to improve their revenue cycle and support both collections and the transition to value-based reimbursement.
“Most hospital CFOs have no choice but to leverage next generation financial system solutions including software and outsourced services in order to keep their organizations solvent,” said Doug Brown, managing partner of Black Book Market Research, in a news release. “The reimbursement challenges ahead to get paid may require several new applications, and the frank reality is that outdated, understaffed and failing current solutions could quickly close a marginally performing hospital for good.”
Survey results are based on responses from 813 CFOs, controllers and other financial leaders, representing 566 hospitals and other inpatient facilities.
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