Revenue cycle management faces serious challenges, the third quarter report from research firm Black Book suggests, placing healthcare CFOs in the tough spot of trying to manage the costs of implementation with the need for more comprehensive systems. In fact, some think the conundrum is very much tied to their future.
Here are a few findings from the survey.
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Percentage of CFOs from hospitals under 250 beds who do not intend to let the facility’s legacy clinical system have bearing on their RCM decision. That's far less than the 93 percent of large hospital CFOs who said the same thing.
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Percentage of CFOs in small hospitals who feel the pressure to make a RCM decision is actually a threat to their job stability. Meanwhile, 74 percent of CFOs in large hospitals are confident that their RCM decisions will not affect their position.
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Percentage of small and community hospital CFOs who feel they will lose their jobs in 2016, despite any RCM choices they make in 2014.
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Percentage of small and community hospitals who anticipate declining-to-negative profitability in 2015 due to diminishing reimbursements, unrecovered collections, and underutilized or inefficient billing and records technology. Compare that with 21 percent of large-hospital CFOs who have the same concerns.
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Percentage of CFOs who fear that the ramifications of their outdated or auto-piloted revenue cycle management systems, particularly those not integrated to other systems, will force the hospital to outsource the entire business office function, end-to-end, or to purchase a more recent RCM solution by 2016.
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Percentage of large hospitals, IDNs and chains integrating recently acquired physician practices that find the RCM systems in those medical offices obsolete for current patient financial processes with the hospital.
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Percentage of small hospitals that consider outsourcing to be the best stopgap measure until new RCM software is installed. Meanwhile, 75 percent of large hospitals want full software acquisition and avoid outsourcing RCM.
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Percentage of small and community hospitals that re considering using a consultant to assist in integration, vendor selections, outsourcing determinations, and total transformations or new RCM product implementations. However, 83 percent of hospital CFOs are considering RCM consulting advice have seen delays or difficultly in securing RCM consulting engagements with the top rated firms based on current demand.
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