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According to a Healthcare Financial Management Association’s (HFMA) Pulse Survey, several hospitals and health systems rely on multiple vendors to simplify diverse facets of revenue cycle management. Around thirty percent of healthcare finance executives have been surveyed and almost twenty percent of those respondents use two suppliers with one performing various aspects of the automation process. Around five percent use a trio of suppliers who each work with a different part, and five percent use four or more suppliers to completely control the automation of the revenue cycle.
For all automation phases in the sales cycle, nearly forty percent of respondents stated they rely on a sole vendor and just over thirty percent have an inner team concentrating solely on revenue cycle management automation.
Small organizations showed a reduced likelihood of having an internal staff committed to revenue cycle automation (34% with net patient income under $500 million and 26% with a net patient income of $500 million and $1 billion); they are more likely to rely on multiple vendors. Interestingly, there were no mid-size hospitals or health departments using at least three vendors or more.
For the healthcare sector, revenue cycle automation has had its challenges. A June 2019 study showed that only one-fifth of hospitals and health facilities had completely digitized or streamlined more than a quarter of their organization’s financial and revenue cycle activities.
To read more, please visit https://revcycleintelligence.com/news/30-of-hospitals-use-two-or-more-revenue-cycle-management-vendors/.
This update is provided by CareOptimize. We provide healthcare management consulting services and products, managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.