RCM Industry Trends: Outsourcing, says Black Book Study
As cited in an online Healthcare Finance News article, a recent study by research firm Black Book reveals that many hospitals and physician groups trying to evaluate appropriate revenue cycle management platforms are deciding to outsource their RCM processes.
In a statement relating the results of the study, Black Book Managing Partner Doug Brown said:
“As hospitals and physician practices grapple with intense pressure to optimize revenue cycle management processes, outsourcing has emerged as a powerful solution to the challenges of a rapidly changing healthcare model.”
Here are some of the study’s findings.
Don't take it from us, many healthcare organizations are realizing the vast benefits of outsourcing. 80% of hospitals an physician groups believe outsourcing is a smart move while they're working on choosing new software. Backlogs and piles of A/R and collections are a burden for all of us, but 83% of hospitals choose to outsource some of it.
Not to mention, with ICD-10 looming near, 93% of large hospitals anticipate supplementing existing RCM software in Q1 2016 due to cash flow and reimbursement repercussions from ICD-10. And that still leaves plenty for the healthcare organizations to handle themselves.
We agree that outsourcing can be the solution when it comes to optimizing your revenue cycle management processes and improving performance, yet we advise you move cautiously when choosing a firm.
There’ll be no shortage of companies saying they can help you, but make sure to pick a solid RCM partner with a history of proven results and a track record of successful relationships.
That’s exactly what we’ve been for some of healthcare’s leading hospitals and physician practices—a trusted revenue cycle management partner.