Based on responses to a recent survey, today's healthcare CFOs have a lot on their minds.
Last fall industry trend specialist Black Book polled 8,000 financial, technological and administrative staff from hospitals or physician practices, and HealthcareFinanceNews has distilled the data down to a high level – and fast read – of the results from the perspective of the CFO.
(Yes, this is the same Black Book poll we quoted in our recent blog 61% of CFOs expect the axe for poor revenue cycle management.)
Here are a few points we found compelling:
90% of CFOs fear that the ramifications of their outdated or auto-piloted revenue cycle management systems, particularly those not integrated to other systems, will force the hospital to outsource the entire business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.
Our read: Plainly, if an organization’s system is outdated, it will inevitably need to be upgraded, so this percentage merely underscores the vast need for cost-conscious systems solutions.
Further, the idea of being “forced” into an RCM outsourcing arrangement would cause a provider “fear” negates the very principle on which RCM firms operate – as partners, as specialists who help providers achieve their mutually-held revenue cycle goals, namely increasing cash, decreasing days in A/R, and achieving profitability and productivity goals in revenue cycle.
Find an RCM firm who will address your risks directly to allay your fears.
94% of large hospitals, IDNs and chains integrating recently acquired physician practices find the RCM systems in those medical offices obsolete for current patient financial processes with the hospital.
Our read: Being system neutral – system agnostic, even – is a wonderful thing. An RCM firm that can provide cross-over solutions will help the large systems not only convert but also train the physician practices to the main host system.
That said, there is so much more at stake than the system itself. When integrating the physician practices into the operational processes of the hospital, taking time to establish quality processes and design collection protocols will ensure that every patient is addressed holistically.
62% of small and community hospitals are 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.
Our read: Knowing where to look for a “top-rated” consultant is important. While many RCM firms have a consulting branch, be wary of those whose sole goal is to consult their way into EBO and FBO arrangements.
Instead look for the firm that listens, understands and is ready to roll up their sleeves alongside your team. KLAS-rated firms with proven results will help you target specific areas of financial performance improvement and simultaneously incorporate internal and external factors into the future-state solution.
Check out the slide gallery at HealthcareFinanceNews for more findings regarding CFOs and their revenue cycle challenges.