Black Book Research Finds that 85% of Providers Are Currently in RCM Replacement Mode or Assessment

Wednesday, November 16, 2016

 

Black Book surveyed over 5,000 management and user level RCM clients of the three main components of end-to-end revenue cycle: Patient Access Management, Health Information Processing and Post-Encounter Process to determine the top performing solutions vendors, as well as nearly 40 insights of value-based payment reform from the provider perspective. The full 2016 report is available at Black Book’s website.

  • 93% of health organization CFOs report they need to eliminate RCM, financial and coding technology vendors that are not producing a return on investment by end of year, up from 79% in Q4 2015.
  • 94% of CFOs believe transformed revenue cycle management processes will allow them to become more efficient and positively impact their organization’s financial health.
  • Although 48% worry their organizational budgets will not allow them to acquire the end-to-end RCM system they most require in 2017.

“As RCM transformation disruption accelerates, the top rated vendors are allowing providers access to the expertise to structure systems and processes that contribute to their unique financial imperatives and strategic goals,” said Doug Brown, Managing Partner of Black Book. “What was once considered a back office function just a few years ago, has evolved into a full end-to-end system that begins even before patient registration.”

AccuReg front-end revenue cycle solutions help hospitals increase revenue by collecting more from both payers and patients:

  • Point of Service Collections: Estimate and collect patient payment prior to service. Estimates are automated, integrated with payment processing, and accurate to NAHAM standards.
  • Denials Prevention: Use predictive analytics to detect and prevent denials prior to service and secure first-pass payer payment. Reduce bad debt due to eligibility, benefit, authorization and medical necessity failures.
  • Financial Assistance Screening: Analyze credit and segment patients based on ability and willingness to pay. Provide dynamic scripting and patient financial counseling that aligns with the hospital’s Financial Assistance Policies. Includes presumptive charity screening and scripting that exceeds 501(r) requirements.
  • Patient Access Experience®: Improve patient survey scores with a positive registration experience. Reduce wait times and no-shows, use biometric identity verification and incorporate electronic forms for a paperless registration.
  • Patient Concierge Services™: Utilize AccuReg’s Patient Concierge Services to complete patient pre-registration using our solution suite and improve the speed and accuracy of every registration with best-of-breed technology.