- When outsourcing revenue cycle management tasks, providers place a high priority on working with vendors who have a track record of enhancing cash flow and providing superior customer service.
- According to a report from CWH Advisors and supported by Synchrony, are increasingly thinking about outsourcing revenue cycle management procedures as labour shortages and financial difficulties persist.
- 38 executives from hospitals, health systems, and sizable single- and multi-speciality physician groups responded to the 2022 Patient Pay research, which was performed in November and December 2022.
- In the future, providers intend to contract outpatient billing and other aspects of revenue cycle management. In the upcoming 24 months, more than 6 in 10 providers indicated they anticipate using third-party patient financing to rise, and 31% of executives stated they are searching for additional financing solutions.
- Patient payments were mentioned as a high or moderate priority by every respondent. Finding a vendor with a track record of reducing days outstanding and accelerating cash flow was the top concern among providers.
- Despite expenditures in instructional materials and more front-line financial counsellors, the study also revealed that 59 percent of clinicians rated patients’ financial literacy as inadequate.
- Other revenue cycle management tasks are now being outsourced by healthcare providers.
- According to a report by the Healthcare Financial Management Association (HFMA), 22% of the revenue cycle leaders polled outsource some of their outpatient services but handle their inpatient services internally. The three specialities they most frequently contracted out were urology, gastroenterology, and anesthesiology.
- A recent Tebra poll revealed that more medical billing businesses are optimistic about revenue cycle outsourcing. Compared to 2018, 43% of businesses saw the outsourcing of medical bills as a big potential to use technology to improve services, increase income, and eliminate tedious duties.