61% of Providers Plan to Outsource Revenue Cycle Management - I-conic Solutions

61% of Providers Plan to Outsource Revenue Cycle Management

  • 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.

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