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.