Dive Brief:
- A new Black Book survey has revealed that 61% of chief financial officers at hospitals that they self-identify as "struggling" believe they will be fired by 2016. The culprit, according to these execs? Revenue cycle management, staff and solutions that were trapped in a fee-for-service model for too long.
- The majority blame health IT costs for their hospitals' plight, with 94% saying that failed health IT implementations have significantly impacted the financial health of their organization.
- A further 40% postponed revenue cycle software transformations because of EHR, HIE and portal expenses that went awry. The survey looked at 590 hospital and inpatient organizations in 45 states.
Dive Insight:
Meanwhile, amongst hospitals that are doing well, 91% say that they have either fully implemented a next generation revenue cycle management system, are currently implementing one or plan on doing so by Q3 2015.
"Hospital viability has never been more thoroughly secured to a single organization venture as revenue cycle management transformation," said Black Book managing partner Doug Brown. "And CFOs in struggling hospitals are in a very perilous position as the risk models are still being charted while limited funds remain for next generation RCM tools."
Still, it's worth taking this study with a grain of salt. If the hospital in question is struggling, wouldn't logic suggest that all of the employees at that institution are in danger of termination, not just CFOs?