- 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.
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?