- A new report by peer60, a research firm, finds hospitals are more aware of the need for future revenue cycle management technology.
- Although 35% of hospitals polled have contracted with companies for RCM tools, most providers (61%) are still on the fence when it comes to choosing a technology partner.
- Some of the companies with current market share include the Advisory Board, Optuminsight and Truven Health Analytics. However, up to 46% of hospital CFOs said they would consider outsourcing collections.
Key areas that need to be addressed by providers, according to the report, include enhanced ICD-10 migration, better patient experience and efficient point-of-sale collections. Hospitals are intent on finding innovating vendor partners to meet those goals. "The revenue cycle management market is growing and providers' needs are changing," stated the report. "This is prompted by the consolidation of healthcare providers, a decline in reimbursement rates and changes in how hospitals are paid. As providers face the challenges presented by these new payment models, they will require help from RCM vendors far beyond what's historically been provided from these firms."