The Shift Toward RCM Partnerships in the Healthcare Industry
In today’s rapidly changing healthcare landscape, revenue cycle management (RCM) plays a pivotal role in maximizing return on investment (ROI) for healthcare providers. As per the latest research from the esteemed 2023 Black Book healthcare survey, the industry as a whole is increasingly turning toward third-party RCM as a strategic solution.
At Coronis Health, we recognize the value of partnering with an experienced RCM organization and aim to dig deeper into why this trend is gaining traction and how we can forge collaborative partnerships that drive optimal revenue cycle management outcomes for our clients.
Revealing the Demand: Healthcare’s Call for RCM Optimization Is Clear
Black Book’s comprehensive survey on healthcare confirms that 17% of surveyed hospitals are leveraging advisors and consultants to synchronize their RCM transition activities. With the shift from volume-based to value-based care, selecting the right technology vendors becomes crucial for healthcare providers.
Surprisingly, the survey reveals that 78% of healthcare providers have faced challenges in choosing appropriate vendors, leading to a surge in demand for experienced RCM providers.
Collaborating for Success
The survey further indicates that nearly three-quarters of medical group practices (73%) are collaborating with consultants to develop accountable care reimbursement strategies. The demand for outsourcing services in revenue cycle management stems from the healthcare industry’s pressing need to:
- Optimize ROI
- Reduce overhead costs
- Streamline internal processes
- Enhance overall efficiency
Unlocking the CFO Perspective: Working with a Leading RCM Company for Increased ROI
Coronis Health understands the importance of RCM from a CFO’s perspective. According to Black Book, an alarming 79% of health organization CFOs highlight the urgent need to eliminate financial and coding technology vendors that fail to deliver ROI revenue cycle management advantages.
- Over half of the health organization CFOs (54%) affirm that outsourcing RCM processes can significantly boost productivity and ensure a robust financial foundation.
Modernizing RCM Systems for Success
In the healthcare industry, there is a pressing need for an upgrade in RCM systems. Black Book’s previous report reveals that a staggering 89% of healthcare providers are well aware of this requirement.
- Outdated nineteenth-century tools, like manual record-keeping, and the utilization of modern twenty-first-century technology creates complexity and hampers the advancement of medicine.
Seizing New Opportunities by Forming a Strategic RCM Alliance
As improper RCM management starts affecting cash flow, claims management becomes the next area where vendors can seize opportunities, followed by eligibility and benefits management. Black Book reports that 83% of hospitals, 58% of contract management, and 55% of denial management currently outsource some accounts receivable and collections.
Partnering with a leader in RCM empowers healthcare providers to reduce costs, improve efficiency, and optimize their revenue cycle management processes, ultimately enabling them to prioritize delivering high-quality patient care.
Taking Action for Financial Success
Crucial findings from the Black Book healthcare survey provide valuable insights for CFOs. A significant finding reveals that 50% of US hospitals, despite anticipating the replacement of their core RCM solution, have failed to initiate a sustainable RCM plan. However, more than 1,000 hospitals have already implemented new or renegotiated hospital revenue cycle services, emphasizing the need for swift and effective action to adapt to the evolving healthcare landscape.
Overcoming Challenges for Small Hospitals
The survey further identifies a concerning trend: 40% of hospitals with fewer than 200 beds are delaying the implementation of a functional RCM transformation program. This delay poses potential financial difficulties and compromises patient care, as smaller hospitals may lack the necessary resources and expertise to manage RCM effectively.
Leveraging an Experienced RCM Company As the Key to Success
The healthcare industry is facing unprecedented challenges, and partnering with a leading RCM company may be the key to saving it.
With decades of experience in healthcare-focused RCM serving nine unique specialties, Coronis Health has the necessary tools to help hospitals and healthcare facilities of all sizes thrive in a dynamic landscape.
Our ability to address acute and long-term needs is unmatched. Whether your facility needs coding support or end-to-end RCM, Coronis Health has the ability to scale and anticipate your changing needs.
Schedule a complimentary financial health checkup today to close holes in your revenue cycle. We find missing revenue in 95% of our financial assessments and can provide actionable solutions to optimize your RCM processes.