A survey of nearly 180 different revenue cycle executives from hospitals highlights the “unprecedented market opportunities” that exist in RCM today, especially when it comes to managing a facility’s accounts receivables, according to a press release detailing the report.
For example, one-third of the respondents said their facilities do not have a technology solution in place to automate remittance processing and posting. Remittance management is an “undersaturated” area of revenue cycle management, according to the report.
Hospitals cite many pain points with how remits are currently processed ranging from the need to properly split remits across different locations to the need to match a remit to an electronic funds transfer.
Among the conclusions reached by analyzing the survey’s results:
- Hospitals will continue to purchase and implement vendor or bank offered solutions.
- Patient Accounting System vendors will continue to enhance their Accounts Receivable Management modules.
- New entrants will continue to develop better solutions, and existing players will continue to expand their portfolios.
- Continued consolidation in the revenue cycle technology market over the next decade.
- Value-based contracts will continue to gain traction in hospitals, increasing the need for new or more advanced technologies to manage the revenue cycle.
- Patient responsibility will continue to challenge hospital revenue cycle teams which have been designed to collect from health plans.
